Saturday, December 13, 2008

Interregnum 2: Geithner As New Finance Wiz

Tim Geithner seems to be a wise choice as a nominee to succeed Henry Paulson as Secretary of the Treasury. He was Under Secretary of the Treasury for Internal Affairs in Bil Clinton's administration and a, I guess, flack of Robert Rubin and Lawrence Summers, who both served as Secretaries of the Treasury at different points in the Clinton years. Geithner is considered to be a protege of Robert Rubin and is currently the President of the Federal Reserve Bank of New York.
The Federal Reserve Bank of New York is the largest known treasury in the world because it holds 25% of the gold bullion in the world. You may remember the Federal Bank of New York as the place that Jeremy Irons robbed in the third Die Hard, so it's a pretty big deal. It's one of twelve Federal Reserve Banks in this country, and Geithner is known as a prudent overseer and manager. I recently read in the New York Times that Iraqi oil profits are held in the Federal Reserve Bank of New York.
President-elect Obama announced him as his Treasury Secretary nominee and he is sure to be confirmed by the next Congress. He has a good reputation, he has experience in managing a big organization, and he's been in the Treasury Department before. He's as experienced as they get. He has been criticized for letting Leyman Brothers fail but he has a great reputation overall. It's funny that President-elect Obama chose him as the Treasury Secretary nominee instead of his former Clinton era mentor Larry Summers, the disgraced former President of Harvard who has said controversial statements about the math and science skills of women. I wonder if Summers will stick his nose in whatever Geithner's doing.
Tim Geithner is 47 years old, the same age as Obama, and I think he's a sensible pick as Treasury Secretary.

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