The Call Geithner Didn’t Make While New York Fed Watched Over Citigroup

propublica.org — The proposition that Treasury Secretary Timothy Geithner, in his prior job as president of the Federal Reserve Bank of New York, didn’t do enough to reign in banking giant Citigroup just gained new support. The Financial Crisis Inquiry Commission disclosed that a peer review study by other Federal Reserve banks in 2005 found that the New York Fed “had insufficient resources to conduct supervisory activities” of Citigroup. Geithner, who led the New York Fed from 2003-2009, did not seek additional resources in the wake of the study, according to testimony yesterday before the commission by Alan Greenspan, who was chairman of the Federal Reserve at the time.

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