Tim Pawlenty announced today he’s resigning as co-chair of the Romney presidential campaign. As of November 1st, he will take over as the CEO of The Financial Services Roundtable, a banking lobby that represents Wells Fargo and J.P. Morgan as well as other financial companies that represent over 92 trillion dollars in assets. This is more bad news for the beleaguered Romney campaign; Tim Pawlenty has been involved in the Romney campaign since he ended his own presidential bid in May of last year.
Pawlenty said in a statement released by the Romney campaign that Romney has his full support and continued faith in his vision and policies.
“My new position as CEO of The Financial Services Roundtable does not allow me to participate in partisan campaign activities. For that reason, I am stepping down from my position as co-chair of Mitt Romney’s presidential campaign,” Pawlenty said.
Romney called Pawlenty a dear friend who will be missed.
“While I regret he cannot continue as co-chair of my campaign, his new position advancing the integrity of our financial system is vital to the future of our country. I congratulate him on his new position and wish him every success in carrying out his new mission,” he said.
This news comes on the heels of Romney’s recent disastrous comments on Libya and the 47% video. But if you interpret Pawlenty’s resignation as either an act of contrition or abandonment of a sinking ship, you have to admit Pawlenty is failing upward.