Robert Hoyt, general counsel of the U.S. Treasury Department, had his resignation letter into then-President George W. Bush by mid-December. Like other political appointees, Hoyt was preparing to make room for President Barack Obama’s incoming team.
Last Saturday, though, Obama’s transition staff asked Hoyt to take back his resignation.
“Happily, I didn’t have a vacation planned,” says Hoyt.
Though he wasn’t given a specific time frame, Hoyt says it’s clear he is expected to stick around only for “a short period of time.”
With all the economic uncertainty, he says that by keeping him on board, the Obama team is “just making sure the building is prepared” for unexpected turmoil.
Indeed, Hoyt and the rest of Treasury’s 2,000-lawyer legal department have gotten a lot of experience handling financial crises crammed into a few short months. Hoyt and his staff have managed the legal work on a slew of government bailouts, including the rescues of Fannie Mae and Freddie Mac, American International Group, and the auto industry.
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