Obama picks head of NY Fed as new Treasury Secretary

November 21, 2008 by · Leave a Comment
Filed under: Policy News 

More of the same, but what did you really expect?  My favorite part of the article is them talking about Timothy Geithner and his helping with the handling of the current financial meltdown.  Bear Stearns, AIG and Lehman failure.  They talk about these like they are good things that would be something you would look for in a new Treasury Secretary.  I would say this whole situation has been bungled and I would steer clear of anyone involved in this crisis.  


President-elect Barack Obama picked Timothy Geithner, head of the Federal Reserve Bank of New York, to be his Treasury secretary, with Lawrence Summers getting a senior White House role, a Democratic aide said.

Obama is also likely to nominate New Mexico Governor Bill Richardson as Commerce Secretary, and to announce his picks in two days’ time, the person said on condition of anonymity.

Geithner has helped lead U.S. efforts to combat the deepest financial crisis in seven decades, helping oversee the decisions this year to intervene in American International Group Inc., rescue Bear Stearns Cos. and leave Lehman Brothers Holdings Inc. to fail. Summers was Bill Clinton’s last Treasury secretary, and is now a professor at Harvard University.

Geithner, 47, is also a veteran of other crises from his time at the Treasury, where he served as an undersecretary for international affairs under Summers.

NBC News reported the Geithner pick earlier today.

Source: Bloomberg

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