Should make for an easy transition from Paulson since he basically is at the epicenter of the big mess - so let's see what they come up with together Sunday night to take Citigroup (aka AIG 2.0) off the table.
- President-elect Barack Obama plans to announce his economic team on Monday as part of an effort to reassure markets and will name New York Fed President Tim Geithner his nominee for Treasury Secretary, NBC News has learned.
- Geithner was a U.S. Treasury Department official under both Bob Rubin and Larry Summers and has been with Treasury since 1988. Geithner's nomination is anticipated barring last-minute changes, NBC reported.
- Geithner has helped current Treasury Secretary Hank Paulson and his team manage the ongoing Wall Street bailout. (I'd say)
- "I would say the market is going to like it," said James Awad, managing director of Zephyr Capital. "[Former Clinton Treasury Secretary Larry] Summers was more controversial. People will view it as a safe choice, an experienced guy. "There's a little bit of a question because he's associated with the bailout," Awad added, "and that's still a work in progress and not totally successful. There will be a few who'll be upset because he's associated with the TARP."
- He joined the Treasury in 1988 and worked in three administrations, serving as Under Secretary of the Treasury for International Affairs from 1999 to 2001 under Rubin and Summers.