Prior to co-founding the technology investment firm, Genachowski spent time as chief counsel to ex-FCC chairman Reed Hundt and was also the chief of business operations at Internet company IAC/Interactive. Earlier in his career Genachowski worked as a clerk to U.S. Supreme Court Justices David Souter and William J. Brennan, and was also on the staff of the Congressional committee investigating the Iran-Contra affair. The executive has a long-standing friendship with Obama dating back to their time together at Harvard Law School. It has been rumored, however, that Genachowski is holding out for the FCC chairmanship. Obama's transition team refused to discuss the timing of the president elect's CTO appointment or the possible candidates when contacted by TheStreet.com today. In the current climate, it is almost impossible to predict when the appointment will be made, as the CTO's appointment is taking a back seat to more pressing concerns. With the U.S. unemployment rate at a 16-year high, ongoing turmoil on Wall Street., and heightened tensions in the Middle East, it is no surprise that Obama has focused attention on his economic team, the SEC, and the State Department. "Putting together the economic team and giving them firm marching orders has to take priority these days," explained Braunstein. "It would be nice to have a CTO involved in some of that, but I don't think that it rises to the level of importance of some of the economic stuff."