US Treasury secretary O'Neill resigns | FT

President George W. Bush's economic team was in disarray on Friday after Paul O'Neill, US treasury secretary, and Lawrence Lindsey, White House economic adviser, announced their resignations.

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Nick Parsons, global head of currency research at Commerzbank said markets should bear in mind that Mr O'Neill was "a very ineffective Treasury secretary": "He offered no sound analysis of America's economic problems, no understanding of the current situation and no ideas about how to fix them." more