Saturday, November 22, 2008


NY Times, November 8 - The main rival to Mr. Summers for the Treasury job, according to Obama advisers, is Timothy F. Geithner, president of the New York Federal Reserve Bank and a Treasury staff member under Mr. Summers when he led the agency in the final two years of the Clinton administration.

But Mr. Geithner presents a different problem for Mr. Obama, who staked his campaign on a call for change in Washington, especially in areas of economic policy.

Though a nonpartisan Federal Reserve official, Mr. Geithner is tightly linked with the policies of the current Treasury secretary, Henry M. Paulson Jr., and the Bush White House. Among the public, there remains deep skepticism over the wisdom and fairness of the bank bailouts.

Many on Wall Street still question Mr. Geithner's role in allowing the investment bank Lehman Brothers to collapse into bankruptcy, an event some believe exacerbated the financial crisis. Some also say Mr. Geithner relies too much on financial executives for guidance and, except in the Lehman case, is too quick to come to their rescue.

"He is too tied to Wall Street and too tied to this administration," said Joseph Mason, banking professor at Louisiana State University and a critic of the bailout plans. . .

Like Mr. Summers, Mr. Geithner served at the Treasury under Mr. Rubin, helping manage the Russian credit crisis in the late 1990s.

Mr. Geithner, 47, also played a role in the bailouts of Brazil, Indonesia, Korea, Mexico and Thailand. And he spent two years in Tokyo in the early 1990s, where he studied Japan's economy, later urging Mr. Rubin to assist in lifting that country out of its long financial malaise.


At November 23, 2008 6:26 AM, Anonymous Anonymous said...

Hi Friends,

What best of all, Dollar or Euro? This question worry many peoples.
But only you make your choice! Remember - your love and your personal intelligence make you rich. :)



Post a Comment

<< Home