Tarp needs "serious reform": Geithner

The Troubled Asset Relief Plan (Tarp) needs a fundamental overhaul, Tim Geithner, the US treasury-secretary designate who as head of the New York Fed was closely involved with the original bailout package, told lawmakers on Wednesday.

"President Obama and I share your belief that the Tarp needs serious reform," Geithner told lawmakers at his nomination hearing. "I know there are serious concerns about transparency and accountability, confusion about the goals of the program, and deep sceptici