WarrenEarlier this evening, Senator Elizabeth Warren boldly declared that she is fed up with President Obama’s habitual appointment of Wall Street insiders to key positions in his administration.

Senator Warren expressed her exasperation through a piece she authored for HuffPo, appropriately titled, “Enough Is Enough: The President’s Latest Wall Street Nominee“.

Warren begins:

I believe President Obama deserves deference in picking his team, and I’ve generally tried to give him that. But enough is enough. [emphasis added]

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.

Warren then gets into why the nomination of Weiss is grossly inappropriate:

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… Neither his background nor his professional experience makes him qualified to oversee consumer protection and domestic regulatory functions at the Treasury.

And there’s also the fact that Weiss’s work at Lazard included corporate inversions, including the notorious Burger King – Tim Horton’s deal that would turn Burger King into a Canadian company for tax purposes.

While Obama’s nomination of Weiss is certainly abhorrent, it is just business as usual for President Obama. Senator Warren explains:

In recent years, President Obama has repeatedly turned to nominees with close Wall Street ties for high-level economic positions. [emphasis added]

She’s right, of course. Here’s a quick list. Let me know if I’ve left anybody off that should be included.

  • Gene Sperling (Goldman Sachs) – Director of the National Economic Council
  • Jacob Lew (Citigroup) – Treasury Secretary
  • Stanley Fisher (Citigroup) – Vice Chairman of the Federal Reserve
  • William Daley (J.P. Morgan Chase) – Chief of Staff
  • Rahm Emanuel (Wasserstein Perella) – Chief of Staff
  • Nathan Sheets (Citigroup) – Treasury Under Secretary for International Affairs
  • Stefan Selig (Bank of America) – Under Secretary for International Trade at the Department of Commerce

So, President Obama clearly has quite a track record of appointing Wall Street exec’s, and now he’s trying to add Antonio Weiss to the list. Senator Warren could not have said it any better: Enough is enough.


We’re Number 37!

by progressivepen on March 8, 2014

The Soul Doctrine

March 4, 2014

Vladimir Putin spent 25 years with the KGB (and it’s post-Soviet successor agency (the FSB), eventually rising to the position of Agency Director. Normally, a career spent in the KGB would be a huge — pardon the pun — red flag. But George W. Bush sees things differently. Following his very first meeting with Putin, Bush […]

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EXCLUSIVE: Preview of Rand Paul’s Response to Wikipedia Plagiarism Allegations

October 30, 2013

To date, Senator Rand Paul has refused to comment on the revelation that he has given multiple speeches that have plagiarized from Wikipedia. However, in a ProgressivePen exclusive, we have obtained an advance copy of Senator Paul’s speech addressing the plagiarism allegations:  

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Stephen Colbert, National Treasure

August 25, 2013

Colbert: “It has been five whole years since the global financial crisis cost the U.S. economy more than $22 trillion and we’re still trying to figure out who to blame. Was it the patriotic bankers willing to put it all on the line to make America the greatest economy in the world? Or was it […]

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Fox News’ Lead Story on Election Eve? A “Voter Fraud” Warning

November 5, 2012

Normally, I make a point to avoid exposing myself to the alternate reality at Fox News. But tomorrow is election day. With the polling data pointing towards Obama’s reelection, I figured, “Why not take a peek at how Fox News is spinning things?” Here is a screen capture from the Fox News website, taken at […]

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The Founding

August 8, 2012

The Huffington Post has an article out today discussing the founding of Bain Capital — specifically, the firm’s initial funding. In 1983, Bill Bain asked Mitt Romney to launch Bain Capital, a private equity offshoot of the successful consulting firm Bain & Company. After some initial reluctance, Romney agreed. When Romney struggled to raise funds from other […]

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Romney on Obamacare

July 3, 2012
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Krugman vs. Two Pro-Austerity Brits

June 5, 2012
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The JPMorgan Chase Primary

May 15, 2012

Via Progress Mass: Once again, it must be pointed out that, no, there is not a bar missing from this bar chart.  To date, Republican Scott Brown has received $54,155 from JPMorgan Chase’s PAC, executives, staff, and lobbyists, while Democrat Elizabeth Warren has received $0.

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