Winning Over Wall Street

Has Treasury Secretary Timothy Geithner saved his job? It may be too soon to tell, but had his bank rescue plan flopped yesterday, it’s hard to see how he’d have hung on. Instead, the Dow Jones surged 500 points. The Obama administration spent much of the weekend trying to rally Wall Street behind the plan, after antagonizing bankers over the past week. Geithner and his team called executives to line up support for the plan, while Obama scaled back his prior endorsement of a 90-percent tax on bonuses. The administration also appointed two new people to help Geithner’s several understaffed team: Neal S. Wolin for deputy Treasury secretary, and Lael Brainard for under secretary for international affairs.