New York Fed starts search for Geithner successor

The New York Federal Reserve has set up a panel to search for a successor to Tim Geithner, the current president of the central bank who was last week announced as the new treasury secretary.

The selection procedure for New York Fed chief is regarded as a long and arduous process, exemplified by the nine-month gap between McDonough's departure and Geithner's appointment. However, such a gap this time around would be unthinkable given the current crisis.

Geithner, who has headed the central ba