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FRE Fresenius SE & Co KGaA

29.80
-0.39 (-1.29%)
19 Jul 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type
Fresenius SE & Co KGaA TG:FRE Tradegate Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.39 -1.29% 29.80 29.68 29.92 30.33 29.73 30.12 27,328 22:50:02

2nd UPDATE:Geithner:US Shakes Up Management Only To Aid Cos,Econ-Reports

01/04/2009 11:30pm

Dow Jones News


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(Updates with comments from CBS interview on bank executives, TARP; adds ABC interview comments on double standard)

The U.S. government only ousts corporate executives if it's essential to strengthening the company and the wider economy, Treasury Secretary Timothy Geithner said in an interview with ABC News' "World News with Charles Gibson."

His comments come after President Barack Obama's administration forced out General Motors Corp. (GM) Chief Executive Rick Wagoner, sparking speculation executives at troubled financial institutions that took government funds could face the same fate.

"Where we provide assistance to the financial system, we're going to make sure it comes on conditions to make sure the system emerges stronger," Geithner said on ABC. "That basic standard and basic objective is the same across everything we're doing to help get recovery back on track."

He rejected the idea that there's a double standard for supporting the auto industry versus financial institutions, despite the amount of government aid to banks dwarfing that to the Big Three auto makers.

Ahead of a meeting of the Group of 20 developed and developing nations, Geithner said now is the "strongest moment of cooperation globally...since the Second World War." He said other major countries share the president's support for financial regulatory reform measures as well.

In an interview for the "CBS Evening News" with Katie Couric, Geither confirmed the U.S. will keep open the option to pressure a bank CEO to resign.

Asked about complaints the Treasury hasn't made the Troubled Asset Relief Program transparent and accountable, he said critics should look at the efforts from the new government - not those inherited from former President George W. Bush's administration - to find a commitment to greater transparency, tracking and oversight mechanisms. He said his department is working quickly to acheive the strongest standards.

In a third interview, set to air on NBC's "Nightly News with Brian Williams," Geither said the U.S. bears "significant responsibility" for causing the financial crisis. However, he said he didn't sense any finger-pointing at the G20, noting instead a common feeling of urgency.

He also said that though GM has made a fair amount of progress, it still needs a lot of restructuring.

Web sites: http://blogs.abcnews.com/theworldnewser/2009/04/geithner-global.html

http://www.cbsnews.com/sections/eveningnews/main3420.shtml

http://www.msnbc.msn.com/id/3032619/

-Dow Jones Newswires; 201-938-5500

 
 

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