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Timothy Geithner: Obama's Pick for Treasury a 'Great Man for the Job'

Posted Nov 24, 2008 11:52am EST by Aaron Task in Newsmakers, Recession, Banking
Related: XLF, UDN, UUP, ^dji, ^gspc, SPY, DIA

Timothy Geithner, Barack Obama's pick for Treasury Secretary, is getting a rousing thumbs-up from Wall Street.

"He's a great man for the job," says Mark Dow, hedge fund manager at Pharo Management and a former staff economist at Treasury, where he worked with Geithner. "He brings a lot of things to the table [and] has the right temperament for the job."

As president of the New York Fed, Geithner has been intimately involved in this year's bailout bonanza, from Bear Stearns-JPMorgan in March through AIG and Citigroup, as well as the decision to let Lehman Brothers fail.

Given that, there's a lot of criticism of Geithner as being an architect of a string of extraordinary policy decisions that, to date, have had (at best) limited success.

Dow is inclined to give Geithner the benefit of the doubt, noting policymakers have different (and probably better) information than market players and pundits when controversial decisions were made.

Furthermore, Geithner knows "where the bodies are buried," Dow says. Presumably that will help him succeed at what is arguably the second-most important job in the incoming administration.

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