WASHINGTON — The selection of Tim Pawlenty as the next chief executive of the Financial Services Roundtable came as a shock to both those inside and outside the beltway for at least two reasons.

For one, Pawlenty, the co-chairman of Mitt Romney's presidential campaign, was seen as a shoo-in for a cabinet spot should the Massachusetts Republican win the White House in November. In announcing he was taking the job Thursday, Pawlenty ruled out any future in a Romney administration.

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