Geithner’s scorecard for the resolution plan
Timothy Geithner, the US Treasury secretary, outlined five indicators used to evaluate Congressman Barney Frank's plan for resolving failed financial institutions in written testimony to Congress' House Financial Services Committee (HFSC).
Firstly, he said the government must be able to dissolve a failing institution in an orderly manner, with losses being absorbed by shareholders, and if necessary, other financial institutions. He emphasised that taxpayers should not have to bear the cost, and
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