Geithner: Obama Won't Ask Me to Stay in a 2nd Term

By: Martin Crutsinger, Associated Press
By: Martin Crutsinger, Associated Press

Washington, D.C. (AP) - Timothy Geithner said Wednesday that he doesn't expect to serve a second term as Treasury secretary. He said he doesn't think President Barack Obama would ask him to remain if Obama won re-election.

"He's not going to ask me to stay on, I'm pretty confident," Geithner said in a Bloomberg Television interview. "I'm also confident he's going to have the privilege of having another Treasury secretary."

Geithner is the only remaining top official on Obama's original economics team. He had considered leaving in August after the congressional battle over raising the debt limit was resolved.

Obama asked him to reconsider and remain in the Cabinet, and Geithner did. But the incident heightened expectations that Geithner would serve only through the 2012 election.

Geithner, who helped lead the administration's response to the 2008 financial crisis, has been a frequent target of criticism in his three years at Treasury. Many accused him of siding too closely with Wall Street in the government bailout of the financial system.

As the administration's highest-profile economic figure, Geithner been a lightning rod for criticism of its economic stewardship. Critics contend that government spending under Obama failed to keep unemployment from rising and gave the country record budget deficits.

But Geithner also received praise for his leadership in getting a sweeping financial overhaul through Congress and in the efforts he made to stabilize the financial system

Geithner's supporters also argue that the Treasury secretary provided Obama with sound advice on how to restructure the financial system. They note, too, that he successfully managed the government's $700 billion financial bailout to limit taxpayers' losses.

In the interview Wednesday, Geithner offered no hints of what he might do after leaving the administration.

"I'm very fortunate," he said. "I work with tremendously talented people, and this is one of the most important times in modern history to be in the world of economic policy and finance. And I work for a great president, who I believe in."

It isn't unusual for Cabinet secretaries to leave after just one term of a two-term presidency. George W. Bush and Bill Clinton both had three Treasury secretaries during their two terms in office.

The only Treasury secretary in recent history to serve more than four years was Nicholas Brady who served as Ronald Reagan's third Treasury secretary. Brady then stayed to serve for all four years of the George H.W. Bush administration.

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  • by gerry on Jan 26, 2012 at 03:33 PM
    Geithner,don't let it worry you!We are not going to let obama stay a second term either!Vote for Newt!
  • by WallStreetRanter on Jan 26, 2012 at 10:16 AM
    Only real question is why he gave you the job in the first place......Former president of the NY Fed -- who is put in place to look out for the banks given a job that is supposed to look out for the tax payers interests? Conflict of interest anyone?
  • by Kevin aka Reality Location: Monticello on Jan 26, 2012 at 06:02 AM
    Thats how he got the JOB in the first place ....having been a Head of "Government Sachs" , he was given the keys to the Treasury . Half of Washingtons Elite are former Goldman boys. And you wonder why they have NO interest in Re Regulating the banks or fixing the Economy ? They are rolling in the Dough.
    • reply
      by Gerry on Jan 26, 2012 at 12:37 PM in reply to Kevin aka Reality
      Geithner never worked at Goldman Sachs.
  • by Anonymous on Jan 26, 2012 at 04:54 AM
    C R O O K
  • by Gerry Location: Tallahassee on Jan 25, 2012 at 09:20 PM
    Geithner will turn 51 on Aug 18. When he leaves Treasury he will go through the revolving door and wind up on Wall Street working for Goldman Sachs or Bank of America or Citigroup or some other too big to fail entity. Duh. Who doesn't know this? Then he will begin influence peddling. No banksters went to prison after the crash of 2008 because banks own the government.
    • reply
      by Gerry on Jan 26, 2012 at 06:50 AM in reply to Gerry
      Tinfoil hat??
      • reply
        by Gerry on Jan 26, 2012 at 12:39 PM in reply to Gerry
        @Fake Gerry Why don't you find a handle of your own? Your post is incoherent. Are you a librul? Or are you a conservative practicing disinformation because you can't make a credible case for yourself?
  • by Anonymous on Jan 25, 2012 at 08:26 PM
    What's that old saying...rats leaving a sinking ship.
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