All banking giants operate the same way. The system is too corrupt to fix. Central bankers, financial bosses, and complicit politicians bear full responsibility. Lew knows where the bodies are buried. Expect no dark secrets revealed.
The Washington Post, Bloomberg, Politico, and other sources say Geithner plans to leave Treasury by end of January.
Earlier this month, Treasury hadn't confirmed it. An agency spokesman said:
"Secretary Geithner has previously stated that he plans to be at Treasury until around inauguration."
"We do not plan to make any further announcements about the timing of (his) departure until after his successor is named."
His departure is imminent. He'll reside in New York. He formerly headed the New York Federal Reserve. He's a consummate Wall Street insider. He'll return to his ideological roots. Expect him to assume a high-level banking post.
Lew is a skilled technocrat. He's a numbers guy. In 2011, he told Politico :
"The thing that I learned early on was there's a space in Washington that is not deeply populated, which is a bridge between the highly technical and the political."
"You didn't have to be the best politician, and you didn't have to be the best numbers cruncher or analyst. But if you could be fluent in both worlds and respected enough in both worlds, you could have an opportunity to be a translator and to make a difference."
Senate leaders know him well. He survived multiple previous confirmations processes. Approval will be largely pro forma.
An unnamed longtime Republican Senate aide said:
"You have to be a little bit above the fray as Treasury Secretary - not just another advocate for the president. World markets are looking at what you say."
"That will be a challenge for him. On fiscal issues, he knows a lot more about spending programs than most Treasury secretaries know."