January 21st, 2009
09:23 AM ET

Today's business outlook

Program Note: Tune in for Ali Velshi's full report tonight on AC360° at 10pm ET.

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/POLITICS/01/14/transition.wrap/art.obama.afp.gi.jpg caption="Barack Obama's team says Tim Geithner, left, quickly addressed the mistakes he made."]

Ali Velshi
CNN Chief Business Correspondent

Treasury Secretary Nominee Timothy Geithner appears before the Senate Finance Committee this morning for his confirmation hearings. The hearings were delayed a week due to some questions about his failure to pay $34,023 in taxes between 2001 and 2004. Seems to have been a mistake on his part.

Excusable, perhaps, but no one wants him making mistakes on his new watch. And they'll want to know if letting Lehman Brothers fail while he was President of the Federal Reserve of NY was a mistake, particularly after he was involved in the deal to (sort of) save Bear Stearns from outright collapse.

And more than that, how will he deal with oversight of TARP, and of any money attached to the new economic stimulus bill? How will he address questions of accountability and of potential conflict of interest in the way the first $350 BILLION was handled? Does he support President Obama's view that banks receiving public money need to lend that money out? And does he think that banks should have to disclose what they've done or are planning to do with taxpayer money they receive.

Separately, President Obama is meeting with economic advisers, working toward a stimulus bill.

And by the way, the Dow tanked yesterday. Big Time.

Filed under: Ali Velshi • Economy • Finance
soundoff (7 Responses)
  1. Michelle

    Teresa in Ohio it would be the same. Unless
    it is tax evasion and other offenses you do
    not face jail time. I was CNN would clarify
    the matter .

    January 21, 2009 at 2:10 pm |
  2. PA Canada

    This is the time to TRUST President Obama's Choice. He certainly has made good decisions on all his other appointments and several well respected public figures including the Top echelon of US Economists and Treasury CEO's gave him their seal of approval. The Douting Thomases need to see the reality of this situation. America doesn't have the time or the money to build another Ark! LET IT BE

    January 21, 2009 at 1:33 pm |
  3. lois

    If he is such a wizard on finances, then why didnt the congress and senate listen to him back in 2006, I listened to the hearings a bit this morning, and they spoke about all the insite he gave several years ago, and no one listened, so I am sure nothing will change now either if he is sworn in, they all take care of themselves first, and not the american public and tax payers and investors that put their small amounts of money in the banks and markets, to later be stollen by someone and shipped to a country that protects them and the money.

    January 21, 2009 at 11:32 am |
  4. Mary V., Salt Lake City, UT


    Any one can make a mistake! The IMPORTANT thing is that HE PAID HIS TAXES.

    We can not play games, Geithner has a HUGE mountain of problems to solve....... beginning with the BUSH DISASTER ( America's bankrupt, thanks W.).


    January 21, 2009 at 11:02 am |
  5. Teresa, OH

    Approving this guy is a mistake. $34,000 between 3-4 yrs. of taxes is someone trying to get away with something, not a one time mistake.

    I wonder what my punishment would have been if I had forgotten to pay that "minute" amount of money on my taxes?

    January 21, 2009 at 10:33 am |
  6. Michelle

    Approve the dude already. I visited Geithner's wiki page.
    He is perfect for the job.I know organizations and people
    who work with international firms. Even churches are
    confused about payroll taxes if they pay people to come
    in an watch the kids during church events. The reason why
    his profile impresses me is my feeling that he understands
    the world wide economy. China is now the world's 3rd largest
    economy.We can not afford to wait.It is my hope that the Obama
    administration will make the banks account for every single dime
    and make the information available to the public on the new
    government website.

    January 21, 2009 at 10:19 am |
  7. Quentin

    I have a fix for the bank credit freeze.

    New lending under government approved guidlines and the US government will insure all the new loans, none of the old ones.

    Government won't be insuring and sub-primes or high risk loans. Banks will quickly start lending.

    January 21, 2009 at 9:47 am |