H. Rodgin Cohen, Top Treasury Pick, Withdraws From Consideration

WASHINGTON — A prominent New York attorney has withdrawn from consideration for the No. 2 job at the Treasury Department, the second person to drop out of the running for the post, a Democratic source said Thursday.

The Democratic source, who spoke on condition of anonymity because it involved personnel matters, said that H. Rodgin Cohen had asked to have his name removed from consideration for the job of deputy Treasury secretary.

The Obama administration has had trouble filling posts at the Treasury Department, leaving Treasury Secretary Timothy Geithner as the only official whose nomination has cleared the Senate confirmation process as the administration grapples with the worst economic crisis in seven decades.

Cohen, a partner with the New York law firm of Sullivan & Cromwell LLP, had been considered a leading candidate for the post as Geithner's deputy. The withdrawal was first reported by ABC News, which quoted sources as saying Cohen decided to take his name out of the running after an issue arose in the vetting process.

Cohen did not immediately respond to a request for comment.

Last week, sources said that Annette Nazareth, a former commissioner at the Securities and Exchange Commission, had withdrawn from consideration for the same job.

Responding to criticism about the slowness of the nomination process, the administration on Sunday announced the names of three officials being nominated for top Treasury jobs _ David S. Cohen to be assistant secretary in dealing with terrorist financing, Alan B. Krueger for assistant secretary for economic policy, and Kim N. Wallace as assistant secretary for legislative affairs.

Each nominee is already working as a counselor to Geithner.

Treasury officials have said that the criticism about the staffing process was unfounded, contending that the pace of the nominations has not been slower than in previous administrations.

They have argued that the agency has been aggressive in dealing with the financial crisis, the auto industry bailout and measures to combat a wave of home mortgage foreclosures.

Some on Capitol Hill had expressed concern that Nazareth, who had also worked on the SEC staff before becoming a commissioner, had been too closely associated with the weak federal oversight that contributed to the banking collapse. Among her responsibilities at Treasury would have been overseeing the creation of a new regulatory system for large financial institutions.

Comments

[ChinaC]

It will be easier to find a monkey with a wooden leg than a Democrat that pays taxes.

[swo68]

That's why they're so in favor of taxes... they don't pay them.

[mick7191]

That's not true. I pay my taxes. Now, if you apply that metaphor to a republican with ethics, you would have something.

[swo68]

That's a lie. Democrats do not pay taxes. Ever.

[obamanomics]

I notice this article is quickly making it's way to the bottom of the page and never made it to the top. In other news the most ethical Admin. in history is begining to look like somewhat of a bad joke.

[randman2009]

It will disappear soon. The truth about the Obamasiah is not recieved well around here. It doesnt conform well to the predetermined narrative.

[Carolab]

An in-depth article on Cohen:

Fed bailouts, mergers, stake sales and bankruptcies ... as Wall Street has transformed, Sullivan & Cromwell LLP chairman H. Rodgin Cohen has been there.

Alongside Wachtell, Lipton, Rosen & Katz co-chair Edward Herlihy, Cohen is easily one of the top banking M&A attorneys and as a Wall Street Journal item Thursday put it, counts "virtually all of Wall Street as his client." He's had a busy few months and in particular, a busy few weeks.

He helped mold the financial system that is now under assault. He helped draft the rules that led to the emergence of powerful national banks, waged the first hostile bank takeover in the U.S. and lobbied, in the early 1990s, to expand the Federal Reserve's power to provide the emergency loans now being employed by the government.

(MUCH MORE)

http://www.thedeal.com/dealscape/2008/10/h_rodgin_cohen_earning_his_kee.php#bottom

[PhilipTaylor]

Thank goodness he is gone!

He would not have changed anything! Some little fine-tuning at best!

[KAZPORT]

To rsprags: George Steph. gets his briefings straight from Rahmbo. If they even brought this guys name up and threw it out there they were stupid. Anyone that is in lawsuit for sexual harrassment should not have even been talked about. That is just plain idiotic. Would you think that was a big deal or not? Maybe you think it was okay that he was involved with something like that. I thing if he had become a nominee it would have really come out what went on and Obama would have looked even worse. Tax Cheats, Sexual Harrassment etc.

[americansheep]

Hey, that Bernie Madoff guy is not busy and he needs to do some serious community service. Nominate him for number two.

[Agent420]

His fingers are too sticky.

[research]

Kucinich is the only congressmen to go up against the Banksters and not blink.

[Bitsko]

Den's top donors:
http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00003572

Nothing against the representative, but why is the US Dept of the Interior listed as giving $2,500 to his campaign?

[research]

That's not what you link pointed to.

Till we have public only financed elections,

Every candidates gets money from every player.

[breakfast]

Why would anyone competent enough to do the job wish to join an administration that is determined to paper over the problem rather than address the fundamental causes? Who would want to be a part of this continuing scam?

[ejhickey]

Is it time for conscription yet? (just kidding)

[KAZPORT]

When they threw the name H. Rodgin Cohen. I looked him up on the Law News he was in a lawsuit for Sexual harassment of a gay associate. It got pretty ugly. I don't know if that had anything to do with him withdrawing. However I sent the information to the news and no one felt it was news worthy.
If you want to look at the articles just go on the website "above the law" and plug in his name.
a few articles on the subject. I thought it was kind of a big deal. Considering this is a pretty big job.

[dissanayake]

There are more tax cheats among the rich than middle class. Because IRS thiner ks twice before they go after people than can afford high priced tax attorneys to defend them. Easier to go after the average guy.

[Citizen-Jane]

Has John McCain asked for a Tresury dept shut down since its not fully staffed? "Waste of taxpayers money not fully operational."

Obama has done more with less than the previous administration with a fully staffed treasury dept.

It's only been a little over fifty days in offices and yet I feel that our President is actually comprending, working closely with and will continue to do so with the treasury dept.

It's not one of those annoying depts that takes attention away from the Dept of Defense and Security dept where you can listen on peoples conversation and hear what they are saying about you. That was more important to good ole George you know. If not for this econmic crisis this would be yet another Dept the repugs would like eliminate from our government.

Get used to it Repugs. Obama a President that can chew gum and walk at the saaaaaammme tiiimme.

[swo68]

"Obama has done more with less..."

More harm than good? The jury is still out on that one. Lets see where we are in a year.''

"...and yet I feel..."

Feelings are no replacement for actual thought.

[KAZPORT]

yes and he has been caught on camera chewing gum. Which for a president is disgusting and classless. I would rather he stopped chewing gum and did one thing at a time like fix the economy. He is jamming everything in while is populairty rating is high. All the liberal programs that he can get passed now he will. And Pelosi and Reid aren't even letting the ink dry.

[HeartT]

I really wish you'd find something real to complain about. We have a country full of cheats and liers in leadership roles. The President is having a hard time finding an honest worker on either side out of the crop of greedy, power-hungry politicians and economists produced by the non-regulatory Bush administration. I say to you and all who want to see this president fail, put up or shut up. Offer something useful for the common good or keep your negativity to yourself.

[Agent420]

Go out and buy yourself a life.

[x004Ronin]

Withdrawal from "Consideration" is different from Withdrawal from "Nomination."

[swo68]

Could it be simply that no one wants their finger prints on this economy?

[Geoffrey W]

They do not want to be part of this Socialist agenda

[bebrave]

Right! After all their fingerprints are already on this colossal breakdown. Why try to repair what was broken.

[DFL]

Barack wants only the best and not too many measure up.

[hillvoter]

Don't give up on the dream.