Obama Picks Wall Street Lawyer to Head SEC

Wednesday, February 27, 2013

Lawmakers are scrutinizing Ms. White ahead of her Senate confirmation hearing, raising questions about the former prosecutor's lack of regulatory experience and the challenge of policing Wall Street firms she recently defended in private practice. But Ms. White is seeking to quell concerns about potential conflicts of interest.

Posted by uglyblinddate at 01:56 AM | 24 COMMENTS | permalink | Comment on This Entry |

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uglyblinddate

Joined 2013/02/08
Visited 2013/03/01

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The Democrats note that her husband, John W. White, is co-chairman of the corporate governance practice at Cravath, Swaine & Moore, where he represents many of the companies that the S.E.C. regulates. They also question whether Ms. White's recusals, even if well-intentioned, could cripple her ability to run the agency.

#1 | Posted by uglyblinddate at 2013-02-27 01:57 AM | Reply | Flag:

I nominate Lindsay Lohan to head Alcohol Tobacco and Firearms then.

#2 | Posted by Diablo at 2013-02-27 02:17 AM | Reply | Flag:

And the revolving door of Wall Street/Government/Regulator makes another round.

#3 | Posted by paneocon at 2013-02-27 08:51 AM | Reply | Flag:

Mary Jo White's Latest Conflict of Interest

White is the white-collar defense lawyer and former U.S. attorney nominated by President Barack Obama to lead the SEC. Her financial disclosures say that upon leaving New York-based Debevoise & Plimpton LLP, the law firm will give her $42,500 a month in retirement pay for life, or more than $500,000 a year.

This means she has a direct interest in Debevoise's future profits, and therefore an incentive to help make sure only good things come the firm's way. Debevoise's partner-retirement plan is unfunded, meaning the firm pays benefits from its continuing business operations.

www.bloomberg.com

#4 | Posted by paneocon at 2013-02-27 08:54 AM | Reply | Flag:

In other news, Obama has appointed a fox to guard his henhouse.

#5 | Posted by sully at 2013-02-27 08:59 AM | Reply | Flag:

#5 | POSTED BY SULLY

In other news, Obama has appointed a fox to guard OUR henhouse.

#6 | Posted by paneocon at 2013-02-27 09:01 AM | Reply | Flag:

Not defending this choice or disagreeing with some of the likely problems mentioned above, but there are only two choices for selecting someone qualified to handle this job. You either recruit from industry or you recruit from academia. And we all know much respect some have for academics.

#7 | Posted by Hagbard_Celine at 2013-02-27 09:18 AM | Reply | Flag:

So I wonder if New York-based Debevoise & Plimpton LLP donated $500,000 to the OFA so they could sit down with the President every 3 months and sell him on appointing White to head the SEC?

Where is Occupy Wall Street right now? Why aren't they protesting in front of the White House over this ridiculous nomination?

#8 | Posted by MUSTANG at 2013-02-27 09:50 AM | Reply | Flag:

HAGBARD the appointment is disappointing but the current and unsevered relationship with a previous employer is the issue.

#9 | Posted by paneocon at 2013-02-27 09:52 AM | Reply | Flag:

"HAGBARD the appointment is disappointing but the current and unsevered relationship with a previous employer is the issue."

I think you'd be hard pressed to find someone from industry to fill the position who does not have that problem.

#10 | Posted by Hagbard_Celine at 2013-02-27 10:00 AM | Reply | Flag:

I wonder what "candidate Obama" would have said about this appointment?

#11 | Posted by MUSTANG at 2013-02-27 10:30 AM | Reply | Flag:

Wait, I know now:

While campaigning against McCain, he said this about sitting SEC Chairman Christopher Cox: ""Don't just get rid of one guy. Get rid of this administration. Get rid of this philosophy. Get rid of the do-nothing approach to our economic problem and put somebody in there who's going to fight for you."

So what does he do? Nominate someone who defended Wall Street as his new SEC Chair.

#12 | Posted by MUSTANG at 2013-02-27 10:38 AM | Reply | Flag:

Well good she will fit right in with all the damn bankers he appointed in office to.
Neo-Liberal garbage

#13 | Posted by PunchyPossum at 2013-02-27 01:23 PM | Reply | Flag:

The real Obama, the awesome liberal, will show himself after being reelected.

--You Know Who

#14 | Posted by nullifidian at 2013-02-27 01:27 PM | Reply | Flag:

That's what made candidate Obama. He had never really done anything so he could spew any nonsense he wanted and there was no record to look at. That's why he was going to close Gitmo, double down on Afghanistan, and said W was un American over spending.

#15 | Posted by Dalton at 2013-02-27 01:27 PM | Reply | Flag:

"The real Obama, the awesome liberal, will show himself after being reelected."

I remember back in 08, while voicing my reservations about candidate Obama, somebody here told me that he only said the things he said because he had to appeal to the middle in order to be elected and that his true liberal colors would shine through post inauguration, that I "have to believe." Not who you're talking about, but the sentiment is the same.

#16 | Posted by Hagbard_Celine at 2013-02-27 01:42 PM | Reply | Flag:

We missed the opportunity of a lifetime by not smashing the banks into a thousand little pieces. The TBTF banks from 2009 are now bigger than ever, control more deposits than at any time in history, and are about to send a Citigroup VP to become SecTreas and one of their biggest attorneys to run the SEC.

Give Zero credit for brazenness. When W and Cheney powwowed with their oil industry pals, at least they did their best to keep it secret. But O knows nobody is really going to say anything. It's racist, you see.

#17 | Posted by uglyblinddate at 2013-02-27 01:51 PM | Reply | Flag:

I remember back in 08, while voicing my reservations about candidate Obama, somebody here told me that he was more of a liberal than Hillary, but now he blames Obama because he was wrong about Obama.... but that wasn't you, that was, well, You Know Who.

#18 | Posted by Corky at 2013-02-27 01:55 PM | Reply | Flag:

"We missed the opportunity of a lifetime by not smashing the banks into a thousand little pieces."

Are you really RubeIsRube? Leftists--not Obamabots--have been saying that for years.

#19 | Posted by nullifidian at 2013-02-27 02:02 PM | Reply | Flag:

I remember back in 2008, before even a single primary was held, posting the following article from Matt Taibbi. If that wasn't prescient...

Obama Is the Best BS Artist Since Bill Clinton
February 14, 2007

"As far as political positioning goes, his strategy seems to be to appear as a sort of ideological Universalist, one who spends a great deal of rhetorical energy showing that he recognizes the validity of all points of view, and conversely emphasizes that when he does take hard positions on issues, he often does so reluctantly. He is a black man from Chicago who gets away with praising Ronald Reagan, which is not an easy task. His political ideal is basically a rehash of the Blair-Clinton "third way" deal, an amalgam of Kennedy, Reagan, Clinton and the New Deal; he is aiming for the middle of the middle of the middle. "

#20 | Posted by nullifidian at 2013-02-27 02:07 PM | Reply | Flag:

And yet you voted for him and now pretend surprise.

#21 | Posted by Corky at 2013-02-27 02:08 PM | Reply | Flag:

#21 | Posted by Corky at 2013-02-27 02:08 PM | Reply | Flag: Air blogging

#22 | Posted by nullifidian at 2013-02-27 02:09 PM | Reply | Flag:

#22 | POSTED BY NULLIFIDIAN AT 2013-02-27 02:09 PM - Deflecting sans retort.

#23 | Posted by Corky at 2013-02-27 02:12 PM | Reply | Flag:

#22 | POSTED BY NULLIFIDIAN AT 2013-02-27 02:09 PM - Deflecting sans retort.

#23 | Posted by Corky

Hey, what do you know, a specific reference to a specific post or poster. Congratulations!

#24 | Posted by nullifidian at 2013-02-27 02:21 PM | Reply | Flag: