According to the New York Times, Treasury Secretary Timothy Geithner is being pressured to remain in his post through the end of Obama’s re-election campaign.
Geithner had reportedly been considering leaving his position after the debt ceiling debate so he could return to New York. One reason cited was that his son decided to finish his last year of high school in New York City.
After much speculation, especially recently, after it emerged that MF Global added a special clause that meant shareholders would get a unique payout if Jon Corzine left the company to join public office, the White House seems to have done some serious persuading to keep him around.
From the New York Times:
“Mr. Obama and his chief of staff, William M. Daley, have been urging Mr. Geithner to stay, administration officials say, not only for continuity when the economy has weakened and to avoid an all-but-certain confirmation fight in the Senate over a successor, but also because Mr. Obama has developed a close rapport with Mr. Geithner.”
And the pressure apparently keeps getting more and more intense, to the point where their desperation has become a running joke.
“Especially in recent weeks, the issue has become a running joke, officials say: Mr. Geithner and Mr. Daley tease about the ankle bracelet that the White House makes him wear, or Mr. Geithner asks if Mr. Daley has yet read his resignation letter, to which Mr. Daley answers in unprintable language.”
“But the pressure from the top on Mr. Geithner was more serious one day about two weeks ago, officials say. Mr. Daley has also told Mr. Geithner’s top lieutenants — Deputy Secretary Neal S. Wolin and Mark A. Patterson, the chief of staff — that he wants them to remain, though Jake Siewert, Mr. Geithner’s counselor, is returning to New York as soon as this week.”
Looks like he’s stuck unless he wants to disappoint the White House.