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Goolsbee says goodbye

Wednesday, June 08, 2011 - 01:37

June 7 - Summary of business headlines: White House is losing top economic adviser as recovery sputters; French Finance Minister Lagarde goes to India, but fails to get backing for IMF job. Conway Gittens reports.

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PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL Austan Goolsbee, head of the White House team of economic advisers, is calling it quits, less than a year after taking the top spot. According to the White House he's leaving to go back to teaching. But his departure comes at a critical time: there are signs the economy is weakening again - and the President has yet to convince Americans that he's on the right track when it comes to reviving the economy. The economy could be a weak spot as Obama enters his re-election campaign. French Finance Minister Christine Lagarde is in India lobbying for the job as the next head of the International Monetary Fund. But Pranab Mukherjee, India's Finance Minister didn't exactly give her a ringing endorsement, saying the tradition of giving a European the top post at the IMF is not the best way to fill the job. SOUNDBITE: PRANAB MUKHERJEE, INDIA'S FINANCE MINISTER, (ENGLISH) SAYING: "I explained to her our positions that we want selection of the managing director of IMF or that of the World Bank should be on the basis of merit, competence, in a transparent manner." Lagarde is seen as the frontrunner for the position left open when Dominique Strauss-Kahn was forced to resign due to charges he sexually assaulted a New York hotel maid. Conway Gittens, Reuters

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Goolsbee says goodbye

Wednesday, June 08, 2011 - 01:37