Obama picks for Treasury

NY Federal Reserve Bank President Timothy Geithner will be nominated for the post, according to several news reports - and stocks have climbed back into the plus column after a very choppy morning. The Dow is up over 300 points with 30 minutes to go. There’s obviously some sort of cause and effect - Geithner should be a fairly popular choice on Wall Street. Unfortunately, Citigroup shares continue to tumble. From AP:

Raising more money on the open market is "pretty much off the table" with shares at $4, said William Fitzpatrick, an equity analyst at Optique Capital Management Inc. And raising more cash from outside investors or the government would be "a Band-aid." "You're going to have to see more sizable divestitures," Fitzpatrick said. "They're going to have to make changes here, and they don't have time on their side anymore."