Larry Summers is the lead contender to be the next Treasury Secretary, according to both Fortune and Intrade bettors, where Summer’s chances are up 17.9%.
Fortune explains its prediction:
Fortune believes that former Treasury Secretary Lawrence (Larry) Summers is in the lead to get the job. Summers, who served in the Clinton Administration, wouldn’t be a surprise pick. He along with other economic experts, ex-Treasury Secretary Robert Rubin and former chairman of the Federal Reserve Paul Volcker, have advised Obama during the campaign, especially as the economic crisis unfolded. Volcker is said to be highly interested in the Treasury job, but Summers, with support from Rubin, has the inside track.
Volcker isn’t out campaigning for the post, but wouldn’t mind getting it because he believes he could help Obama figure a way out of this mess. Still energetic at 81, Volcker thinks he has the mojo to do so.
Our sources in Washington sound a note of caution: it’s not perfectly clear that Summers wants this job. We tend to think that Fortune is right, however. Summers is nothing if not self-confident, and the hugely expanded role of the Tresury Secretary has too be attractive to him. People are always speculating that powerful men will turn down cabinet positions but that rarely happens.
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