Geithner plans book on battling financial crisis

WASHINGTON Wed Feb 6, 2013 4:44pm EST

Outgoing U.S. Treasury Secretary Timothy Geithner arrives for the presidential inauguration on the West Front of the U.S. Capitol in Washington January 21, 2013. REUTERS/Win McNamee/Pool

Outgoing U.S. Treasury Secretary Timothy Geithner arrives for the presidential inauguration on the West Front of the U.S. Capitol in Washington January 21, 2013.

Credit: Reuters/Win McNamee/Pool

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WASHINGTON (Reuters) - Timothy Geithner, who played a lead role battling the global financial crisis both at the U.S. Treasury and New York Federal Reserve, is planning to write a book on the U.S. response, a spokeswoman said on Wednesday.

Geithner, who was the longest-serving member of President Barack Obama's economic team when he stepped down as secretary of the Treasury last month, is credited with helping to calm the financial storm that swept through Wall Street in 2007-2009.

But his support for bailing out big banks was controversial and many critics have accused him of doing too little for Main Street. In 2009, some lawmakers called for his resignation.

His spokeswoman said he had not started writing the book and will meet with publishers soon.

The book is set to focus on Geithner's time both at the New York Fed, which he led until early 2009, and at the Treasury. In both roles, he was central to navigating the economy through the crisis.

Geithner stepped down from the Treasury post on January 25, handing the reins temporarily to his deputy, Neal Wolin. Obama's pick to succeed Geithner, former White House chief of staff Jack Lew, is awaiting congressional confirmation.

Geithner had previously served at the U.S. Treasury during President Bill Clinton's administration and had held a senior post at the International Monetary Fund - both jobs in which he gained financial firefighting experience.

Earlier on Wednesday, the Council on Foreign Relations announced Geithner will join the New York-headquartered policy think tank as a distinguished fellow.

"His coming to CFR only strengthens our capacity to produce thoughtful analysis of issues at the intersection of economic, political, and strategic developments," CFR President Richard Haass said in a statement.

Geithner has not yet started work on the book and there were no details on when it might be published.

(Reporting by Lesley Wroughton; Editing by Vicki Allen and Cynthia Osterman)

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Comments (2)
MikeBarnett wrote:
Tim Geithner was head of the New York Fed when the big New York banks created subprime mortgages, made them 40% of the US mortgage market, created mortgage backed securities, and coerced US ratings agencies to give the securities AAA ratings that they did not deserve. He spent much of his time at Treasury trying to persuade other countries to make the same mistakes that the US made and was making. Now, he is going to the Council on Foreign Relations.

In 2010, Foreign Affairs, published by the CFR, had strange articles. One wanted the EU to unite with NATO (putting the financial resources of the EU under the control of a group dominated by the US). Another wanted the US to join the EU (binding the EU’s money to the US in another way). A third wanted Russia to join NATO (joining Russia’s oil and gas reserves to a group dominated by the US). The articles did not mention the obvious conclusions in parentheses. This was before the EU’s problems became public and before Siberian oil and gas fields rescued Russia’s economy.

These CFR articles and Tim Geithner joining the CFR confirm my decision in 2010 to stop reading Foreign Policy magazine except for the comedy relief that their writers consider to be serious.

Feb 06, 2013 12:22pm EST  --  Report as abuse
Harry079 wrote:
“Geithner has not yet started work on the book and there were no details on when it might be published.”

Get out those big fat 8 boxes of crayola crayons and get ready for “Timmy’s Big Green Book of Treasuries and Other Marketable & Non-Marketable Securities”

Myself I can’t wait!

Feb 06, 2013 6:47pm EST  --  Report as abuse
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