Save us from rewarmed failures

Recent reports have it that Annette Nazareth, former head of the SEC's division of markets and trading (its new name), was to be Tim Geitner's No. 2 at Treasury, but withdrew due to fears of her failed tenure at the SEC.

I'ts about time. Failures should be put to pasture. Nazareth is a classic see-no-evil regulator, captured by industry interests.

What does this tell us about Geithner?? Remember, Geithner was head of the NY Federal Reserve, which was supposed to regulate banks.

From the NY Times today:

The Treasury’s staff problems took another turn for the worse in recent days, when the administration’s preferred candidate for the No. 2 spot at Treasury, Annette L. Nazareth, withdrew her name from consideration.

Administration officials said Ms. Nazareth, a former top official at the Securities and Exchange Commission, did not have tax problems. Rather, administration officials were worried that political opponents would seize on her years as an S.E.C. commissioner and, before that, the agency official in charge of overseeing the markets. The S.E.C. has been harshly criticized for its lax enforcement.