Geithner: We Won't Hesitate to Change Management at Banks

News & Politics

Timothy Geithner took what appeared to be a stronger line when it came to the potential firing of bank CEOs Sunday, saying that the administration would not hesitate to make "a change of the management" at those institutions if it was deemed necessary.

Appearing on CBS' "Face the Nation," the Treasury Secretary was pressed twice as to why GM's Rick Wagoner was forced out by the White House while heads at some of the country's most troubled banks remained in office.

"What I'll say is this," said Geithner. "If in the future banks need exceptional assistance in order to get through this, then we'll make sure that assistance comes ... [with conditions] not just to protect the taxpayer but to make sure that it's the kind of restructuring for them to emerge stronger, and where that requires a change of the management of the board, we'll do that."

"You will?" asked host Bob Schieffer.

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