Too Big to Fail - Andrew Ross Sorkin [302]
“I’m not the right choice”: Jo Becker and Gretchen Morgenson, “Member and Overseer of Finance Club,” New York Times, April 27, 2009.
making $398,200 a year: Geithner’s salary in 2008 has been reported as being $411,200, but this figure also includes the first two weeks of 2009. Scott Lanman, “Geithner Nomination Takes Top Fed Wall Street Liaison,” Bloomberg News, November 24, 2008; Robert Schmidt, “Geithner Takes Salary Cut to Run Treasury, Bloomberg News, Gets Fed Severance,” January 27, 2008.
his monthly $80 haircut: Joseph Berger, “Suddenly, There’s a Celebrity Next Door,” New York Times, January 2, 2009.
punctuating sentences with “fuck”: “A reassuring figure for Treasury,” The Economist, November 22, 2008.
“He’s twelve years old!”: Robert Rubin recalled Pete Peterson telling him this after meeting Timothy Geithner. Peterson, when later asked about the comment, only remembered saying that Geithner looked young. Greg Ip, “Geithner’s Balancing Act—The Fed’s Go-to Man for Financial Crises Takes on Hedge Funds,” Wall Street Journal, February 20, 2007.
summoning the chief executives: Lowenstein, When Genius Failed, 216; Victoria Thieberger, “Fed’s McDonough a Cool Head in Financial Storms,” Reuters, January 16, 2003.
Geithner’s beginnings: Gary Weiss, “The Man Who Saved (or Got Suckered by) Wall Street,” Condé Nast Portfolio, June 2008; Yalman Onaran and Michael McKee, “In Geithner We Trust Eludes Treasury as Market Fails to Recover,” Bloomberg News, February 25, 2009; Daniel Gross, “The Un-Paulson,” Slate, November 21, 2008.
published a number of incendiary stories: Peter S. Canellos, “Conservatives’ Sour on ‘Rebel Media,’” Boston Globe, April 19, 2007.
Geithner played conciliator: Onaran and McKee, “In Geithner We Trust,” Bloomberg News.
recommendation from the dean at John Hopkins: George Packard, then dean of John Hopkins, recommended Geithner to Brent Scowcroft, then vice chairman of Kissinger Associates, which led to his research job. Deepak Gopinath, “New York Fed’s Geithner Hones Skills for Wall Street,” Bloomberg Markets, April 22, 2004.
a very favorable impression on the former secretary of state: “He doesn’t try to walk into a room and take it over,” Kissinger once said about Geithner. “He prevails with the power of his argument.” Candace Taylor, “Quiet NY Fed Chief Makes Loud Moves,” New York Sun, March 31, 2008.
“The Committee to Save the World”: Time’s headline for its February 15, 1999, cover, which featured the faces of Treasury secretary Robert Rubin, Fed chairman Alan Greenspan, and Treasury deputy Larry Summers.
On Thanksgiving Day, Geithner called Summers: Jon Hilsenrath and Deborah Solomon, “Longtime Crisis Manager Pleases Wall Street, Mystifies Some Democrats,” Wall Street Journal, November 22, 2008.
“Tim’s controlled, consistent, with very good ground strokes”: Onaran and McKee, “In Geithner We Trust,” Bloomberg News.
New York Fed is the only one whose president is a permanent member: “The Federal Open Market Committee includes seven members of the Board of Governors and five Reserve Bank presidents. While the president of the Federal Reserve Bank of New York serves on a continuous basis, the other 11 Reserve presidents serve rotating one-year terms beginning January 1 of each year.” http://www.federalreserve.gov/FOMC/.
the annual salary of the New York Fed president: The Fed chairman’s salary in 2008 was $191,300. http://www.federalreserve.gov/generalinfo/faq/faqbog.htm.
“These changes appear to have made the financial system”: Geithner, from his “Remarks at the Global Association of Risk Professionals 7th Annual Risk Management Convention & Exhibition in New York City, February 28, 2006. http://www.ny.frb.org/newsevents/speeches/2006/gei060228.html