Geithner’s assets pale next to Paulson’s
Treasury Secretary Timothy Geithner is no Hank Paulson when it comes to his personal finances.
Geithner’s financial disclosure filing released Tuesday showed he has assets valued at $740,000 to $1.7 million. His biggest asset is partial ownership of property on Cape Cod in Massachusetts valued at $250,000 to $500,000.
Former Treasury Secretary Henry M. Paulson, a 32-year veteran of investment firm Goldman Sachs, had an estimated net worth of more than $700 million when he joined the Bush administration in 2006.
To obey conflict-of-interest rules, Paulson agreed to sell more than 3.2 million shares of stock in Goldman Sachs that were valued at more than $480 million in summer 2006.
Geithner was confirmed by the Senate on Monday by a 60-34 vote, with those opposing the nomination expressing unhappiness with Geithner’s explanation of why he had failed initially to pay $34,023 in self-employment taxes earlier in the decade when he worked for the International Monetary Fund.
The new disclosure filing showed that Geithner earned $411,200 in wages last year in his former job as president of the New York Federal Reserve Bank. He also received a severance payment from the bank totaling $434,668.
Most of Geithner’s investments were in various kinds of mutual funds, with the size of the holdings ranging from $1,000 to $100,000.
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