This news will come as no surprise to Portfolio.com readers: New York Federal Reserve president Timothy Geithner has reportedly been tapped as Treasury Secretary for the Obama administration.

Chuck Todd and Andrea Mitchell at NBC News report that the president-elect plans to announce more cabinet positions on Monday. New Mexico governor Bill Richardson is expected to be named Commerce Secretary.

Geithner's name has been on the short list of possible successors to Hank Paulson because he's been so instrumental in the negotiations over Wall Street's most troubled firms during the past nine months. He also worked at the Treasury under both Robert Rubin and Larry Summers during the Clinton administration.

Indeed, Portfolio.com readers predicted his appointment in a recent interactive feature using N.C.A.A.-like brackets. Of 27,188 votes cast, 3,790 went to Geithner. Their No. 2 pick with 2,931 votes, former Treasury Secretary Larry Summers, may still play a role in an Obama administration, NBC reports.

Fox Business News personality Cody Willard (453 votes) and Portfolio.com deputy news editor Jeffrey Cane (666 votes) brought up the rear of the poll, dashing any hopes for a Cinderella Treasury pick.

Even though the Geithner pick doesn't come as a surprise, investors welcomed the news as the Dow surged nearly 500 points in the last hour of trading. With the roiling financial markets and the sluggish economy at the top of so many Americans' minds, Obama made it clear he would waste no time in putting together his economic team to ensure swift action once he's inaugurated in January.