Hedge Fund Founder Withdraws Bailout Post Candidacy

Mar 25 2009 | 2:06am ET

The hedge fund manager tipped to head the federal government’s bank bailout program has withdrawn from consideration.

Frank Brosens, founding partner of Taconic Capital Advisors, had been Treasury Secretary Timothy Geithner’s top choice to head the $700 billion Troubled Asset Relief Program. But he no longer wishes to be considered for the post, which requires Senate confirmation, according to several published reports.

Brosen’s decision leaves TARP in the hands of Neel Kashkari, a holdover from the George W. Bush administration. According to The Wall Street Journal, Geithner is already considering new candidates, including Fannie Mae CEO Herb Allison.

Geithner complained today that filling vacancies in the Treasury Dept. has been difficult.

“We’re finding a lot of people willing to come serve their country at this moment of challenge, and I think that’s very encouraging,” he told the House Financial Services Committee. “We’re going to need some more people, though, and we’re working very hard to bring in enough talent to help us get through this.”

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