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think

(11,641 posts) Wed Dec 10, 2014, 01:10 PM Dec 2014

Elizabeth Warren: Put a lock on Wall Street’s revolving door

Elizabeth Warren: Put a lock on Wall Street’s revolving door

By Jon Prior - 12/9/14 2:49 PM EST Updated 12/9/14 2:59 PM EST

Sen. Elizabeth Warren on Tuesday escalated her fight against President Barack Obama’s choice of an investment banker to fill a key job at the Treasury Department, arguing that “enough is enough” when it comes to the revolving door between Washington and Wall Street.

The Massachusetts Democrat is using the president’s choice of Lazard banker Antonio Weiss to be undersecretary for domestic finance to stir a debate within the Democratic party over whether it is too cozy with Wall Street, particularly when filling top finance jobs in government.

Speaking at the liberal Economic Policy Institute, Warren cast her opposition to Weiss as part of a bigger battle against the influence of the finance industry in Washington.

“Why does the revolving door matter?” she said. “Because it means that too much of the time, the wind blows from the same direction. Time after time in government, the Wall Street view prevails, and time after time, conflicting views are crowded out.”...

Read more: http://www.politico.com/story/2014/12/elizabeth-warren-wall-street-criticism-antonio-weiss-113435.html#ixzz3LW2nFzog

17 replies

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Highlight:

Elizabeth Warren: Put a lock on Wall Street’s revolving door (Original Post) think Dec 2014 OP

ABSOLUTELY. I just love this woman. She SO gets it. closeupready Dec 2014 #1

She sure does. Question is what other politicians "get it" and will they stand up for us?... /nt think Dec 2014 #2

We allow the industry that we regulate & oversee to take over regulating & overseeing itself. RiverLover Dec 2014 #3

So why did she hire all those Wall Street bankers frazzled Dec 2014 #4

I can't find anything in regards to this. Got a link? think Dec 2014 #5

Sure frazzled Dec 2014 #6

Thank you. At least the main enforcer in the bureau, Richard Cordray, isn't a banker think Dec 2014 #7

Obama put him in, in a recess appointment frazzled Dec 2014 #10

They have to be qualified treestar Dec 2014 #9

Of course frazzled Dec 2014 #11

(Edit) Whoops. Sorry. Thought this was posted to me. think Dec 2014 #13

It's just a job treestar Dec 2014 #8

An investment bank paying their employee $20 million to take a govt position isn't "just a job" think Dec 2014 #12

"to take the job" treestar Dec 2014 #14

But she's not running for you know what!! Scuba Dec 2014 #15

Obama urges more Wall Street deregulation. woo me with science Dec 2014 #16

Weld the revolving door shut while we're at it meow2u3 Dec 2014 #17

closeupready

(29,503 posts)

1. ABSOLUTELY. I just love this woman. She SO gets it.

Reply to think (Original post)

Wed Dec 10, 2014, 01:12 PM

Dec 2014

K&R

think

(11,641 posts)

2. She sure does. Question is what other politicians "get it" and will they stand up for us?... /nt

Reply to closeupready (Reply #1)

Wed Dec 10, 2014, 01:22 PM

Dec 2014

RiverLover

(7,830 posts)

3. We allow the industry that we regulate & oversee to take over regulating & overseeing itself.

Reply to think (Original post)

Wed Dec 10, 2014, 01:26 PM

Dec 2014

Its nuts & its so brave of Sen Warren to speak out. She wants to prevent another economic crash.

We need her!

frazzled

(18,402 posts)

4. So why did she hire all those Wall Street bankers

Reply to think (Original post)

Wed Dec 10, 2014, 01:27 PM

Dec 2014

during the brief time she was setting up the Consumer Financial Protection Bureau? Then it was good, eh?

I honestly don't get her.

think

(11,641 posts)

5. I can't find anything in regards to this. Got a link?

Reply to frazzled (Reply #4)

Wed Dec 10, 2014, 01:35 PM

Dec 2014

Not to say there isn't. I just can't find anything.

frazzled

(18,402 posts)

6. Sure

Reply to think (Reply #5)

Wed Dec 10, 2014, 01:47 PM

Dec 2014

http://dealbook.nytimes.com/2011/02/17/consumer-watchdog-hires-former-bankers/?_r=0

Consumer Watchdog Hires Former Bankers

As the new federal consumer watchdog agency takes shape, Wall Street might see a few familiar faces on its roster.

Elizabeth Warren, the Harvard University law professor who is setting up the Consumer Financial Protection Bureau, announced her latest string of hires on Thursday, including former managing directors at Deutsche Bank and Morgan Stanley.

Congress created the Consumer Financial Protection Bureau to protect consumers from abuses in the lending industry. Now the bureau is turning to former members of the industry to help it police banks, credit card companies and mortgage lenders.

“Building a team to develop smarter financial regulations means hiring top-notch leaders with a wide range of experiences,” Ms. Warren said in a statement.

The bureau’s hires announced Thursday include Rajeev Date, the former Deutsche Bank managing director. Mr. Date, who also worked at Capital One Financial as a senior vice president, will be the bureau’s associate director for research, markets and regulations.

“Raj Date and his team bring a wealth of experience in the financial services industry, government, nonprofits, community banking and academia,” Ms. Warren said.

Ms. Warren also hired Elizabeth Vale, a Morgan Stanley managing director who was vice president and portfolio manager at Philadelphia National Bank.

...

A consumer protection bureau might seem like an unlikely place for former bankers to land, but Ms. Warren has made an effort to reach out to Wall Street. Since taking the job in September, she has met with several top bankers, including Jamie Dimon, Vikram S. Pandit and James P. Gorman, the chief executives of JPMorgan Chase, Citigroup and Morgan Stanley, respectively.

think

(11,641 posts)

7. Thank you. At least the main enforcer in the bureau, Richard Cordray, isn't a banker

Reply to frazzled (Reply #6)

Wed Dec 10, 2014, 01:59 PM

Dec 2014

From the article:

Ms. Warren added five senior leaders to her team in one week in December, including Richard Cordray, the outgoing attorney general of Ohio, who will run the bureau’s enforcement division.

So she didn't just give the agency over to the banks which would have completely defeated the bureau's purpose....

frazzled

(18,402 posts)

10. Obama put him in, in a recess appointment

Reply to think (Reply #7)

Wed Dec 10, 2014, 02:05 PM

Dec 2014

President Obama touched off a fierce election-year confrontation with Congressional Republicans on Wednesday, defying their deep opposition to appoint Richard Cordray as director of a new consumer protection agency and fill three labor board vacancies.

http://www.nytimes.com/2012/01/05/us/politics/richard-cordray-named-consumer-chief-in-recess-appointment.html?pagewanted=all

I don't mean to carp on all this. It's just that people make stuff up in their heads--such as "Obama is the corporate whore," "Warren is our savior"--when there are real facts to be had that don't support either claim entirely.

treestar

(82,383 posts)

9. They have to be qualified

Reply to frazzled (Reply #6)

Wed Dec 10, 2014, 02:02 PM

Dec 2014

and know what they are dealing with.

The head of the national chapter of the Communist Party can't do the job. The country could well fall apart and there could be dozens of lawsuits.

It's so ridiculous how this idea people in banking are all evil - if no one did it, then how could the economy function?

frazzled

(18,402 posts)

11. Of course

Reply to treestar (Reply #9)

Wed Dec 10, 2014, 02:06 PM

Dec 2014

It's just that we shouldn't permit double standards or hypocrisy on the issue.

think

(11,641 posts)

13. (Edit) Whoops. Sorry. Thought this was posted to me.

Reply to frazzled (Reply #11)

Wed Dec 10, 2014, 02:11 PM

Dec 2014

treestar

(82,383 posts)

8. It's just a job

Reply to think (Original post)

Wed Dec 10, 2014, 02:01 PM

Dec 2014

It doesn't change the law. This is making things personal.

think

(11,641 posts)

12. An investment bank paying their employee $20 million to take a govt position isn't "just a job"

Reply to treestar (Reply #8)

Wed Dec 10, 2014, 02:08 PM

Dec 2014

Want $20 million to work for the government? Just quit a Wall Street job first

By Chris Frates, CNN
updated 3:13 PM EST, Thu December 4, 2014

Washington (CNN) -- If investment banker Antonio Weiss wins Senate confirmation as a Treasury under secretary, he'll walk away with a parting payment of up to $21 million.
Talk about a win-win.
The financial services firm Lazard, where Weiss is the global head of investment banking, has agreed to pay him about $16 million in unvested income early and give him between $1 million and $5 million in deferred compensation, according to financial disclosure records he filed with the government ethics office....

http://www.cnn.com/2014/12/04/politics/antonio-weiss-bankers/

treestar

(82,383 posts)

14. "to take the job"

Reply to think (Reply #12)

Wed Dec 10, 2014, 02:20 PM

Dec 2014

or what is due upon leaving the job? Or that they are willing to let him out of some contract on those terms?

He can't not enforce the law for his own former employer publicly and get away with it.