Financial Services

A Report Card for Geithner's First Year

Stock quotes in this article:AIG, BAC, C 

WASHINGTON (TheStreet) -- Treasury Secretary Timothy Geithner was put into office with three essential goals: Repair banks, fix housing, and stimulate private investment.

While Geithner has come under sharp criticism recently for his role in the American International Group(AIG) counterparty scandal, it's worth taking a look at what he's achieved in a remarkably short period of time.

Geithner

Geithner unveiled a wide-ranging financial-reform proposal just 15 days after being sworn into office on Jan. 26, 2009. He promised to "restart the flow of credit, clean up and strengthen our banks, and provide critical aid for homeowners and for small businesses" and "jumpstart job creation and private investment."

These were no light tasks for a financial system that recently stood at the brink of collapse, and an economy that was in the midst of a deep recession. The programs that Geithner has used to achieve his goals are an alphabet soup of taxpayer support:

  • TARP , the $700 billion bank-bailout program
  • HAMP, which is using $275 billion in incentives to prod banks into easing mortgage terms
  • PPIP, the initiative to clean up toxic assets, whose initial price tag was up to $1 trillion, but ended up whittled down to just $30 billion
  • And a series of initiatives to help small businesses, which culminated on Tuesday with a $30 billion Small Business Lending Fund, whose acronym is TBD.

Here's a look at how these initiatives have fared during Geithner's first year in office:

TheStreet Premium Services

Jim Cramer
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
OptionsProfits
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Real Money
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Stocks Under $10
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn More
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
Dow Jones S&P 500 NASDAQ 10-Year Note
12,393.45 1,310.33 2,827.34 15.81
Oil *
101.78
DOWN
26.41
DOWN
2.99
DOWN
10.02
DOWN
0.44
10 Yr
1.58%
SPDR Gold
151.62
-0.21%
-0.23%
-0.35%
-2.71%
Data delayed 20 minutes

Top Stories and Tools

Articles From

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

We respect your privacy.
Podcasts

Connect with TheStreet