Why is DWS going after Elizabeth Warren a surprise?
The Democratic establishment's position on Warren has varied between wary and complete disdain.
From the Naked Capitalism website, August 1, 2010
http://www.nakedcapitalism.com/2010/08/knives-out-for-elizabeth-warren.html
<It should come as no surprise that a financial services industry powerful enough to water down meaningful reform in the US and internationally (Basel III rules were weakened to allow, for instance, that mortgage servicing rights be included in regulatory capital calculations) would probably have its way in blocking the nomination of Elizabeth Warren as head of the new consumer finance protection agency.
Lets face it: the plan to deep six the consumer watchdog was set when it was changed from being an independent body as originally proposed and instead moved into the Fed, the most bank friendly and arguably the least industry expert of the US bank regulators. It might have had a hope of being effective had it been housed at the FDIC, which does not like cleaning up bank messes and therefore is less prone to swallow industry BS than the other Federal bank overseers, but it is now clearly meant to be a mere election time talking point (not that that is working either, since a surprisingly large majority, 80%, understands that financial reform is merely branding by the Obama Ministry of Truth). So why would Congress do a 180% change and allow someone with the moxie, legal expertise, and profile with the media to make the agency effective take the reins?
In case you missed it last week, Chris Dodd, Chairman of the Senate Banking Committee, washed his hands as far as Warrens candidacy was concerned. From Bloomberg:
Elizabeth Warren, the Harvard University professor touted to head a new consumer protection bureau, may not have sufficient support to win confirmation to the post, Senator Christopher Dodd said in a radio interview
Elizabeth would be a terrific nominee, said Dodd, the Connecticut Democrat who leads the Senate Banking Committee. The question is, Is she confirmable? And theres a serious question about it.
Yves here. Note Dodd employs the time-tested formula of bigots out to cover their footprints: Personally, Im all in favor of hiring (fill in minority in question, such as blacks, woman, transexuals, former drug addicts, one-eyed midgets). But Im not sure (fill in preferred scapegoat, such as our customers or our organization) is ready to accept them.>