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Geithner Warns Regulators to Back Reform Plan
Posted By admin On August 4, 2009 @ 11:05 am In Money Watch | Comments Disabled
Tuesday, August 4, 2009
U.S. Treasury Secretary Timothy Geithner issued a stern warning punctuated with expletives to U.S. regulators to end turf battles and show support for President Barack Obama’s plan to overhaul financial regulation, a person familiar with the situation said on Monday.
At a tense, hour-long meeting on Friday, Geithner told Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chairman Mary Schapiro and Federal Deposit Insurance Corp Chairman Sheila Bair to end recent public criticism of the plan and stop airing concerns over their potential loss of authority.
The Wall Street Journal, which first reported the meeting, said that Geithner vented frustration over the plan’s slow progress and told regulators that “enough is enough”.
Citing people familiar with the meeting, the newspaper also said that the Treasury Secretary used obscenities and took an aggressive stance in his dressing down of the regulators.
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