Geithner Says Small U.S. Banks Still Have ‘Digging Out to Do’
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Treasury Secretary Timothy F. Geithner said many small U.S. banks are still struggling with commercial real estate loans and their woes will hurt small businesses.
“A lot of small banks across the country still got themselves way overexposed to commercial real estate and have a lot of digging out to do,” Geithner told the Senate Budget Committee today. “That’s going to be a problem for the small businesses that were, frankly, unlucky in their choice of bank.”