REPORT: Geithner Leaving Treasury At End Of January

Jack Lew is the leading candidate to replace Geithner.

Jan. 3 (Bloomberg) -- Treasury Secretary Timothy F. Geithner plans to leave the administration at the end of January, even if President Barack Obama and congressional Republicans haven’t reached an agreement to raise the debt ceiling, according to two people familiar with the matter.

After giving in to Obama’s previous entreaties to stay as long as needed, Geithner has indicated to White House officials and Wall Street executives that he is unlikely to change his departure plans this time, increasing pressure on the president to name his successor at Treasury, said the people, who requested anonymity to discuss the private talks.

Geithner, 51, is the only remaining member of Obama’s original economic team and was a key figure in the taxpayer- funded bailouts during the 2008 financial crisis. He’s also had a principal role in negotiations with Congress on the budget deal and in past deliberations over the debt ceiling.

White House Chief of Staff Jack Lew remains the leading contender for the Treasury job, the people said.  Because Lew’s experience in financial markets is thin, Obama may seek to name a Wall Street executive as deputy Treasury secretary, they said.

While Lew, 57, worked as a managing director for Citigroup from July 2006 until the end of 2008, he’s spent most of his career in government. He served as director of the Office of Management and Budget for both Obama and President Bill Clinton and was an aide to the late Tip O’Neill, former speaker of the U.S. House.

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Check out this short blast of nonsense:

Jan. 3 (Bloomberg) -- Douglas Holtz-Eakin, president of the American Action Forum discusses U.S. Treasury Secretary Timothy Geithner leaving office.

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Comments

[SKINFLINT]

Lew, 57, spent three years on Wall Street working at Citigroup (C) as the chief operating officer of its alternative asset investment management unit. One of the funds Lew's group invested in was run by John Paulson, who at the time was betting heavily against the housing markets and banks. But that's not the part of Lew's resume that anyone seems to remember

[DailyBail]

I did not know that. Nice find.

[john]

Nice catch Skin. Lew worked for a law firm and practiced law with respect to electric power generation earlier in his career. Here is a letter from several groups to Lew et.al from 2011.

http://www.nature.org/images/april-5-2011-letter-to-omb-director-lew.pdf

[SKINFLINT]

H.R. 1 would make deep cuts to these programs. These cuts undermine the economic and
security interests of the United States as well as investments in poverty alleviation and
development assistance. WTH? Am I missing something here?