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The Democratic Party is closer to corporate America — and to Wall Street

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The Democratic Party is closer to corporate America — and to Wall Street

Old 04-21-10, 10:21 AM
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The Democratic Party is closer to corporate America — and to Wall Street

http://www.politico.com/news/stories/0410/36118.html
President Barack Obama and congressional Democrats are promising a climactic clash with Wall Street, but there’s a complication in their battle plan: The Democratic Party is closer to corporate America — and to Wall Street in particular — than many Democrats would care to admit.

Former White House counsel Greg Craig has just signed on as an institutional Sherpa for Goldman Sachs, the iconic financial firm facing fraud charges from the Securities and Exchange Commission.

Former House Democratic leader Dick Gephardt lobbies for Goldman Sachs, Visa and the coal industry. Former Senate Democratic leader Tom Daschle — Obama’s first choice to head Health and Human Services — is an adviser for a lobbying firm that represents Charles Schwab, Comcast, Lockheed Martin, Verizon and a host of other corporate interests.

Attorney General Eric Holder once lobbied for Global Crossing — sometimes described as the Democratic Enron — and White House chief of staff Rahm Emanuel made eight figures in a little more than two years as the Chicago-based managing director at Wasserstein Perella & Co. between jobs as a senior aide in President Bill Clinton’s White House and as the congressman representing Illinois’s 5th District.

And the Democrats rode to their majorities in the House and the Senate on a wave of cash Emanuel and New York Sen. Chuck Schumer helped them raise from Wall Street. Earlier this month, a hedge fund manager at the center of the Goldman Sachs fraud case held a fundraiser for Schumer in New York.
I find it funny that people still believe big business and big government are opposing forces.

my prediction on financial reform:

democrats will demonize the financial industry, act as if they've bought and paid for the republican party, while letting the financial industry write the new rules.
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Old 04-21-10, 10:26 AM
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Re: The Democratic Party is closer to corporate America — and to Wall Street

Originally Posted by RoyalTea View Post
http://www.politico.com/news/stories/0410/36118.html

my prediction on financial reform:

democrats will demonize the financial industry, act as if they've bought and paid for the republican party, while letting the financial industry write the new rules.
I don't think you could find a person to take that bet.
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Old 04-21-10, 11:53 AM
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Re: The Democratic Party is closer to corporate America — and to Wall Street

Didn't Obama promise that when members of his Administration left they wouldn't be able to work on matters such as this for something like two years? Greg Craig left fairly recently.

Here it is, not removed from his website yet...

4.Revolving Door Ban -- Appointees Leaving Government. If, upon my departure from the Government, I am covered by the post-employment restrictions on communicating with employees of my former executive agency set forth in section 207(c) of title 18, United States Code, I agree that I will abide by those restrictions for a period of 2 years following the end of my appointment.

5.Revolving Door Ban -- Appointees Leaving Government to Lobby. In addition to abiding by the limitations of paragraph 4, I also agree, upon leaving Government service, not to lobby any covered executive branch official or non-career Senior Executive Service appointee for the remainder of the Administration.

Sec. 2. Definitions. As used herein and in the pledge set forth in section 1 of this order:

(a)"Executive agency" shall include each "executive agency" as defined by section 105 of title 5, United States Code, and shall include the Executive Office of the President; provided, however, that for purposes of this order "executive agency" shall include the United States Postal Service and Postal Regulatory Commission, but shall exclude the Government Accountability Office.

(b)Appointee" shall include every full-time, non-career Presidential or Vice-Presidential appointee, non-career appointee in the Senior Executive Service (or other SES-type system), and appointee to a position that has been excepted from the competitive service by reason of being of a confidential or policymaking character (Schedule C and other positions excepted under comparable criteria) in an executive agency. It does not include any person appointed as a member of the Senior Foreign Service or solely as a uniformed service commissioned officer.

http://www.whitehouse.gov/the_press_...anch-Personnel
Maybe it's ok if he doesn't talk to anyone in the administration? And they're telling us they have nothing to do with the SEC coming down on Goldman Sachs right now. It was just an awful coincidence.
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Old 04-21-10, 12:06 PM
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Re: The Democratic Party is closer to corporate America — and to Wall Street

I don't think that statement refers to what appointees will do when they leave, only while they are still in their government post.
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Old 04-21-10, 12:08 PM
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Re: The Democratic Party is closer to corporate America — and to Wall Street

Originally Posted by RoyalTea View Post
http://www.politico.com/news/stories/0410/36118.html

I find it funny that people still believe big business and big government are opposing forces.

my prediction on financial reform:

democrats will demonize the financial industry, act as if they've bought and paid for the republican party, while letting the financial industry write the new rules.
Just like the health care industry?
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Old 04-21-10, 12:14 PM
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Re: The Democratic Party is closer to corporate America — and to Wall Street

Originally Posted by WallyOPD View Post
I don't think that statement refers to what appointees will do when they leave, only while they are still in their government post.
Thanks, I copied the wrong part and fixed it.
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