Report: Timothy Geithner May Leave Administration After Debt Deal Is Completed
It looks like we’re headed for another change in the Obama Cabinet:
Treasury Secretary Timothy F. Geithner has signaled to White House officials that he’s considering leaving the administration after President Barack Obama reaches an agreement with Congress to raise the national debt limit, according to three people familiar with the matter.
Geithner hasn’t made a final decision and won’t do so until the debt ceiling issue has been resolved, according to one of the people. All spoke on condition of anonymity to talk about private discussions.
If Geithner leaves, that would be the second major Cabinet change this year, the first being the retirement of Robert Gates at DoD, which became official today.
What are the odds that he leaves for a VP slot at BofA, Citi, or JP Morgan?
Incentives matter. That would be enough for me to support raising the debt ceiling.
Those actually would be long odds, No. 1, given that Geithner already was President of the N.Y. Fed and the N.Y. Fed is controlled de facto by Goldman Sachs. A V.P. slot is beneath him in the eyes of Wall Street.
When he flees Rambobama’s cabinet I suspect Geithner will be offered and will accept at least a COO-level position with one of the major, multinational investment banks or financial services firms. Then again, perhaps he’ll take a window dressing position with a think tank or non-profit followed quickly by a major Wall Street gig, once the public has forgotten all about his administration role.
In either case the man is so beholden to Wall Street special interests it boggles the mind.
Good point on the Goldman Sachs. I had known that at one time, but had forgotten it. My point–as I think you emphasized–was how beholden he is to the financial sector/’wall street special interests.’