It's Official! Obama Will Name Elizabeth Warren Interim Director Of New Consumer Financial Protection Agency
She will be named officially tomorrow or Friday and get this, she'll be a special assistant to Geithner, her nemesis, who clearly did not support her nomination to head the new agency. Wall Street is so angry about her appointment that they've dispatched Chris Dodd to tell the world that the agency will be defunded when Republicans take control of the Senate in November. Read his cries inside.
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The White House has tapped Elizabeth Warren as a special adviser to help set up the Consumer Financial Protection Bureau, affirming its support for a tough new agency charged with protecting consumers from abusive lenders.
The move allows her to act as an interim head of the CFPB and will enable her to begin setting up the agency immediately and prevent the GOP from filibustering her nomination. Warren could serve until President Barack Obama nominates a permanent director to serve the five-year term -- a nomination he's not required to make for some time. Obama also could nominate her as the permanent director in the near future, a prospect that has been discussed among top aides, according to a person familiar with White House deliberations. Warren formally will be named as a special adviser reporting directly to Obama, and serving in a similar capacity to Treasury Secretary Timothy Geithner, later this week.
The CFPB was a cornerstone of Obama's financial reform package and Warren is credited as the intellectual founder of the agency -- a proposal she advocated three years ago. The ability of the administration to nominate an acting director to serve while the agency is launched within the Treasury Department was first reported by HuffPost in July.
The appointment, though, was first reported Wednesday by ABC News. A senior Democratic congressional aide with knowledge of the decision confirmed the report to HuffPost.
On Tuesday, Sen. Christopher Dodd (D-Conn.), chairman of the Banking Committee, said that such an appointment could create a backlash and lead the next Congress to defund the bureau. On Friday, a former chief economist for the International Monetary Fund, Simon Johnson, laid out the case for an interim appointment.
As a White House adviser, Warren will have a direct line into the Oval Office. A Bloomberg report on Wednesday speculated that Warren would be named as a counselor to Geithner -- an irony noted by some commentators given their contentious relationship.
The Huffington Post reported July 15 that Geithner had expressed opposition to Warren getting the nod. Geithner, his key lieutenants and top White House officials, while not denying the report, stressed repeatedly that they all felt she was "extremely well qualified." To date, no one has publicly denied the HuffPost report.
Background:
Sep 15, 2010 at 11:27 PM
Reader Comments (26)
Warren would report to Treasury Secretary Timothy F. Geithner and the president, and the appointment likely will be announced Sept. 17, the person said. Three other people -- a congressional aide and two people outside government -- said Obama administration officials had briefed them on the plan.
http://www.bloomberg.com/news/2010-09-15/obama-said-to-consider-installing-elizabeth-warren-at-treasury.html
His appointment wasn’t announced publicly in May, when Lyons left a post at hedge fund Maverick Capital to become the bank’s new corporate strategy and planning executive. Within the company, though, he has a high-profile assignment: Lyons has been asked to help Chief Executive Officer Brian Moynihan evaluate what noncore assets to sell as the bank tries to prune its balance sheet and shore up its capital ahead of new regulatory standards. He even purchased a house in the bank’s Charlotte, N.C., hometown as part of his new gig.
http://blogs.wsj.com/deals/2010/09/14/meet-bofas-new-secret-weapon-mike-lyons/
A former Wall Street equities trader who has done stints at ING and S.A.C Capital, Lee has joined the refurbished New Jersey Nets as the team’s director of basketball operations. His job is to crunch the statistics of Nets players, looking not just at their scoring percentages but also at their defensive efforts and where on the court they are most successful at hitting the net.
http://blogs.wsj.com/deals/2010/09/14/wall-street-trader-takes-quant-strategy-to-nba/
Interesting story...
http://blogs.wsj.com/deals/2010/09/13/jim-simons-on-flash-crash-high-frequency-traders-saved-the-day/
New argument to me...i remain unconvinced...
Mohammad Younis, 44 years old, was accused of passing on thousands of dollars to Faisal Shahzad, who has pleaded guilty to a failed attempt to bomb Times Square on May 1. Prosecutors said they had no indication that Mr. Younis knew the money would be involved in preparations for the bombing.
Mr. Younis pleaded not guilty in federal court in Manhattan Wednesday to charges of conducting an unlicensed money-transmitting business and of conspiracy. He faces a maximum of five years in prison on each charge.
http://online.wsj.com/article/SB10001424052748703743504575493914142984260.html
http://blogs.wsj.com/deals/2010/09/09/wall-street-layoffs-meredith-whitneys-case-for-a-bloodbath/
http://politiken.dk/newsinenglish/1056370/german-bank-invests-in-early-death/
Deutsche Bank, which is soon expected to open in Denmark, has set up several investment funds which cash in on life insurances if people die early.
Investors and the bank have purchased life insurance policies from people in Germany and the United States, taking over premiums against retrieving payments if the policy holder dies prior to the term of the policy – typically the age of 65.
There are currently over DKK 5 billion in the funds. But if the insured person dies after the policy term, the bank’s investment is lost.
Watch her reaction right after she says food, interesting.
Yes, McDonalds is responsible...not the parents who bring their kids to McDonalds...
"I think and I know you all think..."
I couldn't resist, it's the basket bunch that says it all.
Sorry to be such a George Carlin, I understand if the thought police needs to remove the last two comments. The comments are dangerous and my provoke independent thoughts. Yikes.
Wellesley, Massachusetts Public School Students Learn to Pray to Allah
http://www.youtube.com/watch?v=Z7-I9Qp3d4Y&feature=player_embedded
"Sen.Chris Dodd (D-Conn.), who is retiring at the end of this term, downplayed on Thursday the role that Elizabeth Warren has been assigned to set up and run the Consumer Financial Protection Bureau.
"What I gather is Elizabeth will be some sort of adviser in all this," Dodd, the Senate Banking Committee chairman, told reporters in the Capitol. "They need to send us a director, though, a nominee. The issue's no different today than it was yesterday. We need a nominee that can be confirmed by the Senate to run the place."
As you can see, Chris Dud is NOT worried AT ALL about the existence of the CFPB because he already knows at least 57 ways to subvert and undermine it. Anyone who thinks the CFPB will be allowed to operate independantly needs to have their head examined. The big picture here is that the U.S. suffers from MASSIVE institutionalized fraud and a fully operational & effective government agency like the CFPB is about as realistic as the existence of a Jewish Nazi Party in 1943.
Come on T, that's like going to the zoo and feeding the animals for rich Boston suburbanites. I suppose they didn’t talk about chopping off hands.
Most merciful, ha, that would make me laugh each time it was said. You know Tea, it is not me that has a problem with God, well, the real Christian God.
I liked the video, it was well done. Public schools in the U.S. are cruel cold institutions where you brain is turned to mush.
Independent thought from Gobie, that is an oxymoron...
"She always said she didn't want to be there as a permanent director. Some of the liberals are worried about it. It's almost an insult to Elizabeth. She wouldn't take this if there was the slightest impediment to her doing the job," he said.
An administration official said that Warren will be officially named on Friday as an "assistant to the president," the same title that Chief of Staff Rahm Emanuel and other top officials hold, as well as a special adviser to the Treasury, overseeing the establishment of the CFPB."
(more)http://www.huffingtonpost.com/2010/09/16/warren-didnt-want-permane_n_719932.html
BTW, my previous excerpt immediately up above was ALSO taken from another article @ HuffPost.
I know "Z", its just pointing out how far Barry has come with his way of life, asking us to follow suit. You know all to well, give a penny, then a Nickel, then a Dime, then a Quarter, next thing you know you have a million Buck-a-Rews, in yr hand, and dame if I know how it got thAre..........................!
Its creeping up on us little by little...
http://www.onlinesentinel.com/news/Obama-picks-head-of-new-consumer-watchdog-agency.html
http://en.wikipedia.org/wiki/Richard_Cordray
I wonder how the spineless President Obama manages to stand up straight without any backbone?
My brother claims the Republicans keep it in a safety deposit box at one of the big banks on Wall Street.
I guess maybe the Republicans loan it back to him when he appears in public.
Actually, the way the Republicans do things, they probably rent it back to him when he appears in public.