Report: Geithner won't stay on if Obama is reelected.

[boxman15]

Barack Obama won't ask Timothy Geithner to stay on as Treasury Secretary if the president wins reelection, Geithner told Bloomberg TV's Trish Regan Wednesday.

Geithner, who has been Treasury Secretary under Obama since his inauguration, signaled last summer that to White House officials that he was mulling leaving his post after Congress and the President reached an agreement to raise the nation's debt limit -- negotiations in which Geithner played a crucial role. Geithner is the only original member of Obama's original economic team still serving.

The decision to let Geithner go represents a reversal for Obama, who previously went so far as to enlist Geithner's wife in persuading the Treasury Secretary to stay in Washington instead of returning to New York with his family, according to The New York Times. Still, Geithner was part of Obama's economic team that underestimated the depths of the economic crisis and crafted a response that critics say fell short of what was necessary.

As chairman of the Federal Reserve Bank of New York in 2008 Geithner, along with former Treasury Secretary Hank Paulson and Federal Reserve chairman Ben Bernanke, was one of the prime architects of the Troubled Asset Relief Program. TARP provided hundreds of billions of taxpayer dollars to big banks in the wake of the financial crisis. The bailout has been both hailed as a necessary step to preventing total financial meltdown and criticized as a boost to institutions that brought the country to crisis.

Geithner has become a target of criticism for the Occupy movement and others that often deride Washington for its close relationship with Wall Street. Geithner allegedly ignored a request from Obama in March 2009 to consider dissolving Citigroup, according to Ron Suskind’s Confidence Men.

http://www.huffingtonpost.com/2012/01/25/timothy-geithner-resigning_n_1231935.html

[yardwork]

1. Good. I wish he would leave now.

[Poll_Blind]

11. He's been trying to leave for the last 6 mo. but Obama doesn't want to let go of that Geithner magic

PB

[gyroscope]

15. Geithner is eager to nab that cushy revolving door job

waiting for him at Goldie Sachs.

[MFrohike]

16. I wonder

He is the oddball Rubinite in that he hasn't worked on Wall Street. I wouldn't be shocked to see him go into academia rather than the street. That being said, I'm sure Citigroup would give him a healthy payback for preventing their dissolution.

[Scuba]

2. I'm down with that.

[Yavin4]

3. And If Obama Is Not Re-Elected...

he's going to stay?

[whatchamacallit]

4. The damage done

it's miller time.

[RC]

5. That is a start. Now for the rest of his Wall Street/Bank revolving door cabinet.

How about trying some Main Street/Credit Union people?

[PA Democrat]

6. Good riddance.

[immoderate]

7. Should we think his replacement will be better?

--imm

[Enrique]

8. watch Obama's poll numbers skyrocket

[Poll_Blind]

9. LOL- I guess President Obama can't hold onto a good thing forever, eh? Maybe he can get Greenspan?

August 3, 2011
NYTimes:
http://www.nytimes.com/2011/08/04/us/politics/04geithner.html?_r=1

[div class="excerpt" style="border-left: 1px solid #bfbfbf; border-top: 1px solid #bfbfbf; border-right: 1px solid #bfbfbf; border-radius: 0.3077em 0.3077em 0em 0em; box-shadow: 2px 2px 6px #bfbfbf;"]Pressured by White House, Treasury Secretary Is Expected to Stay at Post[div class="excerpt" style="border-left: 1px solid #bfbfbf; border-bottom: 1px solid #bfbfbf; border-right: 1px solid #bfbfbf; border-radius: 0em 0em 0.3077em 0.3077em; background-color: #f4f4f4; box-shadow: 2px 2px 6px #bfbfbf;"]WASHINGTON — Timothy F. Geithner, the Treasury secretary and dean of President Obama’s economic team, is expected to stay through the president’s term after intense White House pressure, according to officials familiar with the discussions.

--snip--

Speculation from Washington to Wall Street has intensified because Mr. Geithner, the only holdover at the center of Mr. Obama’s original economic circle, said a month ago that he would decide on his future after the White House and Congress reached a deal to increase the nation’s debt ceiling. Mr. Obama signed that deal into law on Tuesday.

Mr. Obama and his chief of staff, William M. Daley, have been urging Mr. Geithner to stay, administration officials say, not only for continuity when the economy has weakened and to avoid an all-but-certain confirmation fight in the Senate over a successor, but also because Mr. Obama has developed a close rapport with Mr. Geithner.

Obama looks at Geithner and he sees Seabiscuit. I look at Geithner and I see glue.

PB

[Quantess]

10. My estimation of Obama just shot way up!

[Poll_Blind]

13. It's not Obama's choice- Geithner wanted to resign six months ago but Obama wouldn't let him.

I guess he didn't want to stop a "good thing", eh?



PB

[Quantess]

14. Yes, I know it was Geithner's own choice.

But it sounds like Geithner is un-endorsing Obama.

[bullwinkle428]

12. Best news I've heard today.