Bloomberg: Geithner leaving at end of the month

posted at 2:41 pm on January 3, 2013 by Ed Morrissey

In the midst of all the attention on John Boehner’s re-election as House Speaker, Bloomberg dropped a small bombshell of its own.  According to two sources, Tim Geithner will resign as Treasury Secretary by the end of January, even if the debt ceiling remains unresolved:

Treasury Secretary Timothy F. Geithner plans to leave the administration at the end of January, even if President Barack Obama and congressional Republicans haven’t reached an agreement to raise the debt ceiling, according to two people familiar with the matter.

After giving in to Obama’s previous entreaties to stay as long as needed, Geithner has indicated to White House officials and Wall Street executives that he is unlikely to change his departure plans this time, increasing pressure on the president to name his successor at Treasury, said the people, who requested anonymity to discuss the private discussions.

Geithner, 51, is the only remaining member of Obama’s original economic team and was a key figure in the taxpayer- funded bailouts during the 2008 financial crisis. He’s also had a principal role in negotiations with Congress on the budget deal and in past deliberations over the debt ceiling.

Why the haste?  Perhaps he needs the extra time to prepare his tax returns; he’s had problems in that area before.

So who gets the fun job of dealing with the massive borrowing necessary for Obamanomics?  Bloomberg reports that chief of staff Jack Lew is the leading choice, but his relative lack of Wall Street experience (outside of two years as a Citigroup exec) makes him more of a political choice than an expert at the economy — hardly the kind of vibe Obama wanted the second time around.  Obama was reportedly wooing American Express CEO Kenneth Chenault, but he’s apparently uninterested in leaving home without it.

Needless to say, Geithner’s scheduled departure makes for a tough confirmation cycle with whomever gets the appointment.  Confirmation would probably take place at the same time that the debt-ceiling and spending negotiations will take place, and Senate Republicans will have a field day with the nominee during hearings.  If Geithner is choosing this inconvenient moment as his departure point, it signals that Geithner might not have the stomach to defend the massive borrowing any longer, and wants to get out of the firing line before the debate really heats up.

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Well I guess little timmy has no idea how to do his taxes now that all the new krap coming from the irs? Or little timmy has socked away gobs of taxpayers money in offshore accounts as a foto’s?
L

letget on January 3, 2013 at 2:44 PM

Why the haste?

The CEO offer at GoldmanSachsMerrillLynchSmithBarneyAIG is time limited.

BobMbx on January 3, 2013 at 2:44 PM

Of all the incompetent hacks in this admin, he had to be one of the worst

What a perfect example of an utterly unaccomplished, lifelong bureaucratic stooge

I shudder to think who they will dredge up to take over this disaster of a position for the next 4 years…

thurman on January 3, 2013 at 2:46 PM

Over twice the debt Bush created in less than half the time.

Heckuva job, Timmy!

Chuck Schick on January 3, 2013 at 2:46 PM

No one is power is saying the truth, that our fiscal situation is dire, very dire. You’d think SOMEONE would point it out, if only because no one else is, because there’s a vacuum of truth, and something always fills a vacuum. I can’t figure it out. Is everyone so much “going along to get along”?

Paul-Cincy on January 3, 2013 at 2:46 PM

Schmidt. They just dropped the probe.

nobar on January 3, 2013 at 2:47 PM

Geithner, 51, is the only remaining member of Obama’s original economic team and was a key figure in the taxpayer- funded bailouts during the 2008 financial crisis. He’s also had a principal role in negotiations with Congress on the budget deal and in past deliberations over the debt ceiling

…and this dweb of a dipsh!t still outflanked the republican’ts!

KOOLAID2 on January 3, 2013 at 2:49 PM

Over twice the debt Bush created in less than half the time.

Heckuva job, Timmy!

Chuck Schick on January 3, 2013 at 2:46 PM

I got out my abacus and that’s 4, 5, even 6x the rate of borrowing of Bush. But I’ve been told the rate of borrowing under Obama has been no more than under Bush! That’s the line they push, and (some) people believe it. Because they consider the once in a lifetime TARP bailout as the new baseline. So Obama’s been borrowing $1T every year since then, like that’s cool, the new normal, just fine and wonderful and hunky dory. No worse than Bush!

/lies, lies, lies, and more lies

Paul-Cincy on January 3, 2013 at 2:49 PM

Which huge banking firm that he bailed out will he be going to work for?

portlandon on January 3, 2013 at 2:50 PM

Obligatory DLTDHYOTWO

Steve Eggleston on January 3, 2013 at 2:52 PM

Bloomberg reports that chief of staff Jack Lew is the leading choice, but his relative lack of Wall Street experience (outside of two years as a Citigroup exec) makes him more of a political choice than an expert at the economy…

Um, Obama hasn’t yet *had* an ‘expert at the economy’ in that position, so…

Even Big Bird would be better than Geithner. I’m waiting for someone to ask him where the “hit the ceiling on 12/31″ talking point came from, and why it’s disappeared as quickly as it surfaced. Of course we knew it was bullsh1t, but it would be nice if someone in the ‘media’ (lol) was even mildly curious enough to ask why Geithner was so openly and clearly lying at the time.

Midas on January 3, 2013 at 2:52 PM

Bloomberg: Geithner leaving at end of the month

Where’s he going, to prison?

JPeterman on January 3, 2013 at 2:53 PM

Image if Paul Krugman replaced him. From very bad to extremely worse.

Oil Can on January 3, 2013 at 2:54 PM

Can you blame him?

cmsinaz on January 3, 2013 at 2:57 PM

probably some crook from Goldman Sachs will step up since they are the first choice for this type of stuff in cabinets.

gsherin on January 3, 2013 at 2:58 PM

Now he’s off to make some real money from Wall Street — before his malfeasance collapses the economy.

PattyJ on January 3, 2013 at 2:59 PM

It’ll be a political hack who else wants to inherit Obama’s mess

cmsinaz on January 3, 2013 at 2:59 PM

Congress just changed the tax laws at the last minute. Geithner needs even more time to figure out Turbo Tax this year.

Shump on January 3, 2013 at 3:01 PM

Which huge banking firm that he bailed out will he be going to work for?

portlandon on January 3, 2013 at 2:50 PM

Straight back to Golden Sacks, is my guess …

/s

RedPepper on January 3, 2013 at 3:02 PM

Image if Paul Krugman replaced him. From very bad to extremely worse.

Oil Can on January 3, 2013 at 2:54 PM

“Paul Krugman” is Cherokee for “Eyes like he’s to be trampled by buffaloes”.

Paul-Cincy on January 3, 2013 at 3:02 PM

Geithner’s not going anywhere – he’s just going to be shifted to some other position for which he’s completely unqualified – VP? EPA head? SOS? He’s one of obama’s most valuable assets.

Pork-Chop on January 3, 2013 at 3:03 PM

his relative lack of Wall Street experience (outside of two years as a Citigroup exec) makes him more of a political choice than an expert at the economy

How about we get a treasury secretary from the business sector and not a wall street crony capitalist? Not sure how “wall street experience” is any kind of plus when we’re trying to stop cronyism from taking place. The relationship between treasury and the fed is a large part of monetary / fiscal problem that exists today.

Timin203 on January 3, 2013 at 3:03 PM

So where is he going? Fannie Mae or Freddie Mac?

iurockhead on January 3, 2013 at 3:07 PM

Well, he should have plenty of time to work on his taxes this year.

Sammo21 on January 3, 2013 at 3:08 PM

Geithner’s not going anywhere – he’s just going to be shifted to some other position for which he’s completely unqualified – VP? EPA head? SOS? He’s one of obama’s most valuable assethats.

Pork-Chop on January 3, 2013 at 3:03 PM

FIFY

iurockhead on January 3, 2013 at 3:11 PM

I just want to know where he’s going ot hole up. Is he going to run back to europe, or will he be where we can reach him when the whole thing melts down?

rayra on January 3, 2013 at 3:14 PM

The first question for the new nominee, “Are you going to support a cut in spending”?

Tater Salad on January 3, 2013 at 3:16 PM

“Paul Krugman” is Cherokee for “Eyes like he’s to be trampled by buffaloes”.

Paul-Cincy on January 3, 2013 at 3:02 PM

I thought it was Crow for ‘Batshit Crazy’

rayra on January 3, 2013 at 3:20 PM

The first question for the new nominee, “Are you going to support a cut in spending”?

Tater Salad on January 3, 2013 at 3:16 PM

If the answer is NO! that person will be hired.

VegasRick on January 3, 2013 at 3:22 PM

It’ll be a political hack who else wants to inherit Obama’s mess

cmsinaz on January 3, 2013 at 2:59 PM

If that’s the ruling criteria, Jack Lew is the perfect choice. He’ll be great on Meet the Press.

Curtiss on January 3, 2013 at 3:24 PM

He should be forced to stay and be held accountable for the coming collapse of the the dollar…

Seven Percent Solution on January 3, 2013 at 3:26 PM

If Geithner is choosing this inconvenient moment as his departure point, it signals that Geithner might not have the stomach to defend the massive borrowing any longer, and wants to get out of the firing line before the debate really heats up.

It sure is odd.

Makes you wonder if there’s something we don’t know yet..

Tim_CA on January 3, 2013 at 3:31 PM

As a service to the American Taxpayer, I’d like to throw my hat in the ring.
I’m certain I can eff it up at least as well as Timmy, and for half the salary.

Added bonus-I can balance a checkbook!

JusDreamin on January 3, 2013 at 3:39 PM

Susan Rice, is still available.

FlaMurph on January 3, 2013 at 3:40 PM

The tax cheat can join these Obama-cronies and flourish, in Hades.

Plus, the feds quit investigating Google, as of today.

Schadenfreude on January 3, 2013 at 3:43 PM

Added bonus-I can balance a checkbook!

JusDreamin on January 3, 2013 at 3:39 PM

Slow down.

You’re overqualified if you can use turbo-tax….balancing a checkbook is like post-doctoral work for a Democrat.

Tim_CA on January 3, 2013 at 4:21 PM

Easy-peezy: Who was the biggest bundler?

Before he leaves, will Geithner go after the DC crowd that owes nearly a million in back taxes? How about going after Warren Buffett? Isn’t he still fighting what he owes?

onlineanalyst on January 3, 2013 at 4:24 PM

What’s with the parade of Obama Cabinet members out the door? Hillary Clinton, Stephen Chu, Lisa Jackson, and now Tim Geithner–why don’t they want to serve the One anymore? I wonder if they will write some juicy books about how Obama runs the White House? If Obama no longer has Cabinet secretaries to take the rap for him, what will Obama do when he has to think for himself?

He probably won’t do it, but Obama could make a really bold pick for a replacement for Tim Geithner, which could truly turn the economy around: Mitt Romney.

Steve Z on January 3, 2013 at 4:38 PM

Geithner leaving at end of the month

Apparently Little Timmy can smell the tar being heated so the feathers can be stirred in…and the rail for his public transport out of town has already been split….

Hopefully someone has already put a “HOLD” on his bank account in the amount of his current tax bill.

landlines on January 3, 2013 at 4:40 PM

landlines on January 3, 2013 at 4:40 PM

Careful…

There’s some troll who rattles around that goes bat-shit-crazy when you make tar-and-feather jokes.

Tim_CA on January 3, 2013 at 4:44 PM

Another Obama economic adviser who flies the coop because he knows just how bad things are. Bye, Tax Cheat Timmy. Out the door you go to wreck some company after you’ve helped wreck this nation. Scumbag.

Philly on January 3, 2013 at 6:29 PM

This tyrannical criminal shouldn’t be allowed to enjoy ONE FKING MINUTE of his pathetic luciferian life after he leaves.

tom daschle concerned on January 3, 2013 at 6:48 PM

Guess he can go back to blowing off paying his taxes now.

Hummer53 on January 3, 2013 at 7:52 PM

If Geithner is choosing this inconvenient moment as his departure point, it signals that Geithner might not have the stomach to defend the massive borrowing any longer, and wants to get out of the firing line before the debate really heats up.

He’s been the raise the debt ceiling elven king!

Axe on January 3, 2013 at 8:33 PM

He’ll run a investment bank with an even more insulting name then
MF Global, and proceed to liquidate a few billion dollars,

narciso on January 3, 2013 at 8:56 PM