As head of the New York Fed from 2003 to 2008, Timothy Geithner was responsible for monitoring the soundness of many of the nation's leading banking companies. The changes in the size and health of Citigroup, the largest firm under the New York Fed's supervision, illustrate the growing risks that financial institutions took on in the boom years. The level of Citigroup's capital cushion against those risks actually shrank in 2005, 2006 and 2007. When Citigroup's losses became overwhelming, it needed the largest federal bailout of any bank last year.
SOURCE: Thomson Reuters, ProPublica, SEC | By Madonna Lebling, Lucy Shackelford And Patterson Clark - The Washington Post - April 3, 2009
As Crisis Loomed, Geithner Pressed But Fell Short Article | In September 2005, Timothy Geithner made one of his most visible moves as a supervisor of the U.S. banking system. He summoned the nation's top financial firms and their regulators to streamline an antiquated system that threatened Wall Street's boom.