Did Obama Just Deal Death Blow To Wall Street?

Reports surfaced that Tim Geithner would be nominated for Treasury Secretary back in November 2008, the Dow Jones industrial average surged 494 points. On Wednesday, Obama indicated that he would nominate Jack Lew to replace Geithner. The market shrugged, with most of its modest gains coming before word spread of the Lew nomination.

But at least stocks didn't tank. A number of Wall Streeters have been saying for awhile that Lew, who had been widely rumored to be Obama's top pick for the job, was a bad choice. Lew has very little experience on Wall Street, and none as a regulator. Some said appointing a person unknown to Wall Street would rattle markets.

That didn't happen, but that hasn't stopped the parade of misgivings of Wall Streeters about Lew.

"He's an empty suit," says market strategist James Bianco, who heads up his own Chicago-based research firm. "In Wall Street's mind, Lew is the fifth best choice."

Initially, it seemed that Obama would go out of his way to reconcile with Wall Street bankers, who overwhelmingly supported Mitt Romney, after the election. And Obama has held meetings with top executives and bank CEOs. Lew has even met with JPMorgan Chase (JPM) CEO Jamie Dimon.

But by picking Lew, Obama is signaling he won't be bending over backwards to win back Wall Street's support. And depending on where you sit, or more accurately work, you may not view that as a good thing. Wall Street veteran Wilbur Ross, who heads private equity firm WL Ross and was a vocal supporter of Mitt Romney during the election, was quick to note how Lew's lack of Wall Street chops when compared to Geithner.

LINK: [link to finance.fortune.cnn.com]