Former U.S. Treasury Secretary Geithner to join private equity firm

Outgoing U.S. Treasury Secretary Timothy Geithner arrives for the presidential inauguration on the West Front of the U.S. Capitol in Washington. Credit: Reuters
Outgoing U.S. Treasury Secretary Timothy Geithner arrives for the presidential inauguration on the West Front of the U.S. Capitol in Washington.
Credit: Reuters

Former U.S. Treasury Secretary Timothy Geithner, who played a major role in combating the global financial crisis, is joining private-equity firm Warburg Pincus as president and managing director, the firm said on Saturday.

Geithner, who stepped down U.S. Treasury secretary in January, will join the New York-based firm in March.

Geithner will work closely with Warburg Pincus’ top executives on overall firm strategy and management, investing and portfolio management, organizational and funding structure, and investor relations, the firm said in a statement.

As a part of President Barack Obama’s economic team, Geithner is credited with helping to calm the financial storm that put banks at risk and cratered the housing market early in Obama’s first term.

Geithner was less successful in his push for tax reforms, such as eliminating what the Obama administration has called the “carried interest” loophole. That measure, if passed, would have effectively increased taxes on the slice of investment profits private equity firms such as Warburg Pincus pay on profits from investment deals.

Before becoming Treasury secretary, Geithner was president and chief executive of the Federal Reserve Bank of New York from 2003 to 2009, where he helped design the U.S. response to the financial crisis of 2008-2009.

Since leaving Treasury, Geithner has been a distinguished fellow at the Council on Foreign Relations and has

conducted a series of seminars on financial crises at universities across the country.

Geithner said in statement Warburg appealed to him because of its global strategy and ethical reputation.

His move follows a stream of high-level government officials joining private equity firms. Among the latest was David Petraeus, retired four-star general and former director of the Central Intelligence Agency, who joined Kohlberg Kravis Roberts & Co in May.


News
Entertainment
Sports
Lifestyle
Local

Memorial held for Sean Collier, MIT police officer…

More than 1,600 people gathered at MIT on Friday for a memorial service for Sean Collier, the police officer shot to death a year ago in the aftermath of the…

National

Florida man charged with murdering son to play…

A Florida man annoyed that his 16-month-old crying son was preventing him from playing video games suffocated the toddler, police said on Friday.

International

Powerful 7.2 magnitude earthquake rattles Mexico

A powerful earthquake struck Mexico Friday, shaking buildings and sending people running into the street, although there were no reports of major damage.

News

OMG! Exercise can make skin (and butt) look…

A moderate exercise regime can turn back time and actually reverse the skin's aging process, according to new research. The study showed that a minimum…

Entertainment

Whoopi Goldberg makes her debut as marijuana columnist

"It helps my head stop hurting, and with glaucoma your eyes ache, and she takes the ache out. It's wonderful," she said.

The Word

Kate Middleton made fun of Prince William's bald…

Kate Middleton and Prince William are in Sydney, Australia, right now, and it sounds like that brash Aussie sense of humor might be rubbing off.

The Word

Is Tom Cruise dating Laura Prepon?

"Mission: Impossible" star Cruise is said to be dating Laura Prepon, star of "Orange is the New Black."

Television

'Scandal' recap: Season 3, Episode 18, 'The Price…

Sally is Jesus, Olivia caused global warming, and Mellie's still drunk. Let's recap the Scandal finale. A church full of Washington insiders is about to…

MLB

MLB video highlights: Red Sox defeat Orioles, 4-2

Brock Holt the difference in the Red Sox' win

NHL

NHL video highlights & analysis: Red Wings dump…

NHL video highlights & analysis: Red Wings dump Bruins in Game 1

MLB

MLB video highlights: Orioles top Red Sox, 8-4…

John Lackey roughed up for second straight outing

MLB

MLB video highlights: Red Sox score two in…

Lester shines in Red Sox win over White Sox

Parenting

How to parent without gender stereotypes in a…

Christia Spears Brown, Phd. author of "Parenting beyond Pink & Blue" gives advice on raising kids free of gender stereotypes.

Tech

VIDEO: 'Vein-scanning' may become the future of paying

Designed to make transactions quicker and easier, the technology works by scanning the unique vein patterns in each person's palm.

Tech

#FollowFriday: 10 of the smartest Twitter accounts

Spending lots of time on Twitter? You might as well learn something. Here are some of the smartest accounts to follow.

Style

Light-up nail art syncs with phone

This Japanese technology syncs light-up nail art with your phone.