Friday, November 21, 2008

Geithner, Richardson Reportedly Offered Treasury & Commerce

Lost in the shadow of Hillary reportedly accepting the Secretary of State position are the possible of appointments of Federal Reserve Bank of New York President Timothy Geithner as Secretary of the Treasury and New Mexico Governor Bill Richardson as Secretary of Commerce.

The NYSE rallied nearly 500 points when it was learned Geithner would be Obama's pick. Although I wouldn't read too much into that as it will probably tumble 500 points by the time we get to Thanksgiving.

Somehow I think Richardson is wishing he could stay in Santa Fe. After all, he was a former Secretary of Energy and an Ambassador to the UN. Richardson wanted to be Secretary of State but once Hillary was in the running all bets were off. I'm not saying the Commerce portfolio is penny ante. But this is being offered to Richardson as a consolation prize only because the person Obama wanted for the position turned him down. Yesterday, it had been speculated Pritzker would be Obama's pick for Commerce but publicly declined interest in the cabinet post.
I'm sure Richardson is muttering to himself, "Gee thanks a lot."

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