megimoo
03-25-2009, 12:24 PM
Treasury's Top Candidate to Run TARP Drops Out
WASHINGTON -- The leading candidate to run the Treasury Department's $700 billion bailout program has withdrawn his name from consideration, according to people familiar with the matter.
Frank Brosens, a hedge-fund manager and big Democratic donor, was considered the top contender to run the Treasury's Troubled Asset Relief Program.
Treasury Secretary Timothy Geithner is now considering several other candidates, including Herb Allison, who currently heads mortgage titan Fannie Mae.
Frank Brosens, a hedge-fund manager and big Democratic donor, was considered the top contender to run the Treasury's Troubled Asset Relief Program. Treasury Secretary Timothy Geithner is now considering several other candidates, including Herb Allison, who currently heads mortgage titan Fannie Mae.
The withdrawal comes as Mr. Geithner moves to fill out other parts of his team at the Treasury. He has been operating with a small crew of advisers since taking office in January. The lack of manpower at the Treasury comes at a precarious time, given the focus on fixing the financial crisis.
Mr. Brosens, who campaigned for Mr. Obama, said he withdrew his name for personal reasons, including wanting to remain at his hedge fund, Taconic Capital Advisors. "I very much wanted to find a way to serve," he said. Among the reasons he cited for withdrawing was the need to commute between Washington and New York, where his son is in school.
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Bio :Frank Brosens
Frank Brosens is a co-founder of Taconic Capital Advisors, a NYC multi-strategy firm primarily focused on event investing with assets under management slightly exceeding $7 Billion. He is primarily involved in management and risk control, and oversees Taconic's investment activities.
Mr. Brosens spent 15 years at Goldman, Sachs & Co. where he was a general partner. While at Goldman, Sachs & Co., he was head of the risk arbitrage area, the stock options business, the equity derivatives area, the Japanese warrants business (which he co-founded), as well as co-head of the energy trading business. He also served on several of the firm's principal investment committees.
Mr. Brosens serves as a Director of the Princeton University Investment Company (PRINCO). He formerly served as Chairman of the Board of the Northern Westchester Hospital.
Mr. Brosens received a B.S.E. in Mechanical & Aerospace Engineering, magna cum laude, from Princeton University in 1979, where he was elected to Phi Beta Kappa. He is married and has four boys.
http://online.wsj.com/article/SB123792884135530101.html
WASHINGTON -- The leading candidate to run the Treasury Department's $700 billion bailout program has withdrawn his name from consideration, according to people familiar with the matter.
Frank Brosens, a hedge-fund manager and big Democratic donor, was considered the top contender to run the Treasury's Troubled Asset Relief Program.
Treasury Secretary Timothy Geithner is now considering several other candidates, including Herb Allison, who currently heads mortgage titan Fannie Mae.
Frank Brosens, a hedge-fund manager and big Democratic donor, was considered the top contender to run the Treasury's Troubled Asset Relief Program. Treasury Secretary Timothy Geithner is now considering several other candidates, including Herb Allison, who currently heads mortgage titan Fannie Mae.
The withdrawal comes as Mr. Geithner moves to fill out other parts of his team at the Treasury. He has been operating with a small crew of advisers since taking office in January. The lack of manpower at the Treasury comes at a precarious time, given the focus on fixing the financial crisis.
Mr. Brosens, who campaigned for Mr. Obama, said he withdrew his name for personal reasons, including wanting to remain at his hedge fund, Taconic Capital Advisors. "I very much wanted to find a way to serve," he said. Among the reasons he cited for withdrawing was the need to commute between Washington and New York, where his son is in school.
.........................
Bio :Frank Brosens
Frank Brosens is a co-founder of Taconic Capital Advisors, a NYC multi-strategy firm primarily focused on event investing with assets under management slightly exceeding $7 Billion. He is primarily involved in management and risk control, and oversees Taconic's investment activities.
Mr. Brosens spent 15 years at Goldman, Sachs & Co. where he was a general partner. While at Goldman, Sachs & Co., he was head of the risk arbitrage area, the stock options business, the equity derivatives area, the Japanese warrants business (which he co-founded), as well as co-head of the energy trading business. He also served on several of the firm's principal investment committees.
Mr. Brosens serves as a Director of the Princeton University Investment Company (PRINCO). He formerly served as Chairman of the Board of the Northern Westchester Hospital.
Mr. Brosens received a B.S.E. in Mechanical & Aerospace Engineering, magna cum laude, from Princeton University in 1979, where he was elected to Phi Beta Kappa. He is married and has four boys.
http://online.wsj.com/article/SB123792884135530101.html