Tim Geithner, President-elect Barack Obama's nominee for Secretary of the Treasury, failed to pay $34,000 in taxes between 2001 to 2004. The revelation came at the start of his Senate confirmation hearing. Geithner, "Mr. Bailout", failed to pay taxes while he was working for the International Monetary Fund. The Treasury Secretary is responsible for managing federal revenues and tax policy.
Geithner will also administer the $700 Wall Street bailout fund, known as the Troubled Asset Relief Program, or TARP.