Geithner to seek unprecedented powers, insiders say

Treasury Secretary Tim Geithner will push for unprecedented new regulatory powers on Tuesday to seize financial institutions whose failure would pose serious risks to the U.S. financial system, according to two senior administration officials. Geithner is expected to make his case in testimony before the House Financial Services Committee.

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Summers defends White House response to AIG bonuses

With outrage mounting over AIG’s $165 million in bonuses to executives, the president’s chief economic adviser offered a new line of defense for the White House in an exclusive interview with CNN. Larry Summers suggested that if Treasury Secretary Timothy Geithner had pushed the insurance giant too hard on the bonuses, AIG could have collapsed just like Lehman Brothers and sparked an even bigger crisis

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