and hank olson and tim geithner do not think the deal is going to happen in don't believe john, they don't believe the japanese to move fast, they have a view that this deal is never more to happen in that monday morning morgan stanley is never going to get the deal off and then goldman sachs is going to greater and there for general electric will so they call up john and by the way they had a prior call the jaime diamond at jpmorgan and said it will likely to take a look of fine this companies of this is going to be another second bear stearns likely. the column john and now it is ben, tim and hank on the phone, you have the three amigos. [laughter] this is tough stuff because if you know these three gentlemen they can play the heavy on the want to appear in the and they say to john, we need you. to sell your company right now. to jpmorgan for a dollar a share. mind you, the company -- it's a value as of friday was much higher than the value of a dollar a share and john him by the way when someone who i walked into this book not think it would even be a character in its, and clearly

bancorp, for example, can lewis of bank of america saved merrill lynch, tim geithner and hank paulson essentially put kenneth lewis in a headlock and ordered him to bail out a merrill lynch. if you're going to put people in headlock you can put the ceo and u.s. bancorp in a headlock and say bailout lehman brothers and the reason that is important is you had after lehman failed close to $700 billion worth of commercial real estate, residential real estate, stocks, bond, everything. lehman had tons of assets and what goes into bankruptcy you have a bankruptcy reorganize their and they are interested in selling assets and unwinding risks and this was the most horrifying and wind in the history of all bankruptcy's. there was no preparation the documents to the lehman document was only 15 pages long, this is almost a $700 billion bankruptcy and the initial document presented to judge packin the bankruptcy court was only 15 pages long. this document should have been 300 pages long to articulate how they're going to unwind this risk so what happened was after lehman failed and you had this o

tim geithner is saying, look, of course -- of course we care about the deficit. a record 1.4 trillion dollar deficit is too high. but he's saying we're noth start fighting it right away. the priority is to rescue the economy first. this is on nbc's ""meet the press"," the obama administration is focusing on growth and job creation. that's one economic theory, that when nobody is spending, when businesses aren't spending, when fami families aren't spending, the government has to spend to keep the economy from collapsing. again it's just one philosophy of this. tim geithner says he supports the efforts in congress to extend unemployment benefits and the home buyer tax credit and i hope if you're watching you know we've been following this so closely. maybe we'll have news on that this week coming out of washington. chrysler is shrinking again, buying out another 23,000 workers. this week, chrysler is going to lay out a five-year plan to try to get back into profitability, to become a successful company. it's out of bankruptcy, but still in a lot of trouble. so, tho

even democrats hopped on this train to say that it is time for tim geithner to go. they are frustrated with him because they feel like he is more wall street than main street. that was a criticism of him coming in. on the other side, republicans are saying it is time to dump him because he is not paying attention to anything. they say he is part of the problem when he was with the new york fed. he was so involved in the problem, people do not think he has been part of the cure. host: is he on his way out? guest: i don't think so. people who are calling for a single -- second singles are also calling for his head. whenever popular support has gone away, i would echo that he is not on his way out but he has a lot of room to regain his composure and standing in the fed and congress. host: how does he do that? guest: you tell made. i guess he should not pass any expensive bailout bills. he needs to get back in the game and not make a fool of himself by standing up. i saw the congressional exchange and it seemed a little child that spread guest: i was impressed body push

hank made it clear he had concurrence of the fed and tim geithner and others. he also says that tim geithner and larry summers were both on board with this transaction. those mr. chairman, are the words of ken lewis. $45 billion tarp available if necessary. obama team and formed an agrees. slide #5 is not here today. third -- incoming team at fed and treasury in agreement. this is from another board member who is not here. slide 5, -- a slight six, ben bernanke and henry paulson spoke to tim geithner. you have our commitment is will be resolved. you will get additional investment. that's from bank of america lawyer. none of these are in dispute here today. none of the testimony we have had until now this beats the fact that in various ways, the then new york bank chairman, tim geithner, was in the loop because this was after he was the likely and in fact now is the secretary. knowing all of this, do you believe today and that if the money had not been made available, and this is for the board members primarily, in the form of a loan or a loan through preferred

. >>> treasury secretary tim geithner says that the white house wants to shut down the $700 billion bank bailout pronto. money expert jennifer westhoven is joining us now. so why did it appear that lawmakers were kind of tough on him yesterday? was it about him or was it about somebody else? >> they were being -- they were throwing it at him, but it seemed kind of strange, like how are you making it this guy's fault? but very contentious meeting on capitol hill yesterday. some of the house lawmakers saying geithner should quit. take a little listen. >> the public has lost all confidence in your ability to do the job, reflecting on your president. >> congressman -- >> conservatives agree, liberal democrats agree that it really is time for a fresh start. >> if you look at any measure of consumer and investor confidence today, if you look at any measure of the strength and stability and health of the american economy, if you look at any measure of confidence in the financial system, it is substantially stronger today than when the president of the united states took office. this congress --

. >> host: tim geithner? >> guest: if we talk but where he was in terms of the bailout he was head of the new york fed which had a tye relationship with wall street. historical eight has the tightest relationship and a revolving four-door between the new york fed and leaders from wall street for example, right now jaime dimas has a senior position and runs a large bank, jpmorgan chase and succeeded sandy weill. there is a constant revolving door procure president of the new york fed, you have perhaps a closer relationship to wall street and perhaps the chairmen of the fed even ben bernanke. >> host: let me mention something. last year, i had ben bernanke coming before the budget committee. this was during the whole bail-out process. as you know, what the very least over $2 trillion with the zero interest loans to financial institutions. you put the americans money at risk can you tell them? who got the money? he said i am not going to tell you. $2 trillion? by the time the day was over reintroduced legislatio

. >> host: where was tim geithner? >> guest: if we talk about where he was, he was head of the new york fed which had a very tight relationship with wall street. it has had a relationship and a revolving board door. he runs a large bank. so there is this constant revolving door. if you are running or our president you have perhaps the closest relationship that almost the chairman of the fed. >> host: while we are on the fed let me mention something. last year i had ben bernanke before the budget committee. this was during the whole bailout. as you know i want to get into this. at the very least we know that they lend out over $2 trillion in 0 inches loans to financial institutions. so i said, you know, can you tell the american people who get the money to back the putting their money at risk. most of us would like to know. who got the money. he said, this is pretty amazing, i'm not going to tell you. $2 trillion you're not going to tell the american people. by the time that day was over we introduce legislation to make

to one extent last year steven friedan who is the new york fed were tim geithner was president was at the same time on the board of directors said goldman sachs. so basically you have got purefoy don the place where you can get money from an you go to foyt in the door of the place that gets the benefits. >> host: it is an enormous conflict of interest. >> guest: from day one the fed was a conflict of interest. their relationship is the new york fed is the most powerful but from day one that is accomplished. there should not be members of the board on the board it or in any way related to the banks that received any kind of money from the fed. otherwise holidayed think. let it be a private bank but don't let it have access to the ability to create public money. >> host: how do, in your judgment, these guys with so much power plane literally but trillions of dollars, get away without the kind of public scrutiny-- i make a point when you are on the floor of the senate you are fighting for $20 million there could be a six hour debate. meanwhile these guys say no discussion. nobody knows h

. >>> treasury secretary tim geithner says the economic recovery could be choppy. in an interview that airs today he said it will take a while for the economy to come back. he said this crisis hurt the economy a lot so it's taking time to fix that. and they are encouraging signs now in the economy but he refused to say whether the recession is over. he said the real test of recovery is bringing back jobs and investors' confidence. >>> president obama celebrated halloween the same way many of you might have, greeting trick-or-treaters. some 2,000 kids came to the white house with parents and mr. obama doled out presidential m and ms dried fruit and cookies made by a white house chef. first lady michelle obama wore cat years and on top of the leopard, mr. obama called her a nice looking cat woman. there was a reception for military families in the white house. >>> two men allegedly involved with a ratdical islamist group have an extradition hearing in canada tomorrow. they were arrested in winsor, ontario yesterday morning. a two-year investigation by the fbi alleges

tim geithner will be one of the witnesses. >>> rafer, it sounded like you were going to say something real awful. >> i thought he was going to get fined. >> his wife is due with his first child any second. >> he's not sleeping and she's not sleeping. >> got my pager on. >> good morning, everyone. the so far the only delay is ground stoppage in atlanta, poor visibility, low clouds. chicago, an hour or more because of the wind. new york city metros, north wind again. short delays out of that. atlanta, again, a morning ground stop until 8:30. san francisco, showers later this afternoon. more in jst a bit. >> thank you. >>> sarah palin is clobbering some pormer mccain staffers. you'll hear the new details that is out today. >>> a little boy who had trouble walking got help from a new buddy. >>> good morning. is the sun just peeking in the room? morning, sunshine. here's what's going on today. >>> i don't think there's an age limit on something as valuable as life. >> to get a ma'mmogram or not? today that is the question. >>> and people in north carolina community are devastated this morn

. >>> treasury secretary tim geithner says the white house wants to shut down the $700 billion bank bailout. what are we hearing? >> this was at a hearing yesterday. so many americans are furious about the idea that so many wall street firms messed up and got bailed out. and that -- a lot of lawmakers were channeling that anger. they were giving it to geithner in the meeting yesterday. some of them said they wanted him to quit. >> public has lost all confidence in your ability to do the job, reflecting on your president. >> congressman, can you -- >> liberal democrats agree that it really is time for a fresh start. >> if you look at any measure of consumer and investor confidence today, if you look at any measure of the strength and stability and health of the american economy, if you look at any measure of confidence in the financial system, it is substantially stronger today than when the president of the united states took office. congressman -- >> tell all of that to the millions of americans who no longer have jobs. >> now, that's geithner's side, right, that confidence is back and tha

now, treasury secretary tim geithner testifies at a senate foreign relations committee hearing on the u.s. religious with the g-20. he talked about our financial relationships proposed could impact the u.s. massachusetts senator john kerry chairs the one hour, 25 minute hearing. >> the hearing will come to >> the hearing will come to order. mr. secretary, thank you for taking time to be with us. i know this is a busy time in every respect, but a particularly good time for us to be thinking about some of the issues in front of this committee that you also deal with. we are pleased to address today the future of the g-20. the imf, the world bank, and america's role in remaking our global financial architecture. it has been almost a decade since the treasury secretary has lost the address this committee. back then, it was to discuss the imf and the asian financial crisis. crisis. while those events unfolded far from our shores in many ways, america has been ground zero or financial crisis today that nearly resulted in global economic collapse. we're not out of the woods yet, but it's not