Bernie Sanders Places Hold on Another Obama Nominated Wall Street Deregulatory Cheerleader
| I wrote the following in one of my posts last week: "And the Obama administration is making all the wrong moves regarding the financial system and substantive, effective reform. "How else do you explain another stupid move like hiring someone from the failed, bailed out, corrupt Citigroup to work as Geithner's advisor whose advice stinks? Who in the White House is promoting this lunacy?" Lewis Alexander will be a counselor to Geithner at the Treasury Department. However, Senator Bernie Sanders is looking out for the American people. The Obama administration and the president's terrible economic personnel selections, among others, are being questioned in the process From Ken Silverstein at Harper's: "I reported back in February on the case of Gary Gensler, the former Goldman Sachs employee and derivatives cheerleader who President Obama nominated to head the Commodity Futures Trading Commission (CFTC). Gensler’s nomination sailed through the Senate Agricultural Committee but Senator Bernie Sanders has placed a hold on the nomination (as has a second senator who is as yet unnamed). A statement from Sanders’s office said: " 'While Mr. Gensler is clearly an intelligent and knowledgeable person, I cannot support his nomination. Mr. Gensler worked with Sen. Phil Gramm and Alan Greenspan to exempt credit default swaps from regulation, which led to the collapse of A.I.G. and has resulted in the largest taxpayer bailout in U.S. history. He supported Gramm-Leach-Bliley, which allowed banks like Citigroup to become “too big to fail.” He worked to deregulate electronic energy trading, which led to the downfall of Enron and the spike in energy prices. At this moment in our history, we need an independent leader who will help create a new culture in the financial marketplace and move us away from the greed, recklessness and illegal behavior which has caused so much harm to our economy.' " Thank you, Bernie. And whoever recommended Gensler to President Obama is nuts. Again, what the hell is the president thinking? Is he that determined to people his administration with members of the Wall Street thieving culture of corruption? Obama needs to listen to Bernie Sanders and withdraw this awful nomination |
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