Bailout Defense

Geithner: You All Would Have Failed

Treasury Secretary Timothy Geithner told Bloomberg News that all banks would have failed without a government bailout. "None of them would have survived," he said, countering claims made by Goldman Sachs executives that they could have gotten through the financial crisis without assistance. Geithner also went after Wall Street's high bonuses in an interview with Al Hunt. “It is very important that we change the way these executives are paid, the form of compensation, this year,” Geithner said.