Beware of Lawrence Summers
While many of us are still celebrating Barack Obama’s historic victory, rumors of a major buzzkill are flying: Lawrence Summers, a Clinton-era treasury secretary and deregulation enthusiast, is said to be the front-runner to take over the Treasury Department.
Summers, 53, is favored to return to the Treasury post that he held under President Bill Clinton because Obama values his experience and familiarity with markets and global leaders, a crucial asset during the markets crisis.
Still, people close to the president-elect stress no final decision has been reached and that Timothy Geithner, president of the New York Federal Reserve, is also a strong contender. Geithner would also be welcome by many in the financial community; at age 47, he would be a fresh face in an administration that ran on a mantra of change.