It was just two weeks ago that the media was wondering not if but when President Obama would oust Treasury Secretary Tim Geithner (pictured). Then with the announcement of his public-private investment plan, or PPIP, to help banks unload those toxic assets causing much of their trouble, Geithner began to fight off the perception that he was in over his head. The markets responded positively to the new Geithner, and the media's tone quickly changed. Wondering how the Treasury secretary went from zero to hero in two weeks? The Deal's corporate cousin, New York magazine, offers an answer: Michael Sheehan, the longtime Democratic media trainer.
Sheehan, who is best known for his years working with President Clinton, has worked for President Obama in the past, prepping the then-senator for his 2004 convention keynote and on the 2008 campaign, specifically Obama's nomination acceptance at the Democratic convention and his debates with Sen. John McCain, R-Ariz.
As for Sheehan's work with Geithner, New York magazine writes:
" 'The words haven't changed much since his confirmation,' observes [Democratic consultant David] Dreyer of Geithner, 'but he sounds and looks more confident. The climate is getting better -- meaning he has a program, Obama's steadfast support, and somewhat steadier markets -- and these give him a bit of wind at his back.' "
In fact, Dems have a nickname for Geithner's transformation, the Sheehan effect. - Matthew Wurtzel
See story from New York magazine
See related story about Geithner's resurgence from Dealscape
See Dealscape post on Geithner critics
See Deal Pipeline story on toxic asset plan (subscription required)
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