Timothy Geithner Warburg Pincus
November 17, 2013 by staff
Timothy Geithner Warburg Pincus, Geithner led the Federal Reserve Bank of New York for more than five years before being becoming Treasury secretary in 2009. By that time, the economy had sunk into a deep recession.
Few Treasury secretaries received as much scrutiny. Supporters credited Geithner with helping prevent the recession from spiraling into a second Great Depression, but critics said he was too cozy with Wall Street.
Warburg Pincus said that Geithner would advise the firm on strategy, investing, investor relations and other topics. The New York-based firm has been involved in buyouts of such well-known companies as luxury department store chain Neiman Marcus and contact lens maker Bausch + Lomb.
The firm declined to comment on Geithner’s compensation
Geithner, 52, stepped down from Treasury in late January, days after President Obama was sworn in for a second term. He was the last of Obama’s original economic advisers to leave the administration, and he was succeeded as Treasury secretary by Jack Lew.
In an interview with the Associated Press on his last day in office, Geithner said that the economy was “stronger than people appreciate” and predicted a pickup in growth. He defended his role in bailouts for large banks — steps designed to stabilize the financial system — but acknowledged that he would never win over his critics because it was hard to convince people about the dangers posed by the financial crisis.
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