Third candidate out of the ring
H. Rodgin Cohen
President Obama’s trouble filling his cabinet appears to be far from over. Three candidates for top positions in the United States Treasury have withdrawn from consideration.
Deputy Treasury Secretary pick H.Rodgin Cohen was the most recent to drop out of the process before he was even officially nominated.
Tangled web
There’s no official word on why he is out of the running, but its possible that his role as counselor to just about every major player on Wall Street, which complicates his relationship with the Treasury. He was a partner in the New York law firm Sullivan & Cromwell LLP.
Because the Treasury is involved with Wall Street through purchases of shares in big banks and mortgage companies, some may view Cohen’s former role as a conflict of interest. The Treasury is backing personal loans and mortgages by buying securities.
Those that came before
Cohen rose to the top of the list of candidates for Deputy Treasury Secretary after another pick, Anette Nazareth, stepped down earlier this week. Nazareth worked for the Securities and Exchange Commission during the time Bernie Madoff conducted his . She dropped off the list after it was made clear that she’d be extensively questioned about that time period.
Help still wanted
Also this week, Caroline Atkinson was in line to be nominated to serve in the Treasury as Undersecretary for International Affairs. Atkinson had to withdraw, per officials’ requests, after a tax problem was revealed during the vetting process.
About that economy problem …
Critics have argued that leaving empty positions in the Treasury must be hampering the Obama administration’s response to the economic crisis. The Treasury is heavily involved in implementing the economic stimulus package and the foreclosure prevention plan, among other economic efforts.
The Obama administration says they have come far in the appointment process and made ample progress on housing, stimulus and bank stabilization.
And another one bites the dust. How much more time is going to pass until there will be a full cabinet? So many people have been either busted on taxes and then resigned, I find it hard to believe that they can’t find someone qualified.
Critics need to quiet down in their corners. Positions will be filled along the way. I’m actually glad they’re being careful with who they pick to fill Obama’s cabinet. It would be more of a problem down the line if they recklessly chose people based on time and/or connections. They are making a wise move by carefully evaluating each candidate before making the final cut.