The perils of flying solo

It’s not easy to fix the plane when you’re flying it.

That’s the unpleasant truth Timothy Geithner is learning at the Treasury Department, where he is trying to fix the worst financial crisis in generations at an agency he is running by himself.

Geithner is still the only Senate-confirmed appointee at Treasury, a remarkable fact that is also disturbing, since it is the most important agency in the federal government today. It’s not good for the country to have the department dealing with the recession running at anything less than full steam.

It’s difficult to imagine Treasury’s handling of bonuses to AIG executives was not affected by the slow pace in filling Treasury’s vacancies.

As The Hill’s Silla Brush reports today, it is clear to people who worked at Treasury that Geithner needs help. “Geithner is, no doubt, a sharp guy, but he’s not a superhero,” a former Treasury official told Brush. “He can only be at one place at one time.”

Treasury still has no deputy secretary, and only one undersecretary has been nominated so far. He still must be confirmed by the Senate.

But it’s not the Senate’s slow confirmation process that’s to blame.

President Obama has made only four nominations to the two dozen or so positions at Treasury requiring Senate confirmation, including Geithner.

The reasons are varied. Obama’s administration has tightened its vetting process, partly because of tax problems that came up with Geithner.

It also can be hard to find appointees, particularly if those most qualified to deal with Wall Street and high finance have employment histories that don’t suit prevailing concerns.

H. Rodgin Cohen, who earlier this month withdrew his name from consideration as Geithner’s deputy, would seem like exactly the kind of candidate the country would want at Treasury.

The chairman of the New York law firm Sullivan & Cromwell, Cohen has represented or consulted for Barclays, Lehman Brothers and Wachovia, among other financial titans. You’d think the country could be helped by officials with such a deep knowledge of the industries at the heart of today’s crisis.

But The Wall Street Journal also wrote that Cohen is “in demand because he helped mold the financial system that is now under assault” and “helped draft the rules that led to the emergence of powerful national banks.”

Though it is unclear why Cohen’s name was withdrawn, it seems possible that worries his work might have provoked political attacks was a reason.

It is impossible not to feel some sympathy for Geithner, who inherited deep challenges from Henry Paulson, his predecessor at Treasury.

Paulson also felt the sting of public criticism after earning raves during his first year in office. In fact, when the Dow Jones Industrial soared more than 500 points the day Geithner’s nomination was announced, some commentators attributed it to happiness that someone other than Paulson would be in charge.

Markets, like politicians, can be fickle. More recent stories about Geithner have focused on the lack of confidence in him among markets and politicians alike.

Geithner would have a better chance of rebuilding confidence, and improving the economy, with some more co-pilots.