Cloudy Crystal Balls
By AJR Staff
With the deadline to replace Treasury Secretary John W. Snow looming, media outlets trumpeted the news that the Bush administration's attempt to line up a prominent Wall Street player for the position appeared to have foundered. Imagine their surprise when President Bush named Goldman Sachs Chairman and CEO Henry Paulson Jr. to the job on May 30.
"Mr. Paulson and other executives expressed little interest in taking the post, in part because neither Mr. Snow nor his predecessor, Paul H. O'Neill, had any substantial role in shaping economic policy." (New York Times)
"Mr. Bush is expected to turn to a loyalist to fill the position, as efforts to recruit senior Wall Street executives have failed." (Financial Times)
President Bush "has been rebuffed by a number of Wall Street and Washington heavyweights... With the clock ticking, many believe Bush may turn to an administration insider." (Sacramento Bee)
"Several high-profile candidates on Wall Street, however, have reportedly refused to take over a job whose profile has dwindled.." (Agence France-Presse)