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Geithner anger at IMF
22 Apr 2009Under-fire US Treasury Secretary Timothy Geithner is also at odds with the International Monetary Fund.
He was angered by its suggestion that US banks may need another cash injection of up to $500 billion (£341 billion) to get past the financial crisis, insisting his own plan to recapitalise Wall Street was working.
The IMF's claim came just as Geithner was due to speak to a powerful Congressional committee on the state of US finances, defending his bail-out deal. “We believe that we have the resources to move forward implementing all aspects of our Financial Stability Plan,” Geithner said, sending US bank shares upwards as investors took heart.
Alan Ruskin, an analyst at Royal Bank of Scotland, said: “Geithner wins wrestling match; IMF to have last laugh.”
