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Timothy Geithner Biography
Timothy Geithner born as Timothy Franz Geithner is a former American central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama from 2009 to 2013. From 2003 to 2009 he was the President of the Federal Reserve Bank of New York, following service in the Clinton administration. Currently he serves as president of Warburg Pincus, a private equity firm headquartered in New York City.
Being the President of the New York Fed and also the Secretary of the Treasury, he was a key actor in government efforts to respond to and recover from the financial crisis of 2007–08 and the Great Recession. Geithner at the New York Fed, he helped manage crises involving Bear Stearns, Lehman Brothers, and the American International Group, and as Treasury Secretary oversaw allocation of $350 billion of funds under the Troubled Asset Relief Program, enacted during the previous administration in response to the subprime mortgage crisis.
He also managed administration efforts to restructure the regulation of the nation’s financial system, attempts to spur recovery of both the mortgage market and the automobile industry, demands for protectionism, tax reform, and negotiations with foreign governments on global finance issues.
Timothy Geithner Age
Geithner was born on August 18, 1961 in Brooklyn, New York. He is 58 years old as of 2019.
Timothy Geithner Family
Geithner was born in Brooklyn, New York. He is the son of Peter Franz Geithner and his wife Deborah Moore. His father is a German American, he was the director of the Asia program at the Ford Foundation in New York in the 1990s, after working for the United States Agency for International Development in Zambia and Zimbabwe.
Geithner’s father in the early 1980s oversaw the Ford Foundation’s microfinance programs in Indonesia being developed by Ann Dunham Soetoro, Barack Obama’s mother, and they met at least once. His paternal grandfather, Paul Herman Geithner (1902–1972),in 1908 he immigrated with his parents to the United States from Zeulenroda, Germany.
His mother, a Mayflower descendant, belongs to a New England family. Her father, Charles Frederick Moore, Jr.,from 1952 to 1964 she served as Vice President of Public Relations for the Ford Motor Company and advised President Dwight D. Eisenhower, as well as Nelson Rockefeller and George W. Romney on their respective presidential campaigns. Geithner’s uncle Jonathan Moore,served in the departments of Defense, Justice, and State, as well as in the United Nations.
Timothy Geithner Education
Geithner most of his childhood he spent living abroad, including Zimbabwe, Zambia, India, and Thailand, where he completed high school at the International School Bangkok. His father, paternal grandfather, and uncle, Geithner they also attended Dartmouth College, graduating in 1983, with an A.B. in government and Asian studies. In 1981 he studied Mandarin at Peking University, and at Beijing Normal University in 1982; and earned an M.A. in international economics and East Asian studies from Johns Hopkins University’s School of Advanced International Studies in 1985. He has also studied Japanese.
Stress Test Timothy Geithner |Timothy Geithner Memoir
Stress Test reveals a side of Secretary Geithner the public has never seen, starting with his childhood as an American abroad. He recounts his early days as a young Treasury official helping to fight the international financial crises of the 1990s, then describes what he saw, what he did, and what he missed at the New York Fed before the Wall Street boom went bust.
Geithner takes readers inside the room as the crisis started, intensified, and burned out of control, discussing the most controversial episodes of his tenures at the New York Fed and the Treasury, including the rescue of Bear Stearns; the harrowing weekend when Lehman Brothers failed; the searing crucible of the AIG rescue as well as the furor over the firm’s lavish bonuses; the battles inside the Obama administration over his widely criticized but ultimately successful plan to end the crisis; and the bracing fight for the most sweeping financial reforms in more than seventy years. Secretary Geithner also describes the aftershocks of the crisis, including the administration’s efforts to address high unemployment, a series of brutal political battles over deficits and debt, and the drama over Europe’s repeated flirtations with the economic abyss.
Timothy Geithner Net Worth |Timothy Geithner Salary
According to financial disclosures Geithner earned $411,200, plus benefits and an even larger severance payout, in his final year at the Fed. He earned a salary of $199,700 as Treasury secretary. He has an estimated net worth of between $239,000 and $6 million.
Timothy Geithner Books
Stress Test: Reflections on Financial Crises
Stress Test: Reflections on Financial Crises (Random House Large Print)
Timothy Geithner Signature
Timothy Geithner Goldman Sachs
Geithner, Paulson, and Bernanke argued that Lehman’s financial situation was too dire for the government to have legally rescued it. A team from Goldman Sachs and Credit Suisse had estimated prior to Lehman’s bankruptcy filing that Lehman’s liabilities exceeded its assets by tens of billions of dollars (i.e., a negative net worth)
Timothy Geithner House
In 2013 Geithner the former U.S. Treasury secretary and his wife listed their Beltway dwelling for sale, now that one of the key players in the Obama administration’s economic recovery team had left his post.
They bought the 4-bedroom, 2.5-bathroom Cape Cod-style home for $950,000 in 2009, soon after Geithner was tapped to lead the Treasury Department. The home is now listed for $995,000, according to Curbed DC.
Timothy Geithner Jewish
Geithner spent a lot of his time at Treasury battling the notion that he was a former banker, and despite his efforts, the fictional part of his biography stuck. Evidently, for Barbra Streisand, there were additional parts of Geithner’s background of which he was unaware. At a state dinner, Streisand told Geithner he must be OK because he was a Brooklyn Jew. However, Geithner notes, “I’m not Jewish and I’ve never lived in Brooklyn.”
Timothy Geithner Taxes |Timothy Geithner Tax Problems |Timothy Geithner Tax Evasion |Timothy Geithner Turbotax
During summer 2010 The New York Times said Geithner “is President Obama’s point man in opposing the extension of the Bush tax cuts for the wealthy after their Dec. 31 expiration. … [Geithner] has cited the projected $700 billion, 10-year cost of the tax cuts, and nonpartisan analyses that they do not stimulate the economy because the wealthy tend to save the additional money rather than spend it. ‘I believe there is no credible argument to be made that the purpose of government is to borrow from future generations of Americans to finance an extension of tax cuts for the top 2 percent,’ [he] said in a recent speech.”
Treasury Secretary Timothy Geithner
Geithner was rumored to be a possible choice for Treasury Secretary for both John McCain and Barack Obama during the 2008 presidential campaign. President-elect Barack Obama announced his intention to nominate Geithner to be Treasury Secretary,on November 24, 2008 passing over Geithner’s former superior Lawrence Summers.
It was disclosed that Geithner had not paid $35,000 in Social Security and Medicare payroll taxes from 2001 through 2004 while working for the International Monetary Fund during his confirmation.
An international agency IMF, did not withhold payroll taxes, but instead reimbursed the usual employer responsibility of these taxes to employees. Geithner after he received the reimbursements he paid the amounts received to the government, but had not paid the remaining half which would normally have been withheld from his pay. During a 2006 audit the issue, as well as other errors relating to past deductions and expenses, were noted by the Internal Revenue Service. Geithner subsequently paid the additional taxes owed. In a statement to the Senate Finance Committee, He called the tax issues “careless,” “avoidable,” and “unintentional” errors. He confirmed that he used the software TurboTax to prepare his 2001 and 2002 returns, but that the tax errors were his own responsibility.
The U.S. Senate confirmed Geithner’s appointment by a vote of 60–34 on January 26, 2009. He was sworn in as Treasury Secretary by Vice President Joe Biden and witnessed by President Barack Obama.
Where Is Timothy Geithner Today
Currently he serves as president of Warburg Pincus, a private equity firm headquartered in New York City.