Tim Geithner as U.S. Treasury Secretary
Was it the news that the current president of the New York Federal Reserve Bank would be Obama’s new money man that saw the market close up by almost 7% or was it just a fluke?
WSJ has the details…
The Federal Bureau of Investigation began calling Geithner confidants this week, starting a vetting process of getting Fed veteran in place almost as soon as Mr. Obama is inaugurated the 44th president.
Picking Mr. Geithner gives the new administration someone with a deep, personal experience of handling the crisis. He was central to the government-backed sale of Bear Stearns Cos. in March, the talks before the failure of Lehman Brothers Holdings Inc. in September, and the rescue of American International Group Inc. days later. For some, that also may be grounds for criticism.
The decision for the Obama administration rested partly on the question of what the new president wants from his Treasury secretary, and also how much the appointment needs to represent the campaign’s promised “change.†Mr. Geithner, young and relatively little-known, in some ways is a break from the recent past. But his role in this year’s bailout complicates that picture.
Many had thought (including myself) that Lawrence Summers would be tapped for the top job, but he will be joining the administration as well, albeit it in a senior advisory role. It was probably questions about his management style and that controversy about him questioning female aptitude for math and sciences that ultimately denied him the catbird seat. Many of you know this, but Geithner is the one pictured above with the full head of hair. Ben Bernanke, the current Chairman of the Federal Reserve Bank, is the other guy. Fun fact, Obama is only 14 days older than Geithner. Both were born in August 1961, which makes both 47 years old.
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