Geithner vows to put failing banks out of existence
US Treasury Secretary Timothy Geithner vowed yesterday to put failing banks that take too much risk ``out of existence'' in order to avoid bailing out firms deemed ``too big to fail'' at taxpayers' expense.
In a new letter to congressional leaders, Geithner says he can delay an unprecedented default on the debt until Aug. 2, using a series of bookkeeping maneuvers to keep the government running.