"TAP não sobrevive se se mantiver pública", garante Pinto Luz

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Tim Geithner, ainda nem 2 meses leva no cargo -- Secretário do Tesouro, o equivalente a Ministro das Finanças -- e já está debaixo de fogo devido à sua indecisão ou incapacidade para apresentar um plano concreto e detalhado para resolver a crise instalada no sistema financeiro.

Há semanas apresentou um plano inicial para absorver os activos tóxicos e restabelecer a confiança entre os bancos, mas a falta de detalhes despontou toda a gente o os mercados cairam a pique.

Vê-se agora que os $2 triliões já injectados no sistema serviram sobretudo para os bancos e financeiras cobrirem as dívidas gigantescas que têm entre si e não para relançar o crédito ao consumo e habitação. As dúvidas e desconfiança entre os agentes financeiros não param de aumentar e paralisam o mercado porque ninguém sabe ao certo qual a real situação financeira de cada um dos outros, e ninguém declara a sua abertamente.

Hoje estava prevista a apresentação de um novo plano plano mais detalhado, agora chamado TALF (Term Asset-backed securities Loan Facility) que prevê a despesa de mais $1 trilião, mas isso não aconteceu e a apresentação foi adiada.

A juntar a isso a polémica sobre os bónus a actuais e antigos administradores da AIG minaram-lhe a credibilidade. Ou apresenta rapidamente um plano consistente ou tem os dias contados.

O pior é que quanto mais o tempo passa mais a situação piora e o capital de esperança se reduz. Os mercados detestam acima de tudo a indecisão e a incerteza.

Geithner faces critical test over bank plan

By Edward Luce in Washington
Published: March 17 2009 19:03 | Last updated: March 18 2009 01:31

Tim Geithner, America’s beleaguered Treasury secretary, faces a critical test of his credibility when he unveils a much-awaited plan to take toxic assets off bank balance sheets – in an announcement expected in the coming days.

Mr Geithner, whose initial announcement last month on the troubled asset purchase plan disappointed the market, has become the target of criticism in Washington and on Wall Street, with some questioning whether he can deliver.

Speaking on condition of anonymity, senior Democratic figures questioned whether Mr Geithner has the credibility with the markets and Capitol Hill to push through a new request for funds. “The more time passes, the more convinced I am that Tim Geithner is becoming a liability for the administration,” said one Democratic lawmaker.

Analysts say President Barack Obama would face steeper odds persuading Congress to authorise more money to recapitalise the banking sector if Mr Geithner was the one making the request. Mr Obama included a $250bn (€192bn) financial sector bail-out item in the budget he announced last month implying the administration will need up to $750bn more in troubled asset funds.

“I don’t think Tim Geithner will last beyond June – he has no credibility with the markets,” said Chris Whalen, managing director of Institutional Risk Analytics, a financial research group. “Given what we already know about the toxic asset purchase plan, I very much doubt he is going to turn this situation around.”

Mr Geithner, previously the head of the Federal Reserve Bank of New York, was initially hailed for his knowledge of the complex financial issues at the centre of the crisis – and for being a known quantity on Wall Street.

Treasury officials could not be reached for comment. But defenders of Mr Geithner, who remains the only official at the Treasury department to have been confirmed by the Senate, say he is being unfairly singled out as the lightning rod for the growing public anger on Wall Street’s misuse of emergency taxpayer funds. They say the Obama administration would have a difficult time requesting new bailout funds from Congress, whoever the Treasury secretary was.

“I am quite certain that Tim Geithner has the full backing of the president and will continue to have it,” said Roger Altman, a former senior Treasury official in the Clinton administration. “The main question is can anybody, including President Obama himself, persuade Congress to give new money in this climate?”