Pretty much expected. Clever timing on the announcement though. Now the endangered banks have 60-70 hours to figure out a game plan for next week.
huh?
As president of the New York Federal Reserve Bank since Oct 2003, it was Tim Geithner's job to regulate the banks, and we can see how that went. Then, in mid Sept 2008, it was HIS decision to let Lehman fail even though it was too big to fail without bringing down the whole banking system.
And now this guy is going to be Treasury Secretary?!
While Lehman Brothers was the
first bank to fail, it was not a
catalyst for other banks to fail. And, in retrospect, letting it fail was the correct decision.
Edit: Well, Bear Stearns was the first bank to fail. Same difference.
