Summers may be off of Treasury short list

[Thrill]

ntense backlash from women’s groups may have pushed former Clinton Treasury Secretary Larry Summers off the short-list to lead Treasury for President-elect Barack Obama, according to widespread reports circulating in Democratic circles.

The women’s opposition to a possible Summers’ appointment was the explanation some Democratic sources are hearing for why the Obama transition team has crossed Summers off their list. The Obama team doesn’t want to kick off its administration with a controversy nor go head-to-head with an important constituency when there are other qualified candidates, political operatives speculate.

Reports that Summers is no longer in the running are widespread, but not everyone agrees that his problems with women have sealed his fate.

Kim Gandy, president of the National Organization for Women, said there are other reasons to oppose Summers, citing his involvement in Clinton-era policies that many say contributed to the current economic woes.

“There are a lot of reasons that people oppose Larry Summers,” she said. NOW has not lobbied the Obama transition to scuttle Summers, she said, but instead put forward names of qualified women for the slot.

Sources plugged into financial circles also cite the highly unusual move of reappointing him for a long-term stint at the Treasury helm when he’s already held the job.

If Summers, who’s been one of Obama’s top economic advisers, is indeed out of the mix, the odds-on favorite for Treasury secretary is New York Federal Reserve Chairman Timothy Geithner. Another possibility is that former Federal Reserve Chairman Paul Volcker would take the helm for six months, with Geithner as his deputy, and Geithner would take over later.

http://www.politico.com/news/stories/1108/15612.html

As Walter Shapiro from Slate said. No one really knows what Obama is doing

[TexasObserver]

1. Politically, he's Kryptonite. And Superman doesn't need that.

[BrklynLiberal]

2. That is great news...

[kurt_cagle]

3. I can't see Volcker taking It

Volcker is ancient - 82 - and not in the best of health. I'd put money on Geithner, with Volcker being offered a position as a consulting "senior advisor". Geithner's fairly young at 47, is familiar with the New York financial markets, and seems to be politically and economically in synch with Obama. Expect that another senior advisor to show up will be Warren Buffett. Other advantage to an advisorial role is that it doesn't force either of these two to divest their holdings or put them into a receivership while they hold office, and neither of them are exactly hard up for money at this stage.