Entries tagged "Democrat"

Kucinich on Kashkari: I didn't mean it

As Neel Kashkari, a Bush holdover at Treasury, prepares for his departure, The Washington Post reveals Rep. Dennis Kucinich's disdain for him was fake.

Obama nears FTC picks

If President Obama taps Jon Leibowitz as FTC chair, then Leibowitz may in turn pick Boies Schiller attorney Rich Feinstein to head the Bureau of Competition.

A taxing confirmation process for Geithner

A Senate hearing to confirm Timothy Geithner as secretary of the Treasury Department has been delayed until Jan. 21 after some Republicans objected to a hearing scheduled for the end of the week because of questions over the nominee's taxes and housekeeper, whose immigration papers briefly expired while working for his family. Despite the concerns brought up by Republicans, Senate Finance Committee Chairman Max Baucus said on Wednesday he believed Geithner would win approval. ...

Dodd schedules Schapiro's confirmation hearing

Senate Banking Committee Chairman Christopher Dodd (pictured) is wasting no time in moving President-elect Barack Obama's financial services nominees ahead for confirmation. On Wednesday Dodd scheduled a hearing for Jan. 15 to review key economic policy nominees including Mary Schapiro, who is expected to head the Securities and Exchange Commission. ...

Blagojevich allegedly sought to corrupt anti-deal activists

Earlier Dealscape noted Illinois Governor Rod Blagojevich and his Chief of Staff John Harris may have meddled in Tribune Co.'s auction of the Chicago Cubs and Wrigley Field. However, also buried in the Department of Justice's charges against him is an alleged attempt to corrupt anti-deal activists, the Service Employees International Union, which during the height of the private equity boom protested leveraged buyouts, and the affiliated Change to Win movement, which takes activist shareholder positions on behalf of union pensions. ...

What role did Blagojevich play in Tribune's bankruptcy?

A day after Sam Zell's Tribune Co. filed for Chapter 11 bankruptcy protection, the Federal Bureau of Investigation arrested Illinois Governor Rod Blagojevich and Chief of Staff John Harris on charges of corruption, alleging that, among other transgressions, they meddled with Tribune's troubled businesses, including the auction of the Chicago Cubs....

Obama may tap a banker for chief of staff?

As all signs point to a likely win by Sen. Barack Obama Tuesday night, attention to who he may tap for his administration is growing. And although Wall Street is in chaos, rumors of former bankers joining his potential White House staff are beginning to surface. In addition to Dealscape's speculation about former Goldman, Sachs & Co. chief Jon Corzine possibly becoming the next treasury secretary, there is chatter in the mainstream media that Rep. Rahm Emanuel, D-Ill., could become Obama's chief of staff. ...

Mr. Corzine goes to Washington, again?

As the election nears, anticipation and speculation about a new treasury secretary, particularly in a Democratic administration, mounts. The prevailing assumption is that within days of the election, the victor, which looks like Barack Obama, will make a choice for Treasury; it would be a little shocking (and even reckless) if the choice hasn't already been made and vetted. This isn't an easy or simple choice. Nearly everyone out there with some expertise in finance also has some degree of culpability. That's certainly the case even with successful previous treasury chiefs under Democratic administrations. Robert Rubin gets to drag around...

Dodd questions Treasury's bailout execution

As the markets continue to struggle, Senate Banking Committee Chairman Christopher Dodd (pictured) and other lawmakers are beginning to question how the Treasury Department is using the $700 billion Congress gave it to stabilize the market. So far, $250 billion of the capital has been allocated for government purchases of large minority stakes in large and small commercial and investment banks. The next $100 billion is scheduled for government acquisitions of mortgage-backed securities, the asset that lawmakers and Treasury initially expected the funds would be spent on. But will it go there? ...

See Lehman hearings

Henry Waxman, D-N.Y., the chairman of the House Oversight and Government Reform Committee, has banged his gavel Monday for the first of two hearings this week on the causes of the financial mess. Monday's hearing tackles the bankruptcy of Lehman Brothers Holdings Inc. Tuesday Waxman moves on to the $85 billion bailout of American International Group Inc. - William McConnell Watch the video of the hearings...

Altman: Another vote for an uber-Fed

Evercore Partners Inc.'s Robert Altman weighed in Wednesday in The New York Times on his views of regulatory reform. Our own John Morris has already posted on the op-ed article, commenting about Altman's failure to discuss the giant slug of leveraged assets at risk after the bubble burst. I'm more interested in the fact that Altman essentially seconds the current Treasury plan to make the Federal Reserve the go-to uber-regulator essentially of all of finance. What's fascinating here is how Altman -- like everyone from Hank Paulson to Barney Frank -- accedes to the Fed's ascension as if it's some...

Curious omission from Altman op-ed piece

In an op-ed article in Wednesday's New York Times, Roger Altman, founder of Evercore Partners Inc. and former deputy treasury secretary, had some sensible suggestions about rationalizing the maze of federal and state bank regulators and requiring more disclosure about leverage. But, strangely, he made no mention of the $350 billion mountain of LBO debt that was stuck on the books of major banks at one point last year. Or maybe it wasn't that strange given that Evercore has its own $1.4 billion private equity arm. ...

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