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Third Top Treasury Pick Withdraws From Consideration
March 12, 2009 2:31 PM
Democratic sources say that H. Rodgin Cohen, a partner in the New York law firm Sullivan & Cromwell LLP, and the leading candidate for Deputy Treasury Secretary, has withdrawn from consideration.
It's the third withdrawal of a top Treasury Department staff pick in less than a week.
I reported last week that Cohen was likely to be officially nominated for the Deputy Treasury Secretary position.
Cohen has been a counsel to just about every major player on Wall Street, which perhaps complicated his nomination.
Now, the nomination is off.
Democratic sources said that an issue arose in the final stages of the vetting process.
As one source put it, "it's back to the drawing board."
Cohen had risen to the top after the withdrawal last week of expected deputy treasury secretary pick Annette Nazareth.
Nazareth was forced to withdraw from consideration for the deputy treasury slot because senators made it clear she would face tough questioning over her time at the Securities and Exchange Commission -- tenure that overlapped with the agency's failure to catch Bernie Madoff.
And the candidate for Undersecretary for International Affairs, Caroline Atkinson, was told she had to withdraw after a "tax problem" was revealed early in the vetting process, according to officials.
Last week an administration official conceded to me that "it's not easy to find qualified people who don't have conflicts" adding that "dozens of candidates" across the government have been forced to pull out because they couldn't meet President Barack Obama's ethics standards or overcome other vetting issues.
Obama administration officials have pushed back hard at critics who argue that failure to fill key Treasury Department positions is hampering their response to the economic crisis.
The administration has argued that they have more appointees in place than previous administrations and have done big things: housing, stimulus, and the beginning of their bank plans.
But with Treasury Secretary Tim Geithner struggling to contain a national economic crisis and helming a department with vital staff positions unfilled -- the latest withdrawal will give critics more ammunition.
Foreign Policy reported yesterday that Britain’s most senior civil servant, cabinet secretary Sir Gus O’Donnell, claimed it was hard to find anyone to speak to at the US Treasury Department.
He blamed the “absolute madness” of the US system where a new administration had to hire new officials from scratch, leaving a decision-making vacuum.
“There is nobody there. You cannot believe how difficult it is,” he told a conference of civil servants.
-- George Stephanopoulos
UPDATE: Sen. Lindsey Graham, R-S.C., ribbed Geithner today during his appearance before the Senate Budget Committee about the staffing issues at the Treasury Department. Here's the exchange, as reported by ABC's Matt Jaffe:
SEN. GRAHAM - If you're looking for a way to serve the country, join the Marines or go to Treasury. (Laughter.) I think they're both very difficult --
SEC. GEITHNER: I'm very glad you said that and I completely agree.
SEN. GRAHAM: -- very, very difficult assignments. But --
SEC. GEITHNER: No more important, no more noble opportunity.
SEN. GRAHAM: The few, the proud, the brave, the Treasury people. Yeah. (Laughter.) But where was I at? Oh, okay.
SEC. GEITHNER: Just don't want to say "the few."
SEN. GRAHAM: Yeah, yeah. That's right.
SEC. GEITHNER: Want to say "the many" and the proud and the brave.
SEN. GRAHAM: That's right.
March 12, 2009 in The Economy | Permalink | Share | User Comments (193)
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LMAO ALL THESE OBAMA NOMINEES ARE SCARED NOW....WE ARE GOINGH TO GET THE GOODS ALL ALL OF OBAMAS PICKS
Hey Georgie what did Rahm have to say this morning when he briefed u guys on the phone lmao
Posted by: Obama-LIVE FROM THE WAFFLE HOUSE | Mar 12, 2009 2:49:44 PM
Wall Street will not reform itself. President Obama has to get outsiders.
Posted by: Will | Mar 12, 2009 2:52:01 PM
FBI Arrests Two After Raiding Office of Obama's Pick for Information Officer...Will this make the nightly news ..lmao
Posted by: Obama-LIVE FROM THE WAFFLE HOUSE | Mar 12, 2009 2:53:40 PM
Wall Street gets as much bailout money as they want from just one guy. Geithner can hand out tax payer money all by himself.
Posted by: Geo | Mar 12, 2009 2:53:51 PM
Why am I not suprised.... This is too funny....
Posted by: Lumberman_63 | Mar 12, 2009 2:56:02 PM
I suppose this is better than having a bunch of crooks in place, like in the previous administration - better to find out before they get hired.
Posted by: NutNhoney | Mar 12, 2009 2:57:39 PM
COULD SOMEONE PLEASE TELL ME WHETHER JAKE TAPPER IS SINGLE??
Posted by: Shelley | Mar 12, 2009 2:58:22 PM
Yep, everybody just keep laughing while the country goes down the tube. Really funny.
Posted by: Charlene Bellamy | Mar 12, 2009 2:59:19 PM
George, I'd like to ask if these withdrawals are becoming an embarrassment to the administration or is it a credit to the strict lobbyists rules this President and his company has put in place? I understand to some it might appear as incompetence. But I do understand that they would've known the economy would be top priority.
Posted by: D. | Mar 12, 2009 2:59:34 PM
THEY NEED TO LOOSEN UP ON THE APPLICATION PROCESS OR ELSE NO ONE WILL APPLY!!!
Posted by: JAMES | Mar 12, 2009 2:59:45 PM
i wanna know also whether jake tapper is single...he's hott!
Posted by: t. | Mar 12, 2009 3:00:45 PM
To Obama live from the waffle house...
You can relish your own ignorance if you want, and spread it around, if you choose.
It doesn't change the facts that you are spreading misinformation.
Posted by: Winston Smith | Mar 12, 2009 3:01:14 PM
i wanna know also whether jake tapper is single...he's hott!
Posted by: t. | Mar 12, 2009 3:01:38 PM
Ouch, guess 3rd time isn't a charm for the Obamassiah. Can you say "failure" with a capital "F" Obama? Oh right, you hate being called a failure. Wonder if this is the news that has hit Wall Street and has the market going up this week!
Posted by: iman@55 | Mar 12, 2009 3:01:41 PM
One thing I don't understand is, why people keep responding to ignorant posts? Doesn't it validate the posters when they're being responded to? I would think a good conversation would attract level headed individuals, wouldn't it?
Posted by: D. | Mar 12, 2009 3:04:14 PM
just a new time of scrutiny and responsibility.
Looks like many of us are not used to this type of leadership.
Posted by: johnS | Mar 12, 2009 3:07:07 PM
Live from the waffle house it is news everywhere else but here for now. How about if this was another president trying to appoint these idiots it would be all over the news that the president is stupid and does not know what he is doing. Or, on SNL which hardly anyone watches anymore.
Posted by: Jim Rod | Mar 12, 2009 3:07:36 PM
D you duhed yourself when you posted.
Posted by: Jim Rod | Mar 12, 2009 3:08:37 PM
This is not funny. This is your country. It needs help. Not derision. And, still, what it does not need is another Republican douchbag
Posted by: Namichiba Cheeser | Mar 12, 2009 3:08:52 PM
He wasn't officially nominated so I just don't think it is that big of a deal.
Posted by: Sara | Mar 12, 2009 3:11:13 PM
ACORN is sending over a team of folks for Treasury
Posted by: Joe P | Mar 12, 2009 3:13:00 PM
At least this guy thought about what his back ground check would produce, not like the Secretary Treasurer.
Posted by: Chuck | Mar 12, 2009 3:14:16 PM
They're overscrutinizing all these folks now, it's going to be impossible to get anyone through. Probably another relatively minor tax mistake, but b/c all of the others were overblown they had to pull out beforehand.
Posted by: Big Nate | Mar 12, 2009 3:14:40 PM
Gee, let me guess, a problem with paying income taxes?! Well we all have this problem now, thanks Mr. O. No excuse for these jerks though.
Posted by: Susan | Mar 12, 2009 3:15:05 PM
mmm $40k in back taxes is ot a minor mistake, especially for the position as Treasurer.
Posted by: Chuck | Mar 12, 2009 3:15:47 PM
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