Timothy F. Geithner became the ninth president and chief executive officer of the Federal Reserve Bank of New York on November 17, 2003. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee, the group responsible for formulating the nation's monetary policy.
Fed in 2003, he asked the staff there to give him tutorials for an hour each day on macroeconomics to enable him to learn the necessary skills as fast as he could. Although he does not possess any formal degrees in economics, this sort of preparation has helped give him an impressive grasp of the key issues.
Such pragmatic skills have been amply on display during the past few years. Some wondered how he would make his mark at the New York Fed given his youth and his lack of macroeconomic qualifications. And, indeed, during the first couple of years, Mr Geithner exerted relatively little influence at the Fed policy meetings - not least because these tended to be dominated by Alan Greenspan, then chairman.Geithner proved himself keen to learn from colleagues.
However, Mr Geithner quietly sat down to boost his knowledge of macroeconomics finance and surrounded himself with a key group of advisers: men such as Gerald Corrigan, former NY Fed president, and Paul Volcker, whom he would regularly call for a "chat" and to garner ideas. He also threw himself into the task of understanding how the mechanics of modern financial markets work, right down to the level of grasping the intricacies of, say, the structure of a CDO.
Mr. Geithner joined the Department of Treasury in 1988 and worked in three administrations for five Secretaries of the Treasury in a variety of positions. He served as Under Secretary of the Treasury for International Affairs from 1999 to 2001 under Secretaries Robert Rubin and Lawrence Summers.
Mr. Geithner graduated from Dartmouth College with a bachelor’s degree in government and Asian studies in 1983 and from the Johns Hopkins School of Advanced International Studies with a master’s in International Economics and East Asian Studies in 1985. He has studied Japanese and Chinese and has lived in East Africa, India, Thailand, China, and Japan.
Stocks soared late this afternoon when news reports first started to surface that Geithner's nomination will be made official Monday. The Dow Jones industrial average ended the day up 494.13 points, or 6.5 percent.
It was very good news after two dismal days on Wall Street. Obama's Treasury picks seems to have pleased many investors who are apparently happy with Geithner's familiarity with the markets.
(Proves what I have been taught he who has the Gold, makes the Golden Rules)
If you examine the life story of Geithner you may think he and Obama are brothers, separated at birth.
Mr. Geithner serves as chairman of the G-10’s Committee on Payment and Settlement Systems of the Bank for International Settlements. He is a member of the Council on Foreign Relations and the Group of Thirty.
He and his wife, Carole Sonnenfeld Geithner, have two children.
Observation: It's always assumed that a "White" person is a "quick study." Given, Mr. Geithner's (the "h" is silent) lack of economics credentials. I am delighted that the same oportunity has been given to our President-Elect.
Posted By: Marta Fernandez
Sunday, December 14th 2008 at 4:53PM
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