Sunday, January 4, 2015

The Elizabeth Warren Veto - WSJ

The Elizabeth Warren Veto - WSJ: "Despite adhering to such liberal Democratic orthodoxy, Mr. Weiss now finds himself the target of a campaign by Senator Elizabeth Warren to block his nomination to become President Obama ’s Under Secretary of the Treasury for Domestic Finance. We doubt this is what Mr. Weiss anticipated when he was using his status and riches on Wall Street to bundle campaign cash for Mr. Obama.

The Massachusetts progressive has framed her war on Mr. Weiss as resistance to Wall Street influence in Democratic policy making. The 48-year-old spent more than 20 years at Lazard, a firm that includes or has included such Democratic luminaries as Felix Rohatyn, Vernon Jordan and Steven Rattner . Now it’s apparently a Scarlet L.

In one sense this is curious since as recently as 2013 Ms. Warren voted to confirm Jack Lew to be Treasury Secretary. Mr. Lew’s job in 2008 was presiding over mortgage disasters at Citigroup , which needed one of the largest federal bailouts. Mr. Weiss succeeded on Wall Street as an investment banker, and Lazard didn’t need a bailout. Is financial competence now disqualifying in Democratic administrations?"

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