I am a Democrat, not because I love the party but because it is the one that better represents my interests. In election season I usually work for/root for the Democrats. When I think of governance, I want to kick the stuffing out of a majority of them. That especially happens when it comes to financial issues, domestic and international. This week delivered a double dose on why I hate Wall Street Democratic politics.
President Obama has nominated Antonio Weiss of Lazard Ltd to be the U.S. Treasury undersecretary for domestic finance. David posted an article explaining why a Wall Street nominee, even one with some lib credentials from the Center for American Progress, should raise eyebrows. One specific example of his perfidy is that Weiss advised on Burger King Worldwide Inc. ’s $11 billion agreement to purchase Canadian coffee-and-doughnut chain Tim Hortons Inc. That deal, which would move the U.S. hamburger chain’s home base to Canada, is a type of takeover that has proliferated this year in which a U.S. company reincorporates abroad and cuts its tax bill.
Let’s not leave out the Congressional Democrats in the race to sell the country to Wall Street. The current front-runner in the competition to become the Chair of the Democratic Congressional Campaign Committee is Rep. Jim Himes of Greenwich CT. Before winning his seat in Congress he was a Vice-President at Goldman Sachs. To quote from Bob Kuttner’s piece in the American Prospect:
“As a member of the powerful House Financial Services Committee, one of Himes’s prime goals has been looking out for the interests of hedge funds, private equity companies and other shadowy parts of the financial system, as well as big banks. Himes is a prime sponsor of a bill, H.R. 1105, which would exempt hedge funds and private equity companies from key disclosure protection provisions of the Dodd-Frank Act.
Himes also co-sponsored H.R. 992, whose key sections were drafted verbatim by Citigroup. The bill amends Dodd-Frank by allowing financial firms to speculate in swaps without losing eligibility for assistance from the Federal Reserve and Federal Deposit Insurance Corporation (FDIC).”
One alternative to Himes is Donna Edwards, the great progressive from MD who would raise more money from the grassroots and less from Wall Street.
This fight is especially relevant to BMG because all members of our Congressional delegation have some say in this with Pelosi. Do what progressives are supposed to do. Let your Rep know that we should not be owned by Wall Street.