Archive for the ‘stock markets’ Category

Geithner’s Top Two Treasury Assistants Withdraw; 17 Unfilled Top Jobs At U.S. Treasury

March 6, 2009

President Obama said that Timothy Geithner was “indispensible” in solving the nation’s economic crisis.  He was confirmed by the Senate as treasury Secretary despite his own personal tax irregularities.

His first outing as Treasury Secretary was panned by economic analysts and observers.

And now he can’t get anyone to join his team at Treasury.

Geither’s top two picks to fill senior treaury jobs have withdrawn their names from consideration and there are 17 unfilled and unnamed top jobs at Treasury.

Time to re-think Mr. Geithner?

Treasury Secretary Timothy Geithner appears before the Senate ... 
Treasury Secretary Timothy Geithner appears before the Senate Finance Committee on Capitol Hill in Washington, Wednesday, March 4, 2009, to defend President Barack Obama’s fiscal 2010 federal budget. (AP Photo/J. Scott Applewhite)


By John Poirier and David Lawder
Two top contenders for senior posts at the U.S. Treasury have withdrawn, people familiar with the moves said on Thursday, dealing a blow to Treasury Secretary Timothy Geithner’s efforts to build his staff to fight the financial crisis.

Former Securities and Exchange Commissioner Annette Nazareth withdrew from consideration to become deputy Treasury secretary for personal reasons to remain in her private securities law practice, one of the sources said.

Caroline Atkinson, Geithner’s choice for international affairs undersecretary, also has withdrawn. Atkinson, a senior official at the International Monetary Fund, has decided to remain at the institution, a person familiar with the decision said.

Both Nazareth and Atkinson had been vetted for the jobs but were not formally nominated for U.S. Senate confirmation.

The withdrawals come as Geithner is trying to boost market confidence in the Obama administration’s ability to battle the worst financial crisis since the Great Depression.

He is working with a close circle of advisers and civil servants to craft new bailouts and flesh out details of an effort to purchase troubled assets from banks as financial stocks are back under attack.

Nazareth and Atkinson could not immediately be reached for comment.

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From The American Spectator:

“People think Wall Street and our economy are in a mess? They have nothing on what we’re going through here,” said a career Treasury Department official after learning yesterday that former U.S. Securities and Exchange Commission member Annette Nazareth had withdrawn from consideration to serve as deputy Treasury secretary.

Senior White House officials were telling reporters on background last night that Nazareth withdrew from consideration because initial feedback from the Senate on her possible nomination was that she would endure a tough confirmation process due to her role at the SEC directing oversight of market regulation. But associates of Nazareth familiar with the situation say that there were other reasons for her to pull out. “She simply lost confidence in [Treasury Secretary Timothy] Geithner,” says a colleague of Nazareth’s at the law firm, Davis Polk & Wardwell. “There’s a lot of that going around, we hear.”

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