A Key Position Still Empty.

• Author: Pethokoukis, J.

Of particular importance to U.S. Treasury Secretary Hank Paulson during the financial crisis was David McCormick, the Treasury's under secretary for international affairs. In his 2010 book, On the Brink: Inside the Race to Stop the Collapse of the Global Financial System, Paulson describes how McCormick helped guarantee a much-needed $9 billion investment in Morgan Stanley from a Japanese bank just weeks after Lehman Brothers collapsed. At the same time, Paulson credits McCormick with managing the concerns of international investors, finance ministers, and central bankers over the U.S. government actions, all the while maintaining constant contact with the Chinese government in an attempt to convince Chinese banks not to flee money market funds. McCormick's deft, if not well-known, leadership comes as no surprise given his extensive experience, which included time as Bush's deputy...