Top aid to Treasury Secretary Timothy Geithner and partial architect of the Federal plan following the financial crisis Lee Sachs, announced his departure from the Treasury. The 46-year-old Sachs will step down from his post next month after achieving his primary objective. Sachs did not want to leave to Treasury before he felt secure in the stabilization of the financial sector.
Geithner spoke highly of Sachs saying his former aid “displayed great judgment and skill in helping the president navigate the greatest financial crisis since the Great Depression." Sachs guidance appears to be over as the U.S. continues in its slow recovery.
The Treasury is slowly withdrawing government supports put in place to help ease the effects of the financial crisis. Sachs leave comes as the Treasury reassigns its crisis response team to other areas of trouble like capital markets and housing finance.
The new division charged with these tasks will be called, the office of Capital Markets and Housing Finance and will operate beneath the leadership of senior Geithner advior, Matt Kabake. Before working in the Treasury Kabak served as managing director at Blackstone Group LP.
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