Thursday, March 5, 2009

Treasury Secretary Geithner In Over His Head; Dept. Understaffed; Nominees Running Scared

Graph courtesy of Newsmax.

What's this? The super-genious "uniquely" qualified financial wiz kid can't keep up with his work?

Awww.....poor wittle Timmy...

WASHINGTON – For five weeks, Treasury Secretary Timothy Geithner has battled the worst economic crisis in generations with no key deputies in place. That's made for a rocky debut for the man President Barack Obama put in charge of addressing the financial crisis.

With an awkward first television appearance, a bank rescue plan that lacked promised specifics and two restructured bailouts that raised taxpayer risk, Geithner has failed to calm financial markets desperate for answers.

Critics say part of the problem is that Geithner is flying solo: Not one of his top 17 deputies has been named, let alone confirmed. And without senior leadership, lower-level Treasury employees can't make decisions or represent the government in crucial conversations with banks and others.

As Geithner strives to address the financial crisis, advance Obama's agenda and work with foreign leaders to stave off economic disaster, he's assembled a 50-person "shadow cabinet" of would-be appointees. Those people have received hall passes and can advise Geithner, but they lack any authority.

Well why are Boy Wonder's nominees dropping like flies?

The person Treasury Secretary Timothy Geithner wanted as his chief deputy withdrew from consideration Thursday, dealing a setback to the agency as it struggles to address the worst financial crisis in decades.

Annette Nazareth, a former senior staffer and commissioner with the Securities and Exchange Commission, made “a personal decision” to withdraw from the process, according to a person familiar with her decision.

The decision followed more than a month of intense scrutiny of her taxes and multiple interviews. No tax problems or other issues arose during Nazareth’s vetting, said the person, who requested anonymity because Geithner’s choice of Nazareth was never announced officially.

“She did put a great deal of consideration into the potential of taking the position, and she concluded that she really enjoys what she’s doing now,” this person said.

Though popular in policy circles, Nazareth has drawn criticism for her role in creating what some considered to be lax oversight of the banking industry.

Nazareth, 53, a partner at the law firm Davis Polk & Wardwell, could not be reached for comment. Treasury and White House officials said they would not comment.

Geithner has been criticized for staffing his department too slowly as it grapples with a banking crisis that has crippled the economy. Uncertainty about Treasury staff also has unnerved financial markets.

Geithner’s choice for undersecretary of international affairs, Caroline Atkinson, also withdrew from consideration, the Wall Street Journal reported Thursday.

No wonder the Obama Recession continues its downward spiral, destroying capitalism as we know it in its wake!

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