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« REPORT: Geithner Leaving Treasury At End Of January | Main | Update: Daily Bail To Resume Normal Publishing Today »
Thursday
Jan032013

William Cohan: Geithner To Replace Bernanke?

First, Bernanke actually has to leave.

---

Smart Money Is On Geithner To Replace Bernanke

William D. Cohan - Bloomberg

Say it ain't so...

An important position in Washington that stands to be filled early in Obama’s second term -- but isn’t getting a whole lot of attention at the moment -- is the one currently held by Ben Bernanke, the chairman of the Federal Reserve.  Bernanke’s second, probably final, four-year term ends on Jan. 31, 2014.  Obama will have to make the nomination of a new Fed chairman a high priority soon after his Cabinet is assembled.

The usual list of highly qualified candidates to replace Bernanke -- including Lawrence Summers, the former Treasury secretary and Harvard University president; Janet Yellen, a current vice chairman of the Fed; and Alan Krueger, the precocious chairman of the White House Council of Economic Advisers -- misses the person who probably wants it the most and continues to have Obama’s ear on a regular basis: Geithner.

While many people -- understandably -- assume that Geithner worked at Goldman Sachs Group Inc. before he became Treasury secretary in 2009, actually he was president of the Federal Reserve Bank of New York from 2003 to 2009, the critical years leading up to and including the financial crisis.  He has never worked on Wall Street.  By design, the New York Fed has traditionally been the most powerful of the Federal Reserve banks, because of its proximity to the powerful Wall Street banks that it regulates.  And Geithner played a major role, along with Bernanke and then Treasury Secretary Henry Paulson, in the bailouts of Bear Stearns Cos., Merrill Lynch, American International Group Inc. (AIG) and in the decision to allow Lehman Brothers Holdings Inc. to go bankrupt.

Last spring, Geithner told Obama he wanted to leave Treasury as soon as possible and return to New York so that he could rejoin his family, while his youngest child was still in high school. But Obama prevailed on Geithner to stick around until after the election.

Had Geithner been serious about wanting to leave town, he probably would have thrown his hat into the ring to become president of Dartmouth College, his alma mater. But that position went to Philip Hanlon, the provost of the University of Michigan, without Geithner’s name being mentioned. Expect Geithner to seek a short-term sinecure at a liberal think-tank, such as the Brookings Institution, or to return to the Council on Foreign Relations, or to cash in as an adviser to a hedge fund (as Summers did at D.E. Shaw & Co. after he left Treasury) while he awaits the possibility of getting nominated as Fed chairman.  If he is serious about the Fed job, he won’t risk taking an appointment -- such as the president of Dartmouth job -- that would be hard to leave after nine months.

The prospect of Geithner and Summers -- two disciples of Robert Rubin, the former Treasury secretary and an architect of the Citigroup Inc. (C) debacle -- going head-to-head to replace Bernanke would be the firefight of the century, and could open the door wide enough for Yellen, the dark-horse candidate, to slip through and become the first woman to be Fed chairman.  Obama is comfortable with making history, and appointing Yellen would be yet another way to do it.  But for now, it’s Geithner who has the president’s ear.

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Reader Comments (6)

Dec 17, 2012 at 2:02 PM | Registered CommenterDailyBail
Dec 17, 2012 at 2:14 PM | Registered CommenterDailyBail
Tim "Bailouter-in-Chief" Geithner is the sickeningly logical choice to carry out the Fed's one and only function. Fraud must be covered up and denied at all costs, after all, and when those costs eventually claim the entire economy, who's better suited than Geithner to lie to the host on behalf of the parasites about the cause of death?
Dec 17, 2012 at 2:27 PM | Registered CommenterCheyenne
Geithner's a friggin tax cheat we rot from the top down

Empire Fed: Oops (-8.1)

http://market-ticker.org/akcs-www?post=215012

Whoa, What About Food Inflation, Bernanke?

http://finance.fortune.cnn.com/2012/12/17/food-inflation-bernanke/

Congress' Money Vault

http://www.forbes.com/sites/modeledbehavior/2012/12/16/congesss-money-vault/

I am old enough to remember this it was because of carter and our economy was a complete disaster what actually turned it around was when interest rates rose. They don't want to do that now because of obama's spending in addition to bailing out the banks they are monetizing our debt.


The Fed Has Tried Its New Policy Before

http://www.realclearmarkets.com/articles/2012/12/17/the_fed_has_tried_its_new_policy_before_100048.html


Cure for Economic Slumps Seen in Raising Rates: Cutting Research

http://www.bloomberg.com/news/2012-11-23/cure-for-economic-slumps-seen-in-raising-rates-cutting-research.html

Who Loses When Fed Keeps Interest Rates Low?

http://www.bloomberg.com/news/2012-10-30/who-loses-when-fed-keeps-interest-rates-low-.html

Those underfunded 40k's in that article well

Why Your 401(k) Match Will Get Cut

http://business.time.com/2012/12/13/why-your-401k-match-will-get-cut/

Obama Said to Weigh Social Security Concession in Talks

http://www.bloomberg.com/news/2012-12-17/both-parties-in-congress-may-have-reason-for-january-deal.html

Flashback

Republicans About To Fall For A World Class Social Security Bait-And-Switch Con

http://www.forbes.com/sites/lawrencehunter/2012/11/19/republicans-about-to-fall-for-a-world-class-social-security-bait-and-switch-con/

The Great American Retirement Scam: Why The Wealthiest CEO's In America Want To Take Away Your Social Security

http://www.forbes.com/sites/rickungar/2012/11/28/the-great-american-retirement-scam-why-the-wealthiest-ceos-in-america-want-to-take-away-your-social-security/

Super-rich liberals breathe new life into ‘death tax’

http://dailycaller.com/2012/12/16/super-rich-liberals-breathe-new-life-into-death-tax/

Buffett, Soros Join List of Billionaires Calling for Tax Hikes They Won't Pay [VIDEO]

http://www.minyanville.com/special-features/minyanville-press/articles/Buffett-Soros-Join-List-of-Billionaires/12/14/2012/id/46686

We’ve Been ZIRPed

snip

Savers are getting ripped off. Interest rates are near zero, yet the inflation rate as of October 2012 was 2.2 percent, which means real interest rates are negative 2 percent, so savings are being diluted by 2 percent a year. It’s a stealth, non-voted-on tax, maybe as much as $200-300 billion a year.

http://www.weeklystandard.com/articles/we-ve-been-zirped_666600.html

Printing Our Way Out of Debt

http://www.weeklystandard.com/blogs/printing-our-way-out-debt_666577.html

more fraud

SAC E-Mails Show Steve Cohen Consulted on Key Dell Trade

http://www.bloomberg.com/news/2012-12-17/sac-e-mails-show-steve-conen-consulted-on-key-dell-trade.html
Dec 17, 2012 at 3:33 PM | Unregistered CommenterLadyLiberty
They've got to fill these positions with corrupt crooked individuals to keep all their crooked asses out of jail. Honest people in these positions, once they found out what kind of fraud, conspiracy, extortion, and God only knows what other crimes have been committed, would have half the government and most of Wall Street in prison. Hell, probably most of the government too.
Dec 17, 2012 at 11:46 PM | Unregistered CommenterSagebrush
Children of LIBOR witnesses are being framed for genocide against children and some government piece of shit wants Richard Perle's little LIBOR buddy Timmy Geithner to out Bernanke The Bernanke.
I hear the U.S. is being extorted with more surreptitious nuke placements like the WTCs. The WTCs were publicized during their 1969 installations but dumass America did not pay heed. Imagine where more of them could lead with the public mewling for CFRtv
Dec 18, 2012 at 12:55 AM | Unregistered CommenterHoward T. Lewis III

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