BusinessCompany NewsSnow predicted at US Treasury

Snow predicted at US Treasury

Reports from the US suggest that the man who will replace Paul O'Neill as the next US Treasury secretary will be John Snow, a former lawyer and economist.

Link: Markets shudder as O’Neill resigns

Reports from the online editions of the Washington Post and the New York Times, say Snow, 63, the boss of freight transportation company CSX, has been appointed by president Bush.

His appointment will need to be approved by a legal and financial review, to be carried out by the White House.

Former Goldman Sachs chairman Steven Friedman is said to be replacing Lawrence Lindsey, the chief economic adviser to the president, who also resigned at the same time as O’Neill.

Both resignations are believed to be the result of pressure from the Bush administration, which, according to reports, did not feel the two men had the support of Congress or Wall Street.

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