US Treasury Secretary Timothy Geithner said on CBS’s Face the Nation today that the government would make executive changes in banks receiving bailout money if it is necessary to make the institutions stronger.
The two banks mentioned as part of Bob Schieffer’s question were Citi Bank and Bank of America.
When asked if he would be asking Congress for more money he said, “I can’t answer that question now.”
Geithner has roughly $135 billion left of uncommitted resources. He did note that some banks are going to need large amounts of assistance. He said he was going to make sure that this assistance comes with conditions. Primarily, he said, to make sure they restructure, provide accountability for management and are strong going forward.
“We will make management changes if it is necessary to make an institution stronger and to create a market for loans,” Geithner said.
He noted that the economy survives on financial institutions and the availability of credit.
When asked if General Motors would be part of a ‘managed bankruptcy’ he dodged the question but said, “GM will be part of this Country’s future.”



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