“Chilly reception”: The Wall Street Journal (2/11 Crittendon) Timothy Geithner’s first sales job as Treasury secretary was greeted yesterday with skepticism from two key constituencies: Wall Street and Capitol Hill.
The Dow Jones Industrial Average slid steadily in the hours after Geithner’s morning announcement of the Obama administration’s revamp of the financial-sector rescue effort. The Dow ended the day down 4.6%, nearly 400 points.
On the Hill, senators from both parties grilled Geithner during his first appearance before Congress in his new job, with many complaining about the lack of details in the plan.