Banking

May 9, 2014

Bank Watch roundup: Tim Geithner ‘refused’ to fire Ken Lewis

GEITHNER 'REFUSED' TO FIRE KEN LEWIS: Former Treasury Secretary and bank bailout architect Tim Geithner is about to come out with his new book, an account that sheds some light on his financial crisis decisions. Among them: that Geithner refused to force out former Bank of America CEO Ken Lewis since he was close to retirement anyway, The New York Times reports. A counselor had told Geithner he didn't owe Lewis any favors and should push him out the door. The whole piece is worth a read. Another part says that Geithner shot down a Larry Summers suggestion that the administration "pre-emptively nationalize" banks like Bank of America during the crisis.

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