Hedge Funders Push For Geithner At Fed

Sep 27 2013 | 10:27am ET

If hedge funds can't have Lawrence Summers heading the Federal Reserve, they'd like to see one of his successors as U.S. Treasury secretary take the helm at the central bank.

Timothy Geithner's name was on many lips at the SkyBridge Alternatives Conference in Singapore this week. Geithner, who served as Treasury secretary during President Barack Obama's first term, spoke a the event on Wednesday.

Geithner's discussion was closed to the press, but he offered "measured comments" and avoided discussion of his own interest in succeeding Ben Bernanke at the Fed. Geithner has previously said he has no interest in returning to Washington, D.C.

"There was a strong feeling that if [Geithner] decided to take the Fed job, everybody here in Singapore believed it would be the most bullish thing for markets, for continuity of Fed policy," Gary Kaminsky, vice chairman of Morgan Stanley Wealth Management, told CNBC. There was a "big, unanimous decision" among the hedge fund managers present that "they'd like to see" Geithner, who served as president of the New York Federal Reserve Bank during the financial crisis, "take that job if offered."

There is currently no indication that it will be: Fed Vice Chairwoman Janet Yellen is still seen as the favorite for the post, following Summers' withdrawal from consideration. Earlier this week, Highbridge Capital Management co-founder Glenn Dubin and Avenue Capital Group chief Marc Lasry told a Bloomberg summit that Summers would have made a "great" Fed chairman.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of