Geithner v. Axelrod: Geithner wins

By GottaLaff

For a peek at Treasury Secretary Geithner's new bailout plan, go here.

The Obama administration’s new plan to bail out the nation’s banks was fashioned after a spirited internal debate that pitted the Treasury secretary, Timothy F. Geithner, against some of the president’s top political hands.

In the end, Mr. Geithner largely prevailed in opposing tougher conditions on financial institutions that were sought by presidential aides, including David Axelrod, a senior adviser to the president, according to administration and Congressional officials.

Mr. Geithner, who will announce the broad outlines of the plan on Tuesday, successfully fought against more severe limits on executive pay for companies receiving government aid.

He resisted those who wanted to dictate how banks would spend their rescue money. And he prevailed over top administration aides who wanted to replace bank executives and wipe out shareholders at institutions receiving aid.

Because of the internal debate, some of the most contentious issues remain unresolved.

Geithner confirmed by 60-34 vote

By GottaLaff

I can't type as fast as your comments come in, and two of you already posted this. But for those of you who don't read Comments:

The Senate just confirmed Timothy Geithner to be the next Treasury secretary. [...]

Some Democrats crossed party lines to vote against President Obama's nominee. They were Sen. Tom Harkin of Iowa, Sen. Robert Byrd of West Virginia and Sen. Russ Feingold of Wisconsin. Independent Sen. Bernard Sanders of Vermont, who caucuses with the Democrats, also voted against confirmation. [...]

"I cannot vote to promote Mr. Geithner," Sen. Tom Harkin, D-Iowa, said, after listing a number of mistakes he believes Geithner has made as president of the New York Federal Reserve Bank during what has become one of the nation's most serious financial and economic crises in decades. "I want a Treasury secretary who's going to start banging some heads," Harkin added, after saying he believes Geithner has not shown he's willing to hard enough on the executives who run some of the biggest banks and brokerages.

There you go.

Senate Committee endorses Geithner for Treasury

By GottaLaff

In case you missed it when it broke:

The Senate Finance Committee voted 18-5 Thursday to send the nomination of Treasury Secretary-designate Timothy Geithner to the full Senate.

One MSNBC talker said that had circumstances been different-- meaning no economic crisis-- he probably wouldn't have gotten the votes.

Tim Geithner for Treasury Secretary

Todd and Mitchell were just discussing this on MSNBC.

Barring last minute changes, the nominee for Treasury Secretary will be NY Fed President Tim Geithner -- a career Treasury official under both Bob Rubin and Larry Summers -- who actually had worked at the Treasury in three administrations under five Secretaries -- going back to 1988.

Geithner has been a key player in the current economic crisis -- helping Treasury Secretary Hank Paulson and his team manage the wall street bailout.

Former Treasury Secretary Summers -- also considered for the post -- might still play a major future role in the Obam administration, according to sources. Summers came under fire from women's groups because of controversial comments he made about gender issues while President of Harvard, but sources say the decision to choose Geithner had more to do with Obama's interest in "change" and getting someone new on the team.

CNN Poll- Americans Confident Obama Will Make Right Cabinet Picks

Just can't go cold turkey from that poll-addiction.

WASHINGTON (CNN) — At the start of a week that could see Barack Obama make his first Cabinet secretary announcements, a new national poll suggests that most Americans are confident that the president-elect will make the right decisions when it comes to picking those officials.

Forty-three percent of those questioned in a CNN/Opinion Research Corporation survey released Monday morning are very confident that Obama will make the right choices, with 34 percent somewhat confident and only 23 percent not confident.

"Obama is having the kind of honeymoon that no president-elect has had in at least 30 years," said CNN Polling Director Keating Holland. "It's no surprise that Americans have a positive view of anything Obama might do — at least until he does something controversial."

As for what which appointment will matter the most to the country's future: 41 percent say the Secretary of the Treasury; 25 percent say Secretary of State; 24 percent Secretary of Defense; and 8 percent name the Attorney General.

Summers may be off of Treasury short list

By GottaLaff

Obama listens. If some of you are concerned about possible cabinet picks, which you seem to be per your comments, then maybe this will put you at ease:

Intense backlash from women’s groups may have pushed former Clinton Treasury Secretary Larry Summers off the short-list to lead Treasury for President-elect Barack Obama, according to widespread reports circulating in Democratic circles.

The women’s opposition to a possible Summers’ appointment was the explanation some Democratic sources are hearing for why the Obama transition team has crossed Summers off their list. The Obama team doesn’t want to kick off its administration with a controversy nor go head-to-head with an important constituency when there are other qualified candidates, political operatives speculate.

Reports that Summers is no longer in the running are widespread, but not everyone agrees that his problems with women have sealed his fate.

Kim Gandy, president of the National Organization of Women, said there are other reasons to oppose Summers, citing his involvement in Clinton-era policies that many say contributed to the current economic woes. [...]

Sources plugged into financial circles also cite the highly unusual move of reappointing him for a long-term stint at the Treasury helm when he’s already held the job. [...]

NOW’s Gandy says her group has an open line of communication with members of the transition team.

I'm betting that Obama's also hearing from other groups, and some of them may feel, as a lot of you do, that too many ex-Clintonites spoil the broth.

My opinion continues to be, wait and see, trust him to do the right thing. He's the boss. Who he chooses will defer to him, not vice versa. And he has repeatedly stated that he will surround himself with people who don't see eye to eye with him.

He's also far from perfect. Expectations are already unrealistically high. He is bound to do and say a lot of things that disappoint us. How could he not?

He was elected a week ago. Let's give him a chance to strut his stuff before we jump to a lot of conclusions that may or may not be well-founded. I'm hoping for the best, but considering who we were stuck with for the past eight years, Obama has nowhere to go but up.

Former U.S. Treasury Sec. Robert Rubin Removes Himself From Consideration for Treasury

By GottaLaff

I gave you a list of President-Elect Obama's (insert smiley face here) economic transition advisors. Now one of them is declining an appointment to Secretary of Treasury:

Former U.S. Treasury Secretary Robert Rubin said he won't be joining the administration of President- elect Barack Obama, narrowing the field of potential candidates to become the next government's top economic official.

Obama is "terrific,'' Rubin said today in an interview in New York. "But I've spoken with him and told him I'm not interested in going back into government.''

Rubin, who served at the Treasury's helm from 1995 to 1999 under President Bill Clinton, has been mentioned as a possibility for several jobs in Obama's cabinet, including his former position. Rubin's decision boosts the chances for former Treasury chief Lawrence Summers and New York Federal Reserve Bank President Timothy Geithner.

Rubin, 70, advised Obama on economic issues during the presidential campaign. He said today that he told Obama he would consider taking on special projects.

Paulson to Hire Private Contractors to Handle Bailout Billions

By GottaLaff

Via CLG:

Paulson to Hire Private Contractors to Handle Bailout Billions --U.S. Treasury to Hire Asset Management Firms to Handle Bailout 03 Oct 2008 The U.S. plans to hire five to 10 asset-management firms as Secretary Henry Paulson establishes the government's new office for handling the financial bailout, a Treasury official said. The department will also add about two dozen new employees, a mix of bankers, lawyers, accountants and others, the official said today on condition of anonymity. Some of the Treasury's new employees will be on the government payroll, while others will be contractors, the official said.

VIDEO: McCain might still appoint Gramm as Treasury Secretary

By GottaLaff

Tucker Bounds will not say that Phil "Nation-of-Whiners" Gramm is out of Bounds (pun intended) for a Gramm-pa McCain Secretary of Treasury. Yes, let's elect Grammps and continue this hellhole of economic policies:

And good on David Shuster for pressing the point.

H/t: AMERICABlog