Geithner Denies Intent To Circumvent TARP Compensation Rules

Treasury Secretary Tim Geithner said today that the administration is fully committed to complying with the Congressional limitations on compensation within companies receiving government assistance. Recall yesterday that the Washington Post had an article suggesting just the opposite (link).

On Face the Nation, Geithner said:

No, that’s not true,” Geithner said when asked about a report in Saturday’s Washington Post that the White House was trying to allow some exceptions.

“Now, our obligation is to apply the laws that Congress just passed on executive compensation and we’re going to do that,” he told the CBS program “Face the Nation.”

“We’re also going to make sure that these programs are as effective as possible in making credit more available to businesses and families across the country.”

That’s pretty much a blanket denial and would appear to leave little wiggle room. The problem is that some of the firms that they want participating in PPIP might not be so eager if they’re going to be subjected to the restrictions. 

Squaring the circle they’ve created is going to take some dexterity.

more: here

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