Brosens bows out of TARP


Frank Brosens, cofounder of Taconic Capital Advisors, came within a hair of heading the U.S. Treasury Department's $700 billion Troubled Asset Relief Program before withdrawing from consideration. Although the decision was made earlier, news of Brosens' withdrawal hit the wires on March 24, just hours after Treasury Secretary Timothy Geithner was grilled about the cozy relationship between his department and several former executives of Goldman Sachs, of which Brosens was a partner. A big fundraiser for President Obama, Brosens said he wanted to remain at Taconic and that his decision was for personal reasons.