Geithner Threatens Bank Chiefs

Might bank CEOs soon be heading the way of ousted GM chief Rick Wagoner? In a CBS interview yesterday, Treasury Secretary Timothy Geithner said that the Obama administration was prepared to oust senior management at banks to protect American taxpayers and ensure accountability in exchange for federal money. He also denied earlier reports that the Obama administration was channeling the bailout through middlemen to help banks avoid restrictions, saying: “If, in the future, banks need exceptional assistance in order to get through this, then we’ll make sure that assistance comes with conditions.”