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September 5, 2008 8:27:59 PM CDT

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Treasury Secretary Won't Jump to Citigroup

Posted Dec 5, 07 4:38 AM CST in Politics,  Business 

(Newser) – Treasury Secretary Hank Paulson will stick it out until the end of the Bush presidency and won't jump to Citigroup, the Financial Times reports. His name had been mentioned in connection with the vacant top spot at Citigroup and investors are likely to be disappointed that he has ruled himself out. Citigroup is hoping to find a new boss within the week.

"Let me say I'm going to be running full speed here at Treasury right up until the end of President Bush's term," Paulson told reporters. "I'm going to be doing everything I can to help the US economy." Citigroup insider Vikram Pandit is now thought to be the favorite to replace Chuck Prince.

Source Financial Times (UK)

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The Citigroup Center, left, is reflected in a neighboring building on Monday, Nov. 5, 2007 in New York. Citigroup's search for a new chief executive continues.(AP Photo/Mark Lennihan)   (Associated Press)
U.S. Treasury Secretary Henry Paulson speaks to an audience in New York. Paulson has quashed rumors that he was to move into the top job at Citigroup. (AP Photo/Frank Franklin II)   (Associated Press)
President Bush, left, walks with Treasury Secretary Henry Paulson into the Treasury Department in Washington, Wednesday, Aug. 8, 2007. (AP Photo/Evan Vucci)   (Associated Press)
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