Geithner Puts Bank CEOs on Notice

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Treasury Secretary Timothy Geithner is putting bailed out bank CEOs on notice.

On CBS' Face the Nation, Geithner said if banks get government bailout money, they may have to shake up their board rooms and put in new executives.

Click play for more on this with Dan Gainor of the Busines and Media Institute.

Geithner said it's nothing new and it's already happened at mortgage giants Fannie Mae and Freddie Mac and insurance giant AIG.

"We've done that because we want to make sure that taxpayers' assistance is going to make these companies stronger, make sure there's accountability, make sure it comes with strong conditions," Geithner said on the Sunday program.

"And we'll do that in the future if that is necessary," he added.

Geithner also says any more support banks get from the government will come with requirements to make sure the banks are using the money to increase lending to consumers and businesses.

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