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US bank bosses could be fired

Source: PTI
April 02, 2009 17:55 IST
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US Treasury Secretary Timothy Geithner has said he would not rule out the option of forcing out chief executives of banks which have received taxpayers' money but are not performing well.

Geithner made the comments in an interview to CBS Television just a few days after the Obama administration showed the door to auto maker General Motors' chief executive Rick Wagoner.

When asked whether he would leave open the option to pressurise a chief executive of a bank to resign, Geithner told CBS, "of course".

Recently, Rick Wagoner said he has "stepped aside" as the chief executive of GM after the White House officials asked him to leave the ailing auto maker.

"On Friday (last) I was in Washington for a meeting with administration officials. In the course of that meeting, they requested that I 'step aside' as CEO of GM, and so I have," Rick Wagoner said in a statement.

The Federal government has already pumped in billions of dollars into the financial system to bolster the nation's sagging economy.

India-born Vikram Pandit-led Citigroup, American International Group and Bank of America have received billions of dollars from the US to help them tide over the financial meltdown.

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