Geithner To "Help Lead Financial Markets Out Of The Wilderness"



(image via cnn)

Lots of news on the Cabinet front of President Elect Obama's emerging Team of Rivals. NBC News is reporting New York Federal Reserve President Tim F. Geithner will take the Treasury post and former Energy Secretary and New Mexico Governor Bill Richardson, formerly a contender for Secretary of State, gets the Commerce job. From Bloomberg:

"U.S. stocks rose and the Standard & Poor’s 500 Index rebounded from an 11-year low after President- elect Barack Obama picked New York Federal Reserve Bank chief Timothy Geithner to head the Treasury.

"'This news could really give the stock market a badly needed shot in the arm,' Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, wrote in an e-mail to clients. Geithner is a 'fantastic choice to help lead the financial markets out of the wilderness.'”

In a poll conducted at Tuesday's The Wall Street Journal's CEO Council event in Washington, 37 percent of respondents said Geithner should get the job. Larry Summers came in second in the poll, gathering 18 percent, according to Reuters.