Results tagged “bankingcrisis”

Treasury Secretary Timothy Geithner is set to unveil the Obama administration's take on the bank bailout plan at 11 a.m. this morning. The NY Times reports that he "largely prevailed in opposing tougher conditions on financial institutions that were sought by presidential aides" (like David Axelrod) and "successfully fought against more severe limits on executive pay for companies receiving government aid. He resisted those who wanted to dictate how banks would spend their rescue money. And he prevailed over top administration aides who wanted to replace bank executives and wipe out shareholders at institutions receiving aid." And, still, stock futures fell! Politico has some of Geithner's prepared remarks: "Instead of catalyzing recovery, the financial system is working against recovery, and that’s the dangerous dynamic we need to change."

What with all the bank mergers and closing, some people are pretty freaked and are cashing out their accounts. Or, as the Post puts it, "they're depositing their cash into Shoebox Bank and Trust." And there's even a picture of a guy with a shoebox full of cash: Richard Cruz did consider putting the money in his mattress but said it was "too last century...No one hides their money under a mattress any more. That's the first place people would look." Beside shoeboxes, safes are being more popular.