Hurricane Warren?

Even if he does appoint her, I’m pretty sure that Geithner has already staffed the agency with his own minions to undermine her. But maybe I’m too cynical!

Wall Street is preparing for a hurricane starting with the letter E, but it’s not Earl, it’s Elizabeth, as in Warren.

Bankers appear to be resigning themselves to a fate worse than tougher financial regulation: The hard-charging Harvard professor, who oversees TARP funding, seems a near-cinch to be named the nation’s consumer watchdog.

“At this point, it seems pretty clear that she’s going to get the nomination,” said one high-ranking bank official, noting that President Obama, who has been sliding in the polls, could use a Warren nomination as a rallying point.

President Obama — seen here playing golf in Martha’s Vineyard last week — may name Wall Street nemesis Elizabeth Warren the new consumer watchdog during a Senate recess period, avoiding a confirmation hearing for a year.

For now, sources are speculating that President Obama may grant a so-called “recess appointment” for Warren over the coming weeks or months. Congress is currently in recess until after Labor Day; the next such break is after Oct. 8.