Wednesday, April 22, 2009


Pretty soon, that word will be in Webster's.

Geithnerism, n: a statement which, after a time, is un-true.

Treasury Department lawyers have determined that firms participating in a $1 trillion program to relieve banks of toxic assets could be subject to limits on executive compensation, contradicting the Obama administration's previous public position, according to a report to be released today by a federal watchdog agency. [...]

Speaking last month about the initiative to buy toxic assets, Treasury Secretary Timothy F. Geithner said, "The comp conditions will not apply to the asset managers and investors in the program."

HT: Gabriel/Ace

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