Editorial: N.Y. Fed pick will play a crucial role

The New York Federal Reserve presidency may be one of the most important job openings in the world, but little attention is being paid to it as the media focuses on Cabinet picks being made by President-elect Barack Obama. Obama tapped the current president of the New York Fed, Timothy Geithner, to be his Treasury secretary. "In the current financial panic, the New York Fed has become more central than ever. From Bear Stearns to AIG to Citigroup, Mr. Geithner has been part of the triumvirate making seat-of-the-pants bailout decisions with Fed Chairman Ben Bernanke and Treasury Secretary Hank Paulson," the newspaper said.

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