September 2, 2014
WASHINGTON (AP) - Treasury Secretary Timothy Geithner (GYT'-nur)
says banks needing "exceptional assistance" in the future may have to swap out their executives in exchange for government aid.
The Obama administration has been accused of treating the auto industry more harshly than the financial sector as it spends billions to right the economy. Critics point to its decision to force the head of General Motors from his post in order for the automaker to receive more aid.
Speaking on CBS' "Face the Nation," Geithner denied there was a double standard, saying there would be strings attached to further assistance for banks. He says if the board room needs shaking up to help the company emerge stronger, "we'll do that."
Geithner says it has already happened at mortgage giants Fannie Mae and Freddie Mac and insurance juggernaut AIG.
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