At the end of June, Tim Geithner said that he was considering leaving his post at the Treasury after the debt deal past, telling friends that he’s tired, needs a break, and wants to put family first (his wife and son are living in Westchester again so that young Geithner can finish high school there). TG’s work pals were a bit too busy to say anything at the time, but now that the whole debt situation is behind us, they’ve begun to let him know he’s not going anywhere.
Obama, for one, doesn’t want to lose his office buddy, while White House Chief of Staff Bill Daley doesn’t want to deal with a confirmation battle that would take place should Geithner need to be replaced, which is why he “jokingly” tells Tim to fuck off and gestures towards his crotch when the topic of resignation comes up. Read more »
In New York this week, John Heileman repeats reports that Tim Geithner wants to resign as Treasury Secretary this year after the debt ceiling talks are resolved, and kind of surprisingly gives the nod to Facebook COO Sheryl Sandberg as the most likely successor, adding to talk of her shortlisting from earlier this month. His logic is here, and includes Sandberg’s growing national reputation (especially after this week’s New Yorkerprofile), her history as chief of staff to Larry Summers at Treasury, and her appeal to the business community without any Wall Street/GE-doesn’t-pay-taxes baggage for the, um, anti-business community.
It’s hard to argue with Sandberg’s timing so far – she joined Google pre-IPO, cashed out after their 2004 IPO, and jumped to Facebook in 2008. So the next sensible new-media thingy would seem to be Twitter, and the Obama administration has that covered as well. Read more »
“Around two-thirds of recent softness in the U.S. economy can be attributed to temporary factors such as higher energy costs and Japan’s earthquake,” Treasury Secretary Timothy Geithner told CNBC on Friday. “Most people say you can attribute about two thirds of the slow down relative to expectations to those factors. Not all of it,” he said. [CNBC]
According to the Treasury Secretary, “There will be another storm…but it’s not going to come for a while.” In fact, in order to calm any fears you might have, TG has come up with a whole bunch of stuff that will happen before the next then including but not limited to: 1) the Geithners will finally sell their house 2) the Treasury will unwind its positions in GM and AIG at a profit 3) Tim will emerge victorious from his rematch with those Chinese school children. [TDB]