You would take it requires a pretty incompetent Treasury Secretary to so badly oversee the transfer of trillions worth of loans, grants, and guarantees to financial institutions that, even after those trillions, two of the largest are still insolvent.
You would be right.
April 28 Bloomberg — Bank of America Corp. and Citigroup Inc. have been told by regulators that they may need to raise more capital as a result of U.S. stress tests on lenders, the Wall Street Journal said, citing people familiar with the matter.
Bank of America’s shortfall comes to billions of dollars, the newspaper reported. Both banks plan to mount a detailed rebuttal to the Federal Reserve’s preliminary report following the tests conducted on 19 large financial companies, and Bank of America may appeal today, the Journal said.
Timothy Geithner has already given trillions worth of loans, grants, and guarantees to his friends in Manhattan, and the shareholders who enabled them. Considering where this has got him (a promotion to DC), why should he stop?