Another Obama appointment casualty:
Treasury's Top Candidate to Run TARP Drops Out
MARCH 25, 2009
By DEBORAH SOLOMON
WASHINGTON -- The leading candidate to run the Treasury Department's $700 billion bailout program has withdrawn his name from consideration, according to people familiar with the matter.
Frank Brosens, a hedge-fund manager and big Democratic donor, was considered the top contender to run the Treasury's Troubled Asset Relief Program. Treasury Secretary Timothy Geithner is now considering several other candidates, including Herb Allison, who currently heads mortgage titan Fannie Mae.
The withdrawal comes as Mr. Geithner moves to fill out other parts of his team at the Treasury. He has been operating with a small crew of advisers since taking office in January. The lack of manpower at the Treasury comes at a precarious time, given the focus on fixing the financial crisis.
Mr. Brosens, who campaigned for Mr. Obama, said he withdrew his name for personal reasons, including wanting to remain at his hedge fund, Taconic Capital Advisors. "I very much wanted to find a way to serve," he said. Among the reasons he cited for withdrawing was the need to commute between Washington and New York, where his son is in school.
Mr. Obama tapped one of his own economic advisers to serve as Mr. Geithner's top deputy. Neal Wolin, who briefly served as a deputy counsel to the president for economic policy, will be nominated for the post of deputy secretary. Mr. Wolin served as general counsel at the Treasury in the Clinton administration.
Write to Deborah Solomon at deborah.solomon@wsj.com
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