Timothy Geithner - latest news, breaking stories and comment - The Independent
News Jack Lew’s previous squiggle of a signature, above, and the new one, below

When US President Barack Obama nominated Jack Lew as the new Secretary of the US Treasury in January, the media had one overwhelming concern about the appointment: Lew’s illegible signature, which resembles the doodle of an absent-minded child, would now appear on every US banknote.

Would women have averted the bubble on Wall Street?

If women ran America's banks they couldn't have done worse, says Geithner

David Prosser: A battle the hedge funds must win

Outlook: If the UK's Financial Services Authority is satisfied that US hedge funds based here are safe, that should be enough for the EU

G7 financial leaders focus on budget crises

A crisis in Europe over budget belt-tightening has upended global markets and seized the attention of financial leaders meeting in the Canadian Arctic.

David Prosser: Man of the year struggles in January

Outlook: There is a certain irony in seeing Mr Bernanke saved by the Republicans

David Prosser: An odd time to applaud Bernanke

Outlook Congratulations then to Ben Bernanke, Time magazine's person of the year. In a year when the competition for the title was not hotly contested – judging by the other contenders the magazine says it considered – the US Federal Reserve chairman won because without him "a weak economy could have been much, much weaker".

Business Diary: Google boss takes fight to the enemy

Good to see The Wall Street Journal give its writers free rein. In an op-ed piece yesterday, Google boss Eric Schmidt said: "With dwindling revenue and diminished resources, frustrated newspaper executives are looking for someone to blame. Much of their anger is currently directed at Google... the facts suggest otherwise." Chief of the get-Google brigade is, of course, Rupert Murdoch, the Journal's owner.

Darling urges action on climate change

Chancellor Alistair Darling today urged the world's most powerful finance ministers to treat climate change with the same urgency they gave to the world economic turmoil.

Geithner presses package over dangerous failures

US Treasury secretary Timothy Geithner went to Capitol Hill to press Congress to pass the Wall Street reform package that will allow the government to wind up huge financial firms whose uncontrolled collapse would threaten the entire economy. Members of the House of Representatives financial services committee questioned some aspects of the proposals, including the plan to have companies with more than $10bn in assets repay costs to unwind a firm after it fails. “Most of us don’t die and then buy a life insurance policy,” said Luis Gutierrez, an Illinois Democrat, saying the funds should be put in place in advance. Mr Geithner said that “would create expectations that the government would step in to protect shareholders and creditors from losses.”

Vincent Cable: How to tackle the recovery

The Crunch one year on: A professional economist as Chancellor of the Exchequer? Sean O'Grady talks to the Liberal Democrats' 'Shadow Chancellor' about how we got into this mess, and how his party would get us out of it

Stephen Foley: Why we need bonus rules

US Outlook: Only on Wall Street could the phrase "guaranteed bonus" not be an oxymoron, and there is something so outrageous about the notion of pre-agreeing multi-year bonus packages that it has become a lightning rod for public over finance industry pay.

Crash of a titan: The inside story of the fall of Lehman Brothers

One year ago, the assembled brains of the Fed and Wall Street sealed the fate of one of its oldest banks. In this gripping account of that weekend last September, Stephen Foley counts the cost of high finance's darkest hour

London G20 meeting rejects plan to cap bankers' bonuses

But a new 'clawback' scheme means they can be forfeited if deals later prove unsuccessful

Britain and US frustrate global deal on bonus cap

Opponents of pay policy say attempt to limit bankers' income would be unworkable

Tories side with Europe over stimulus plan

The Conservative Party backed Germany and France yesterday in their row with the British Government over how long the global economic bailout should continue.

Obama declares new era of co-operation with China

President Barack Obama declared a new era of "co-operation, not confrontation" with China today, even though two days of high-level talks were not expected to resolve differences over the two nations' yawning trade gap and China's unease over soaring US budget deficits.

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