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Finally, Drama! A Geithner vs. Bair Clash?
The president-elect's campaign staff motto was "no drama with Obama." But there may be some serious backstage moves by his economic team.
Timothy Geithner, the president of the Federal Reserve Bank of New York who has been designated the next Treasury secretary, is trying to oust Sheila Bair as chairwoman of the Federal Deposit Insurance Corp., Bloomberg News reports.
Bloomberg says:
"Geithner, president of the Federal Reserve Bank of New York, has argued Bair isn't a team player and is too focused on protecting her agency rather than the financial system as a whole, according to two congressional officials and a person familiar with his thinking. Bair has battled with Geithner and fellow regulators over aid to Citigroup Inc. and other emergency actions, making her enemies in the Bush administration."
Bair's term runs until 2011, and even if she stays in the post, Bloomberg says, "the Obama economic team has decided that she won't play a central role in policy."
It's to be expected that with the big names, big brains, and big egos on Obama's economic team - not to mention the intense pressure on the team to produce results quickly -- there was bound be some personality clashes in Washington.
The Deal.com notes that it won't be easy to dislodge Bair from the F.D.I.C. Her advocacy for homeowners and proposals to stem foreclosures has won her fans on Capital Hill, including the chairman of Senate Banking Committee, Christopher Dodd, and the chairman of the House Financial Services Committee, Barney Frank.
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