Tim Geithner eyes the private sector
Tim Geithner will have to put up with a lot of revolving door stories when he makes his next move, which is coming, but he'll most likely end up in the private sector.
He'll no doubt have his pick of employers, which will pay him handsomely. Bloomberg reports that, "asset management and private-equity shop BlackRock (is) often mentioned as a potential landing post. The chatter has been fueled by Geithner's frequent conversations with BlackRock Chairman Laurence Fink: The two spoke 49 times over the past 18 months, according to Geithner's calendar. (Fink, it's worth noting, is also mentioned as a potential successor to Geithner if Obama wins a second term.)"
What are the chances that Geithner will end up at a premiere bank, where the payday would likely be higher?
"Less likely, say those who know Geithner, is that he'll end up at a big bank like JPMorgan Chase or Goldman Sachs," Bloomberg notes.
The rationale is that it would make for "bad optics" as the "Obama administration spent the better part of four years chastising Wall Street for its practices while Geithner has been criticized for being too soft on bailed-out banks."
My sense is that he always got something of a bum rap, as critics hectored him as an apologist for big banks. He is in fact a career civil servant, and he rose through the ranks all the way to Treasury Secretary. You can't blame him for wanting to cash out just a bit, especially with a child heading to college. One rumor holds that he might be in line to run Dartmouth.
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