Sunday, December 17, 2017
News Roundup

Former Treasury Secretary Timothy Geithner to join private equity firm

Former Treasury Secretary Timothy Geithner, who played a central role in the government's response to the financial crisis of 2008-2009, is joining private equity firm Warburg Pincus LLC.

The firm announced Saturday that Geithner will serve as its president and managing director starting March 1.

Geithner led the Federal Reserve Bank of New York for more than five years before becoming Treasury secretary in 2009, when the economy had sunk into a deep recession. He stepped down in late January.

Few Treasury secretaries received as much scrutiny. Supporters credited Geithner with helping prevent the recession from spiraling into a second Great Depression by stabilizing the banking system and restoring investor confidence. Critics said he was too cozy with Wall Street.

Warburg Pincus said Geithner would advise the firm on strategy, investing, investor relations and other topics. The New York-based firm has been involved in buyouts of such companies as luxury department store chain Neiman Marcus and contact lens maker Bausch & Lomb.

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