Geithner defends bailout aid as Dow jumps 127 points
CBS News
Transcript
federal investigators have launched about 20 criminal investigations into misuse of the 700 billion bank bailout fund investigators suspect one bank cooked the books to qualify for government money lawmakers want to know more about how the government is handling that money a congressional oversight panel grilled treasury secretary timothy geithner on capitol hill lawmakers stressed the need for more transparency and accountability geithner said the vast majority of banks have more money than needed and the credit markets are improving teitner's comments gave bank stocks a lift and that helped the overall market the dow jumped 127 points while the nasdaq climbed more than 35. general motors and chrysler are getting more government money a federal report says gm will get up to 5 billion more to make it through june 1st chrysler will get as much as 500 million to make it through the end of the month both automakers are racing against government deadlines gm could go bankrupt chrysler could be forced to liquidate and investors absorbed another round of disappointing profit reports from big names including caterpillar coca-cola dupont and merck to track the latest business headlines just head to cbsmoneywatch.com in new york i'm alexis christoforous