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US 'may remove bank executives'' US 'may remove bank executives'
(about 5 hours later)
US Treasury Secretary Timothy Geithner says he is prepared to oust executives and directors at banks that require "exceptional" government assistance.US Treasury Secretary Timothy Geithner says he is prepared to oust executives and directors at banks that require "exceptional" government assistance.
He said the government would consider forcing out senior management to ensure that US taxpayers were protected.He said the government would consider forcing out senior management to ensure that US taxpayers were protected.
His comments to CBS television come after the US government removed GM boss Rick Wagoner from his post.His comments to CBS television come after the US government removed GM boss Rick Wagoner from his post.
Critics say that financial firms have not been subject to the same government intervention despite massive bail-outs.Critics say that financial firms have not been subject to the same government intervention despite massive bail-outs.
Mr Wagoner was forced to leave as a condition for possible additional loans.Mr Wagoner was forced to leave as a condition for possible additional loans.
"If, in the future, banks need exceptional assistance in order to get through this, then we'll make sure that assistance comes with conditions," Mr Geithner said."If, in the future, banks need exceptional assistance in order to get through this, then we'll make sure that assistance comes with conditions," Mr Geithner said.
"Not just to protect the taxpayer but to make sure this is the kind of restructuring necessary for them to emerge stronger. And where that requires a change of management of the board, we'll do that.""Not just to protect the taxpayer but to make sure this is the kind of restructuring necessary for them to emerge stronger. And where that requires a change of management of the board, we'll do that."
The US government has come under fire for paying bonuses to AIG executives when the company has received more than $170bn in government aid. The US government has come under fire after executives at AIG received large bonuses, despite the insurer needing $170bn of government support.