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Larry Summers

Timothy Geithner is Choice As Secretary Treasury

Late on the afternoon of Friday November 21st 2008, NBC News and CNBC are reporting that New York Federal Reserve Bank President Timothy Geithner is the apparent selection as the Secretary of Treasury in the forthcoming President-elect Barack Obama administration. Toomre Capital Markets LLC ("TCM") has previously written positively of Mr. Geithner in the post Timothy Geithner: "Illigitimum non Carborundum" and applauds this selection.

As head of the New York Fed, Mr. Geithner has been in the thick of the regulatory response to the on-going credit crisis and working very closely with Federal Reserve Chairman Ben Bernanke and Treasury Secretary Hank Paulson. His rumored competitor was former Treasury Secretary Larry Summers who subsequently served as the head of Harvard University before more recently moving to a hedge fund. Mr. Summers is well known for being one of the smartest economists involved in public policy.

TCM suspects that Mr. Summers will continue to offer his counsel to both President-elect Obama and now Timothy Geithner, so in a sense the American electorate will get the benefit of both of these economic policy officials. The rest of President-elect Obama's economic team is scheduled to be announced at a press conference to be held on Monday November 24th 2008.