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Politics : President Barack Obama
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To: ChinuSFO who wrote (45440)11/21/2008 3:46:27 PM
From: Mac Con Ulaidh  Read Replies (1) of 149317
 
from an article about Geithner - (this could be a very excellent pick, and I can see reasons why some on WS might not like it, but not because he isn't good at his job. :) With Bair at FDIC and Geithner at Treasury... is looking good, I think. )

marketwatch.com{0D8682ED-74B4-4144-85FE-F2214455F37E}

---But to the surprise of many on Wall Street, the directors of the New York Fed tapped him in late 2003 to head the institution.

The choice of Geithner was never popular on Wall Street because of his lack of market experience. But his close ties with Rubin were seen as a plus.

Frustrating observers
Since taking over at the New York Fed, Geithner has frustrated Fed watchers by playing his cards close to the vest and mainly avoiding the topics of the day.

But a constant theme in many of his speeches was a warning to Wall Street that the era of easy credit might come to an end.

His speeches came with neither carrots nor sticks to move Wall Street and generally received little attention in the media. Behind the scenes, however, the groundwork was being laid.

Indeed, in his first public address in March 2004, Geithner warned that the good economic times were obscuring the fact that financial innovation was outpacing supervision.

In a remark that seems eerily insightful in light of the Bear Stearns collapse, Geithner warned that innovations had probably not brought an end to panics in financial markets and "they will not by themselves preclude the possibility of failure in a major financial institution." ------
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