September 30, 2010 / 12:57 AM / 9 years ago

Morgan Stanley's Nides tapped for State Department

WASHINGTON, Sept 29 (Reuters) - U.S. President Barack Obama will nominate Morgan Stanley (MS.N) executive Thomas Nides, to be deputy secretary of state for management and resources, the White House said on Wednesday.

Nides, Morgan Stanley’s chief operating officer, would be the latest Wall Street executive to join Secretary of State Hillary Clinton’s team, following the hiring of Goldman Sachs Group Inc (GS.N) executive Robert Hormats last year.

Morgan Stanley, which received a $10 billion taxpayer bailout during the financial crisis, has emerged as one of the government’s go-to banks in the aftermath of the meltdown. The firm advised the U.S. Treasury on Fannie Mae FNMA.OB and Freddie Mac FMCC.OB and is handling the sale of the government’s stake in Citigroup Inc (C.N).

Morgan Stanley repaid taxpayers last year.

Nides has a long history in politics. His political resume includes managing campaigns for Sen. Joe Lieberman. He is the chairman of the Securities Industry and Financial Markets Association, an organization that lobbies on behalf of financial firms.

His financial career includes stops at Credit Suisse First Boston and Fannie Mae. Early in his career he was a chief of staff to the U.S. Trade Representative. (Reporting by Joanne Allen; Editing by Richard Chang)

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