Financial Shakeup

By: Associated Press
By: Associated Press

Several officials said President Bush already has a nominee to replace Treasury Secretary Paul O'Neill. But, said the sources, no offer has been extended.

The president pushed O'Neill and economic advisor Larry Lindsey from their jobs Friday in a Cabinet shakeup designed to control political damage from the ailing economy.

Two senior White House officials said the tentative pick to succeed O'Neill is known on Wall Street, and has experience with both the economy and government -- but is not necessarily a household name.

Sources said Lindsey's replacement is expected to be Stephen Friedman, a former chairman of Goldman Sachs.

The announcement that O'Neill and Lindsey had resigned lifted Wall Street from an early slump caused by a disappointing unemployment report. As one analyst put it: “The market doesn't like O'Neill.”

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