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Wanted: Fiscal Whiz, Nerves Of Steel

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The Associated Press

Published: October 20, 2008

WASHINGTON - The next president's choice of a treasury secretary may well be the most important appointment he'll make - someone to grab the reins of a trillion-dollar-plus program to shore up the world's largest economy, probably in the middle of a severe recession, and at the right hand of a chief executive who'll be a rookie himself.

In normal times, the job can be demanding enough. In an economic crisis, as now, it can be one of the most powerful and stressful jobs in the government. Just ask Henry Paulson, the former investment banker who's made it clear he's not interested in keeping the title.

If not Paulson, then who?

Both Republican John McCain and Democrat Barack Obama showered praise on legendary investor Warren Buffett when asked during a presidential debate whom they might put at Treasury. Buffett says maybe Paulson should stay for a while.

Obama has a couple of Bill Clinton's treasury secretaries as economic advisers: Robert Rubin and Lawrence Summers. McCain has current and former CEOs of major companies, including Meg Whitman of eBay and Carly Fiorina of Hewlett-Packard.

On PBS' "The Charlie Rose Show" recently, Buffett said Paulson would do the next president a favor by staying in the job at least a year.

Paulson has appeared to rule this out in television interviews, saying he's told both candidates he would "start working with whoever the new treasury secretary is as soon as he is appointed and work to make the transition a first-rate transition."

Here's a look at some possible contenders:
MICHAEL BLOOMBERG
Education: Bachelor's degree in electrical engineering, Johns Hopkins University, 1964; master's degree in business administration, Harvard University, 1966.

Experience: Mayor, New York City, 2001-present; founder, Bloomberg L.P., 1981; employed at Salomon Brothers, 1966-81.
JON CORZINE
Education: Bachelor's degree, University of Illinois at Urbana-Champaign, 1969; master's of business administration, University of Chicago, 1973.

Experience: New Jersey governor, 2006-present; U.S. senator, 2001-06; chairman and chief executive officer, Goldman Sachs, 1994-99; partner, Goldman Sachs, 1980-99; bond trader, Goldman Sachs, 1975-80; assistant vice president, BancOhio, 1974-75; officer, Continental Illinois National Bank, 1970-73.

JAMES DIMON

Education: Bachelor's degree, Tufts University, 1978; master's degree in business administration, Harvard University, 1982.

Experience: Chairman of board, JPMorgan Chase, Dec. 31, 2006-present; president and CEO, JPMorgan Chase, Dec. 31, 2005-present; chief operating officer, JPMorgan Chase, 2004-05; chairman and CEO, Bank One, 2000-04; various senior executive positions at Citigroup Inc., Salomon Smith Barney and Travelers Group Inc.; member, board of directors, Federal Reserve Bank of New York.
WARREN BUFFETT
Education: Attended, University of Pennsylvania, 1947-49; bachelor's degree, University of Nebraska, 1950; master's degree, Columbia University, 1951.

Experience: Chairman and CEO, Berkshire Hathaway Inc., 1970-present; partner, Buffett Partnership Ltd., 1956-69; security analyst, Graham-Newman Corp., 1954-56; investment salesman, Buffett-Falk & Co., 1951-54.
MEG WHITMAN
Education: Bachelor's degree, Princeton University, 1977; master's degree in business administration, Harvard University, 1979.

Experience: Member, board of directors, eBay, 1998-present; president and CEO, eBay, 1998-March 31; general manager of the preschool division, Hasbro Inc. 1997-98; president and CEO, Florists Transworld Delivery, 1995-96; various positions at Stride Rite, 1992-95; senior vice president of marketing and consumer products, Walt Disney Co., 1989-92; vice president at Bain & Co.; employee, Procter & Gamble Co, 1979-81.

SHEILA C. BAIR

Education: Bachelor's degree, University of Kansas, 1975; law degree, University of Kansas, 1978.

Experience: Chairwoman, Federal Deposit Insurance Corporation, 2006-present; dean's professor of financial regulatory policy, University of Massachusetts-Amherst, 2002-06; assistant secretary for financial institutions, Treasury Department, 2001-02; senior vice president for government relations of the New York Stock Exchange, 1995-2000; a commissioner and acting chairwoman, Commodity Futures Trading Commission, 1991-95; worked for former Senate Majority Leader Bob Dole, 1981-88.

ANDREW CUOMO

Education: Fordham University, 1979; Albany Law School, 1982.

Experience: New York attorney general, Jan. 1, 2007-present; Island Capital Group real estate investment firm, vice president, 2004-05; secretary, Department of Housing and Urban Development, 1997-Jan. 20, 2001; assistant HUD secretary, 1993-96; founded Housing Enterprise for the Less Privileged in 1986 and left his law practice in 1989 to run HELP full time; private law practice 1985-89; assistant district attorney in Manhattan, 1984; special assistant to the governor, 1983; managed father Mario Cuomo's successful campaign for governor in 1982.

TIMOTHY F. GEITHNER

Education: Bachelor's degree, Dartmouth College, 1983; master's degree, John Hopkins University, 1985.

Experience: President and CEO, Federal Reserve Bank of New York, 2003-present; director of the policy development and review department, International Monetary Fund, 2001-03; various positions, Treasury Department, 1988-2001; employed at Kissinger Associates Inc., 1985-88.

LAWRENCE SUMMERS

Education: Bachelor's degree, Massachusetts Institute of Technology, 1975; doctorate degree, Harvard University, 1982.

Experience: Managing director, D.E. Shaw & Co., 2006-present; president, Harvard University, 2001-06; secretary, Treasury Department, 1999-2001; deputy secretary, Treasury Department, 1995-99; undersecretary, Treasury Department, 1993-95; chief economist, World Bank, 1991-93; has taught at Harvard University and Massachusetts Institute of Technology.

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