US President elect Barak Obama was at last able to give a fillip to the failing US stock markets, by announcing Timothy Geithner, head of the Federal Reserve Bank of New York, as the new US Treasury Secretary.
The news reported by NY Times, sent US stock markets zooming by over 6% yesterday, after the severe beating they took in the last two weeks after Obama was elected as new US President. Timothy has a good track record in coordinating with out going Treasury Secretary Henry Paulson on financial crisis issues involving Lehman Bros, AIG and Morgan Chase.