Treasury Secretary Timothy Geithner has been considering leaving his position due to stress and family considerations, and a name under consideration to replace him as a familiar one to New Jerseyans.
NJ.com reported that MF Global president and former New Jersey governor Jon Corzine, may take over if Geithner left the position. Reportedly Corzine has always been interested in the job.
MF Global fueled some of the Corzine speculation when they included what is known as a “key man event clause” in their prospectus. According to PolitickerNJ, the company announced they would sell five-year notes that will pay an extra 1 percent in interest “upon the departure of Mr. Corzine as our full time chief executive officer due to his appointment to a federal position by the President of the United States and confirmation of that appointment by the United States Senate prior to July 1, 2013.”
According to the New York Post, President Obama recruited Corzine to raise funding for his re-election campaign from the banking industry. Corzine has reportedly attended secret meetings with Obama and has been working on his re-election campaign for months.
The New York Times reported that Geithner’s wife and son moved back to New York in June so his son could finish his high school term there. And Geithner has felt the pressure since the beginning of the economic recession in 2007.