Who's Going To Replace Larry Summers?
President Obama is supposedly going to name a new economic adviser to replace the outgoing Larry Summers.
Robert Gibbs, who was on CNN's "State of the Union" program, said there were no expectations for major changes in Obama's cabinet.
"I expect the president will make a new announcement on a new NEC director probably the first week or two weeks after Congress comes back into session," Gibbs said.
Summers was seen as potentially too close to Wall Street, having been a managing director at hedge fund D.E. Shaw.
Despite this, rumors continue to run rampant that another Wall Street big wig Roger C. Altman of Evercore Partners (NYSE: EVR) is potentially in line for the job.
Should Altman get the job, this could be potentially beneficial for the financial sector, and investors and traders could potentially profit from going long financial-related names and ETFs, such as Citigroup (NYSE: C), Bank of America (NYSE: BAC), Evercore and the Select Sector SPDR Financial ETF (NYSE: XLF).
Disclosure: long C
