![]() ![]() government ended up spending $182 billion to help stabilize AIG. Geithner also tried and failed to save Lehman Brothers and brokered the initial $85 billion dollar deal to bail out AIG. Designing “stress tests” to determine whether a bank has a plan and enough capital to weather another crisis. His main role? Regulating Wall street as the president of the New York Fed. Timothy Geithner President of the New York Fed 2003 to 2009 Treasury Secretary 2009 to 2013 | appointed by President Barack Obama Photograph by Ben Hethcoat for Marketplace Post to Facebook Share on Twitter Many critics say that it was a conflict of interest to have a former Goldman CEO help design bank bailouts. He is often criticized for … being too close to the banks. Where is he now? He, too, made sure to put his version of the events on paper and wrote a book called “On the Brink: Inside the Race to Stop the Collapse of the Global Financial System.” In 2011, he launched The Paulson Institute, a “think and do” tank whose mission is to strengthen U.S.-China relations. As the bank’s CEO, he earned $38 million in 2005. Where did he come from? Goldman Sachs, where he had worked since 1974. He famously said: “If you've got a bazooka, and people know you've got it, you may not have to take it out.” In the end, he had to take out the bazooka. Congress to give him that power, Paulson insisted that the mere possibility of a takeover would be enough to increase confidence and stabilize the markets. Paulson also oversaw the government takeover of Fannie Mae and Freddie Mac in 2008. His main role? Pushing through TARP, an unprecedented government bailout of troubled financial institutions. Henry Paulson Treasury Secretary 2006 to 2009 | appointed by President George W. He is often criticized for … not seeing the crisis coming and for bailing out the banks. Where is he now? After he left the Federal Reserve, Bernanke wrote a book called “The Courage to Act: A Memoir of a Crisis and Its Aftermath.” Both he and his successor at the Fed, Janet Yellen, are currently distinguished fellows at the Brookings Institution. Before being appointed to the Federal Reserve’s Board of Governors, he taught economics at Stanford and Princeton. As the government was debating whether to bail out the banks, he famously said: “If we don’t do this tomorrow, we won’t have an economy on Monday.” Bernanke is an expert on the Great Depression and used his historical knowledge to shape the Fed’s response to the crisis. His main role? To oversee the Fed’s monetary policy and set interest rates. Ben Bernanke Chairman of the Federal Reserve 2006 to 2014 | appointed by President George W. ![]()
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