Report: Obama picks Timothy Geithner for Treasury position

November 21, 2008

CHICAGO (ChattahBox) — According to an  NBC news report on Friday, President-elect Barack Obama has selected Timothy Geithner as Treasury secretary, charging the respected head of the New York Federal Reserve with pulling the United States out of an economic nosedive.

Geithner, 47, had been seen as one of two main candidates for the job along with former Clinton administration Treasury chief Lawrence Summers.

Wall Street ended a volatile week with an unexpected jolt of confidence with the Treasury secretary choice. The major indexes have jumped more than 5 percent, with the Dow Jones industrials surging nearly 500 points.

Stocks have erased about half of the losses that came in steep selling Wednesday and Thursday.

Wall Street appears buoyed by reports that Obama plans to name his economic team on Monday — offering investors some hope of a smooth transition in an uncertain market.

The Dow is ending up 494, or 6.5 percent, at the 8,047 level.

The New York Times, meanwhile, reported that New York Sen. Hillary Clinton had accepted Obama’s offer to become his secretary of state, bringing his one-time main Democratic rival into a pivotal role in his new administration. New Mexico Gov. Bill Richardson is rumored to be Obama’s nod to become commerce secretary.


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