Treasury secretary's choice for deputy withdraws

[biopowertoday]

Source: ap



http://news.yahoo.com/s/ap/20090306/ap_on_bi_ge/geithner_choice_withdraws


Treasury secretary's choice for deputy withdraws




By DANIEL WAGNER, AP Business Writer Daniel Wagner, Ap Business Writer – 29 mins ago


WASHINGTON – The person Treasury Secretary Timothy Geithner wanted as his chief deputy withdrew from consideration Thursday, dealing a setback to the understaffed 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.

No link yet.

[notesdev]

1. She probably doesn't want

to end up at the end of a rope, which is looking like Geithner's likely fate.

I know I wouldn't want to be holding the bag once all the people dependent on government checks stop getting them.

[Robbien]

2. Politico is saying it is because GOPers planned to attack her performance at the SEC

However, Nazareth’s time at the SEC proved to be a liability rather than an asset. Senate Democrats feared that Republicans would try to tie Wall Street scandals, include the alleged Bernie Madoff "Ponzi scheme" to Nazareth, in light of reports that the scheme was repeatedly overlooked by regulators during those years.

"You could tell that they wanted to beat up on an Obama nominee like her," said the source. "This was more like a trial balloon than anything."

After private consultations with senior Senate Democrats, Geithner was aware of potential opposition to her nomination, which caused Nazareth to voluntarily withdraw her name, the official said.

GOPers shouldn't be the only ones questioning this choice. Dems also shouldn't be happy that a Commissioner of the SEC all during the Bush years was being picked for the Treasury job.

[Historic NY]

3. I think OBaMA needs to expand his choices out beyond the Clinton tier..

hello its March......get your team in place or go home. This ain't the pickup game anymore.