Former Treasury Secretary Timothy Geithner once condemned predatory lending firms. Now he helps run one.

Timothy Geithner.
(Image credit: Alex Wong/Getty Images)

Private lending firms prey on low-income Americans who are often pushed further into poverty after taking on high-interest loans.

One of those firms, Mariner Finance, is owned by a private equity fund run by Warburg Pincus, a New York firm, The Washington Post reported Monday. That firm is headed up by former Treasury Secretary Timothy Geithner, who, while working in the Obama administration, said that predatory lenders were unfairly sticking vulnerable Americans with "absurdly complex and opaque" agreements that were purposefully risky.

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Summer Meza, The Week US

Summer Meza has worked at The Week since 2018, serving as a staff writer, a news writer and currently the deputy editor. As a proud news generalist, she edits everything from political punditry and science news to personal finance advice and film reviews. Summer has previously written for Newsweek and the Seattle Post-Intelligencer, covering national politics, transportation and the cannabis industry.