Something tells me there's more to this story: Secretary Geithner can't find people willing to work for him in the Treasury Department.
WASHINGTON (AP) -- The person Treasury Secretary Timothy Geithner wanted as his chief deputy has withdrawn from consideration, dealing a setback to the understaffed agency as it struggles to address the worst financial crisis in decades.
Annette Nazareth, a former senior staffer and commissioner with the Securities and Exchange Commission, made "a personal decision" to withdraw from the process, according to a person familiar with her decision. ...
Geithner has been criticized for staffing his department too slowly as it grapples with a banking crisis that has crippled the economy. Uncertainty about Treasury staff also has unnerved financial markets.
Five weeks into his tenure, he has yet to name a single top deputy or assistant secretary. This has left Treasury with too few people authorized to make decisions or represent the department in meetings with stakeholders. ...
Geithner's choice for undersecretary of international affairs, Caroline Atkinson, also withdrew from consideration, the Wall Street Journal reported Thursday. ...
Geithner's lack of a senior staff has raised concerns on Wall Street.
"This doesn't help confidence," said David Wyss, chief economist at Standard & Poor's in New York. "Geithner is stuck there all by himself trying to do everything. They don't have anybody confirmed, and Treasury is a big shop to try to run with one person, especially right now."
Which is more likely? That Geithner can't think of anyone to ask, or that he can't find anyone who will say yes and that has paid his taxes?
More on the staffing problems at Treasury:
Critics say part of the problem is that Geithner is flying solo: Not one of his top 17 deputies has been named, let alone confirmed. And without senior leadership, lower-level Treasury employees can't make decisions or represent the government in crucial conversations with banks and others.
As Geithner strives to address the financial crisis, advance Obama's agenda and work with foreign leaders to stave off economic disaster, he's assembled a 50-person "shadow cabinet" of would-be appointees. Those people have received hall passes and can advise Geithner, but they lack any authority. ...
Treasury officials say they are very close to announcing their first slate of appointees, which will include some top-level officials outside the 50-person team now advising Geithner.
The current team includes about half the appointees Treasury will have to name.
It's too bad the President is too busy taking advantage of the banking crisis to actually spend time trying to solve it.