Obama in Retreat Thanks to Elizabeth Warren-Led Opposition to Plan to Appoint Another Corporate Stooge as SEC Commissioner


Naked Capitalism has the article Obama in Retreat Thanks to Elizabeth Warren-Led Opposition to Plan to Appoint Another Corporate Stooge as SEC Commissioner. The article’s opening remarks set the stage for praising what Elizabeth Warren and allies are doing to thwart the Presiden’t plans to weaken regulation.

As readers may know, Obama’s plan to keep the already weak SEC in its role as a rubber stamp to Big Finance is going pear-shaped. Via some unexpected good fortune (Obama owing a favor to Rhode Island senator Jack Reed and Senate conventions that nominations of Senate staffers get approved) the SEC wound up with a new commissioner, Kara Stein, who actually knows a thing or two about banking and has been willing to declare war on a chairman from her own party, Mary Jo White. Stein has been more effective than someone in her spot would normally be by virtue of White being so badly conflicted as to be required to sit out many commission votes, and Stein allying regularly with fellow Democrat commissioner Luis Aguilar to block unduly Wall-Street-friendly measures.

But Obama appeared ready to restore status quo ante by virtue of having Aguilar’s term expire this year. That would allow him to install a more business-toadying replacement.

If you ever needed proof about how dangerous another Obama like President would be, this is another red flag waving in front of you.

We now have one Presidential candidate who recognizes the danger of the excessive power that Wall Street and the big banks have, and how they use it to flaunt the law. His opponent as President might do wonderful, showy things to keep your attention away from the hidden goodies she gives away to the big money interests. People noted that only a strongly anti-communist Republican like Nixon could open the doors to diplomatic relations with China. In the same vein, only a purported Democrat will be able to get away with massive gifts to the big money interests.

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