Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsReport: Geithner won't stay on if Obama is reelected.
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 Suskinds Confidence Men.
http://www.huffingtonpost.com/2012/01/25/timothy-geithner-resigning_n_1231935.html
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
16 replies, 1839 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (11)
ReplyReply to this post
16 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Report: Geithner won't stay on if Obama is reelected. (Original Post)
boxman15
Jan 2012
OP
He's been trying to leave for the last 6 mo. but Obama doesn't want to let go of that Geithner magic
Poll_Blind
Jan 2012
#11
LOL- I guess President Obama can't hold onto a good thing forever, eh? Maybe he can get Greenspan?
Poll_Blind
Jan 2012
#9
It's not Obama's choice- Geithner wanted to resign six months ago but Obama wouldn't let him.
Poll_Blind
Jan 2012
#13
yardwork
(61,712 posts)1. Good. I wish he would leave now.
Poll_Blind
(23,864 posts)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
(1,443 posts)15. Geithner is eager to nab that cushy revolving door job
waiting for him at Goldie Sachs.
MFrohike
(1,980 posts)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
(53,475 posts)2. I'm down with that.
Yavin4
(35,446 posts)3. And If Obama Is Not Re-Elected...
he's going to stay?
whatchamacallit
(15,558 posts)4. The damage done
it's miller time.
RC
(25,592 posts)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
(13,225 posts)6. Good riddance.
immoderate
(20,885 posts)7. Should we think his replacement will be better?
--imm
Enrique
(27,461 posts)8. watch Obama's poll numbers skyrocket
Poll_Blind
(23,864 posts)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 Obamas economic team, is expected to stay through the presidents 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. Obamas 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 nations 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
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 Obamas economic team, is expected to stay through the presidents 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. Obamas 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 nations 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
(27,630 posts)10. My estimation of Obama just shot way up!
Poll_Blind
(23,864 posts)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
(27,630 posts)14. Yes, I know it was Geithner's own choice.
But it sounds like Geithner is un-endorsing Obama.
bullwinkle428
(20,631 posts)12. Best news I've heard today.