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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsEnough Is Enough: The President's Latest Wall Street Nominee - Elizabeth Warren/HuffPo
Enough Is Enough: The President's Latest Wall Street NomineeElizabeth Warren - HuffPo
Posted: 11/19/2014 6:13 pm EST Updated: 11/19/2014 6:32 pm EST
<snip>
I believe President Obama deserves deference in picking his team, and I've generally tried to give him that. But enough is enough.
Last Wednesday, President Obama announced his nomination of Antonio Weiss to serve as Under Secretary for Domestic Finance at the Treasury Department. This is a position that oversees Dodd-Frank implementation and a wide range of banking and economic policymaking issues, including consumer protection.
So who is Antonio Weiss? He's the head of global investment banking for the financial giant Lazard. He has spent the last 20 years of his career at Lazard -- most of it advising on international mergers and acquisitions.
That raises the first issue. Weiss has spent most of his career working on international transactions -- from 2001 to 2009 he lived and worked in Paris -- and now he's being asked to run domestic finance at Treasury. Neither his background nor his professional experience makes him qualified to oversee consumer protection and domestic regulatory functions at the Treasury. As someone who has spent my career focused on domestic economic issues, including a stint of my own at the Treasury Department, I know how important these issues are and how much the people in Treasury can shape policies. I also know that there are a lot of people who have spent their careers focused on these issues, and Weiss isn't one of them.
The second issue is corporate inversions. Basically, a bunch of companies have decided that all the regular tax loopholes they get to exploit aren't enough, so they have begun taking advantage of an even bigger loophole that allows them to maintain their operations in America but claim foreign citizenship and cut their U.S. taxes even more. No one is fooled by the bland words "corporate inversion." These companies renounce their American citizenship and turn their backs on this country simply to boost their profits.
One of the biggest and most public corporate inversions last summer was the deal cut by Burger King to slash its tax bill by purchasing the Canadian company Tim Hortons and then "inverting" the American company to Canadian ownership. And Weiss was right there, working on Burger King's tax deal. Weiss' work wasn't unusual for Lazard. That firm has helped put together three of the last four major corporate inversions that have been announced in the U.S. And like those old Hair Club commercials used to say, Lazard isn't just the President of the Corporate Loopholes Club -- it's also a client. Lazard moved its own headquarters from the United States to Bermuda in 2005 to take advantage of a particularly slimy tax loophole that was closed shortly afterwards. Even the Treasury Department under the Bush administration found Lazard's practices objectionable.
The White House and Treasury have strongly denounced inversions, and rightly so. But they undercut their own position by advancing Mr. Weiss...
<snip>
More: http://www.huffingtonpost.com/elizabeth-warren/presidents-wall-street-nominee_b_6188324.html
RiverLover
(7,830 posts)I just love her. Thanks for posting this WillyT!!
Scuba
(53,475 posts)djean111
(14,255 posts)by the Third Way, by banks and corporations - they are being willfully blind. Liz Warren has been sidelined.
Hillary would just continue handing the reins to Wall Street.
Fawke Em
(11,366 posts)She just wrote this, didn't she?
djean111
(14,255 posts)I do not think for a second that she will have any real influence on legislation. I just have the feeling she is Reid's poster girl for progressives - see? We even have one on our committee!
1StrongBlackMan
(31,849 posts)djean111
(14,255 posts)I think she has been put in a position where the current Dem leadership can say "Your concerns are duly noted".
aggiesal
(8,911 posts)and start a "Progressive Party". Not that it has to be called Progressive Party,
but something that distinguishes the progressive side of the Democratic Party.
Maybe Roosevelt Party or ...
I'm sure we can think of others.
Would that change the name of this site to ProgressiveUnderground.com?
djean111
(14,255 posts)belzabubba333
(1,237 posts)lumberjack_jeff
(33,224 posts)Obama's choices of finance officals has been abysmal, and are 180° out from his rhetoric.
Autumn
(45,056 posts)post this in our group please. and a big rec
WillyT
(72,631 posts)Autumn
(45,056 posts)Le Taz Hot
(22,271 posts)K & R
beerandjesus
(1,301 posts)Give a speech taking the right side of an issue, then appoint someone on the wrong side of the issue to implement it.
It's incredible, after all that talk about how he was outsmarting the REPUBLICANS with his brilliant tactics......
tblue
(16,350 posts)RufusTFirefly
(8,812 posts)Dopers_Greed
(2,640 posts)bobduca
(1,763 posts)L0oniX
(31,493 posts)woo me with science
(32,139 posts)Corporate Rule. Bipartisan Oligarchy.
tblue
(16,350 posts)We're supposed to be distracted by the immigration move.
Obama: one step forward, 10 steps backward. Obama giveth. Obama taketh away.
pampango
(24,692 posts)work under protest, forced to assist this deal against his will? Did he speak out against tax inversions? Did he call out his company for profiting so handsomely from its tax loophole work? The claim of personal distaste is convenient, but irrelevant."
If they can prove that Mr. Weiss is opposed to inversions and will pursue that as government policy, then his intimate knowledge of how the process works might be an asset. As Warren states that is a rather tall hurdle to climb.
1StrongBlackMan
(31,849 posts)opposing something "personally" and still implementing it means that one will DO THE JOB THEY ARE HIRED FOR, right?
pampango
(24,692 posts)I did not quite understand your post.
1StrongBlackMan
(31,849 posts)President Obama has come out against inversion ... unwinding inversion is/will be Weiss' assignment ... the fact (assumption) that he is corporate banking tainted won't stop him from doing his job.
What continually amazes me is that so many people think that taking/doing a job and doing it well is some kind of political statement. It is not, unless that job is in politics.
As I've said before ... many here would have had Denver pass on Peyton Manning (for Quarterback) because he, once, was the very effective Quarterback for Indianapolis. Yes ... He was with the Colts; and now, he is winning games and setting records in Denver.
pampango
(24,692 posts)in the first place.
In many posts in government we want experts in whatever field is involved who have the experience and knowledge required but we want them to follow the policy set down by the administration that appoints them. I suspect that many who post against the Weiss nomination agree with this but are suspicious of the administration's policy and what Mr. Weiss will be expected to do.
1StrongBlackMan
(31,849 posts)I agree ... I can't understand it on this issue, but I agree.
rhett o rick
(55,981 posts)done. How has that worked for Pres Obama so far? I can't think of a case.
Not Gen Clapper, Brennan, Gen Alexander, Tim Geitner, Lawrence Summers, Ben Bernanke, William M. Daley, Jeff Immelt, Dave Cote, Robert Gates, Gen Stanley McChrystal, Jacob Lew, Jeremiah Norton, Gen Petraeus, Chuck Hegal, Michael Taylor, James Comey, Robert Mueller, Michele Leonhart (DEA), Lois Lerner (IRS), Arnie Duncan (education) , Rahm Emanuel, Penny Pritzker, Michael Froman as U.S. trade representative, Republican Senator Judd Gregg nominated to be Commerce Secretary, Kenneth Salazar (DINO) Dept of Interior.
None of these stellar nominations/appointments work(ed) to help the 99%. I think I left off Tom Wheeler.
He is putting a fox to guard the hen house and telling us to trust him that he told the fox not to eat the chickens. Fool me once shame on you...................... Mr. President you can't go fooling us again.
Thespian2
(2,741 posts)Has this administration done much more than appoint the worst possible people to critical financial offices? Thanks, O, for getting people ready for the next economic collapse.
Central Scruitinizer
(57 posts)Three times is a pattern
And the list you compiled is a complete record of progressives accepting this treatment the way domestic abuse victims accept their suffering.
On the initial days, I expressed my dismay when President Obama appointed Wall Street hucksters to his cabinet. I was told to shut up. I complained when he gave away the farm on every issue and was told rope a dope.
His Dept of State mounted a coup in a key Eastern European nation, and I was told to put on a tinfoil hat.
It is so sad to say that we have been fooled, lied to and shut out over this while Democrats lose Congress.
woo me with science
(32,139 posts)The PR talking points have moved beyond silly into the realm of alternate reality.
staggerleem
(469 posts)... is to pass a "corporate deserters" law, stating that if your company was originally headquartered in the US, and you move it elsewhere to avoid the responsibility of supporting the nation that supported your company, and provided it with an environment in which it could grow, you may no longer do any business here.
If leaving America means losing the American market, NOBODY will even consider it!
BTW, pampango - I find your signature somewhat confusing. Are you anti-FDR, and saying that the "New Deal" was a bad deal?
pampango
(24,692 posts)results using their "heads". In the quote he ridicules conservative and reactionaries which is a sentiment that many share. He does show disdain for radicals ("with both feet firmly planted - in the air" but he was quite 'radical' himself - in a practical way.
rhett o rick
(55,981 posts)Ichingcarpenter
(36,988 posts)As did his first choice for the NSA
As did his republican FBI choice
Sorry ..... I an't buying that revisionist spin
SpankMe
(2,957 posts)It agonizes me that someone like Elizabeth Warren is not being listened to by people in influential positions, and that thrusting her to higher levels of leadership would be so hard. With her positions on these important matters, she should be easy to elect as president or to appoint as a top dog over America's financial governance.
Mass
(27,315 posts)Dems lash out on GOPers taking the revolving door, but stay silent when it is a Democrat.
RufusTFirefly
(8,812 posts)Or are you just secretly working for Ted Cruz?
badtoworse
(5,957 posts)How do you gain the knowledge and experience to be effective at Treasury without working in the financial industry?
Enrique
(27,461 posts)when Bush nominated Paul O'Neill as Treasury Secretary, were you demanding he be replaced by a Wall Street banker?
badtoworse
(5,957 posts)I give little credence to folks who trash one person's idea without offering something better.
RufusTFirefly
(8,812 posts)Or a Nobel Prize winning economist like Paul Krugman?
There are hundreds and probably thousands of possible appointees who understand banking from the inside and out but who aren't moles for Wall Street.
Don't be a prisoner of the Fallacy of Antiquity.
Not only is "because that's the way we've always done it" not the only answer, it's probably the wrong answer!
badtoworse
(5,957 posts)RufusTFirefly
(8,812 posts)There should be no reason that we have to limit our choices to Wall Street insiders and suck ups, who may not value the interests of the country above their own and those of their power-broker pals
And if there IS some reason we need to limit our choices, we need to ask some serious and very troubling questions about what sort of country we've become.
I for one am grateful to Senator Warren for drawing our attention to this problem.
badtoworse
(5,957 posts)woo me with science
(32,139 posts)TinkerTot55
(198 posts)Seems that was the same argument made about Sen. Elizabeth Warren when there was talk of a federal appointment for her too.
Or perhaps it's the conservative opposition to anyone who might actually DO SOMETHING to reign in the criminal element on Wall Street?
Martin Eden
(12,863 posts)Weiss has spent most of his career working on international transactions -- from 2001 to 2009 he lived and worked in Paris -- and now he's being asked to run domestic finance at Treasury. Neither his background nor his professional experience makes him qualified to oversee consumer protection and domestic regulatory functions at the Treasury. As someone who has spent my career focused on domestic economic issues, including a stint of my own at the Treasury Department, I know how important these issues are and how much the people in Treasury can shape policies. I also know that there are a lot of people who have spent their careers focused on these issues, and Weiss isn't one of them.
I'm fairly confident Warren knows several highly qualified potential candidates and would be happy to nominate one or more of them.
rhett o rick
(55,981 posts)have been part of the corruption is bunk. Why don't you tell us your opinion in lieu of insinuations?
BeanMusical
(4,389 posts)This sucks donkey balls.
turbinetree
(24,695 posts)And now the really true democrats are wondering what is really going on in this party, its like the old saying if you can't beat them join them, I don't think so.
And has for Warren her credibility belies on what she is, who she is, and why she is, and I have and will send my measly couple dollars to have her run and WIN.
I know its not much but when you have respect / and honesty in your convictions like her, Sanders and the progressive caucus have, and we really need to step forward and get this job done this time around.
We really can't afford this crap anymore, the newly elected Congress and there leadership have come out and said that they don't want to do anything for this county except dismantle it and then when you have people that have basically being nominated because they talk out of both sides of there mouth this is a problem, finding loop holes to find loop holes and then make loop holes easier says a lot on who's side you really are on
I hope she takes Sanders with her and the entire progressive caucus because we can win this if its on the issues, it was proven on ballot initiatives.
Dustlawyer
(10,495 posts)by voting for the most "electable" who will sell us out to the powerful interests while supporting our social issues, maybe.
Sanders is pushing for Publicly Funded Elections and an end to campaign contributions and Super PACs. Elizebeth Warren knows Wall Street, how to reform it, and has the guts to do it. I cannot think of a better ticket for America! Why would we want anything else two years out? We have a window to convince them both to run together before anyone would need to worry about electability. If they ran together I don't think Hillary and whomever runs with her could beat them.
turbinetree
(24,695 posts)I could not agree more, they know the issues they know what it would take to straighten this mess out and if they had a congress that backed them we would start rebuilding the infrastructure that this country desperately needs, every year we have a republican majority we fall four years behind, we are now 12 years and counting and both right wing leaders in this new congress have said they want to dismantle this government in everything.
Germany has it that you must have at least a third of the representation on a board, and when the Tennessee right wing elected officials injected themselves in the UAW vote, VW said screw you we are going to have a committee of employees in that plant.
This is what Warren and Sanders are talking about transparency for everyone and not just to the few
SO GO WARREN and GO SANDERS WE HAVE YOUR BACK TRUST US
Dustlawyer
(10,495 posts)if they make it, they can give America a BIG DOSE OF THE TRUTH! Something we haven't had in many years.
They would be our only hope of properly addressing Climate Change in time. If America switched off of fossil fuels in a big way, most other countries would start to follow suit. We could embargo the ones that don't. We have to stop acting like we can continue on this path indefinitely. By continuing to allow corporations to buy off our politicians it will never happen in time. We the People, are the only ones that can make this happen and it is in our power to do so. The question is, will we?
jalan48
(13,859 posts)RufusTFirefly
(8,812 posts)QED
jalan48
(13,859 posts)Odin2005
(53,521 posts)KoKo
(84,711 posts)Why does Obama do this? Is it out of ignorance of Wall Street? Appeasement to Business Community? It can't be just him....it's got to be his advisers! And, they are supposedly Democrats! But, they want to wipe out the memory of the 2007 Banking Crash that caused suffering for millions with loss in 401-K's, bankruptcy, loss of homes and jobs and caused the Austerity Programs we still live under if one doesn't live in NY/DC/Silicon Valley/Texas and a few other thriving pockets that are left in the USA.
Autumn
(45,056 posts)If he does this out of ignorance and lets his advisers have the final say on his picks it says a heck of a lot about Obama.
Wall Street wants to "wipe out the memory of the 2007 Banking Crash that caused suffering for millions with loss in 401-K's, bankruptcy, loss of homes and jobs and caused the Austerity Programs we still live under if one doesn't live in NY/DC/Silicon Valley/Texas and a few other thriving pockets that are left in the USA. "
Question is why should Obama want to help them?
Enrique
(27,461 posts)defend poor Obama from that liberal Elizabeth Warren?
Side with Warren out of hatred of Obama, and populist posing? But wouldn't that legitimize Warren, who I'm sure they would like to demonize?
Tierra_y_Libertad
(50,414 posts)lark
(23,091 posts)Obama talks a good game then appoints corporatists who do the exact opposite of what Obama has said he's for. He has been and will continue to be the Trojan Horse Presidency. Why would we think the people that actually run this show, the 1% of the !% would let a real populist win? Answer - they don't.
hueymahl
(2,495 posts)Thanks for the post!
Martin Eden
(12,863 posts)Well, they don't turn their backs on this country entirely ... they give tons of cash to politicians to create these huge looholes in the first place.
grahamhgreen
(15,741 posts)rhett o rick
(55,981 posts)Ichingcarpenter
(36,988 posts)hires a dingo......
that was about Obama's FCC pick and net neutrality.
pa28
(6,145 posts)It's been "enough" for years now.
rhett o rick
(55,981 posts)And then tell those concerned that the fox was instructed not to eat the chickens.
2banon
(7,321 posts)to finish off his term .. thinking he didn't have anything to lose anymore, why not act in our behalf.
geeze.
DonCoquixote
(13,616 posts)of the Warren presidential campaign.
And before the Hillbots say "she said she is not running" so did Hillary back in 2007.
druidity33
(6,446 posts)is there anywhere else i can read this? Also, how does one search for alternate sources?
WillyT
(72,631 posts)Enrique
(27,461 posts)Durbin usually backs up Obama, not this time.
http://www.dailyherald.com/article/20141119/business/141118201/
hedda_foil
(16,372 posts)Thanks, Enrique.
rhett o rick
(55,981 posts)L0oniX
(31,493 posts)nikto
(3,284 posts)Obama says he wants a certain policy to be more populist---But he appoints CORPORATISTS
again and again, as with Geitner in Finance, Wheeler at FCC and Duncan in Education.
And now this.
Obama seems unmistakeably dishonest in this way---He repeatedlyTALKS sort of populist upfront, firing up the base temporarily,
but APPOINTS CORPORATISTS NEARLY EVERY TIME.
This does not constitute honesty, IMO.
Obama TALKS for The People, BUT...
ACTS for the Corps and banks. Repeatedly.
.....................................................................................................................................................
Warren is right-on.
Obama is wrong as can be.
rhett o rick
(55,981 posts)is that just because they are corporatists doesn't mean they can't serve the 99%. They go on to point out that Pres Obama says he wants whats best for the 99% and will see that his appointees follow thru. LOL. I bet Pres Obama could sell these people the Brooklyn Bridge.
Here it is: President Obama appoints conservatives because they share his ideology.
bobduca
(1,763 posts)Only corporatist appointees know how to make real corporate reform!
nikto
(3,284 posts)Yeah, me neither.
Solis was, in retrospect, used as publicity-for-the-base fodder, but as soon as she
was appointed, she disappeared into a black hole and was seldom heard from during her entire tenure,
and did little, if anything, of lasting impact.
I don't totally blame Solis---I think she was kicked "upstairs" and left to rot, in order to stifle any pro-labor policy in general
for Obama's real constituency---Wall St.
Labor Union policy was left to stagnate ---- remember the Employment Non-Discrimination Act (ENDA)?
ENDA went nowhere----Mission accomplished for Obama & Wall St, IMO.
Except on social issues, Obama has been sabotaging economic progressivism the whole time he's been in office,
regardless of his rhetoric.
Only dishonest people keep saying one thing (sounding "populist" and doing another (appointing
corporate suits to key positions).
Quantess
(27,630 posts)hedda_foil
(16,372 posts)Give them hell, Liz! You tell it and we'll yell it!
Fingers and toes crossed, but it feels like a signal to me.
Zorra
(27,670 posts)bobduca
(1,763 posts)Achievement Unlocked: zero (ignored) replies on a thread with over 150 rec's
woo me with science
(32,139 posts)Thank you, Elizabeth Warren!
woo me with science
(32,139 posts)Rex
(65,616 posts)Did she say that? Are we going to have to pick? This could get ugly. Corporations are people. Money is speech and voting. Like celebrities don't like you seeing their bad side, hush money and a very affordable penalty.
So I predict the next 2 years to be the great GOP Crybay campaign in which they blame Obama for everything and gut as much as they can. The M$M markets their more insane members while blaming Obama for everything and pump the ratings for profit.
Sorry, can't doing anything...Obama won't work with us the last two years, nobody remember the last 6. Thanks.