President Obama’s nomination of Lazard executive Antonio Weiss to be Under Secretary of the Treasury may be the occasion for the next fight between corporate and progressive Democrats. Senator Elizabeth Warren has already declared her opposition to Weiss’ confirmation, citing his nomination as another example of the revolving door between government and Wall Street. Her statement was answered by howls of anguish from lower Manhattan and the threat that, if Weiss were not confirmed, Wall Streeters just might stop being willing to run our economy. This threat did not cause extreme anxiety in progressive circles.
Senator Warren recently accused the last two Democratic administrations of having excessive numbers of Citigroup-connected people in high economic positions (Weiss, a Lazard man, is a refreshing change). It is probably of some significance that the previous Democratic president was named Clinton. Warren also made the more serious charge that having Citigroup lobbyists interacting with former Citigroup government officials has impeded proper regulation of the big banks. Further, Warren said, the big banks wield not only economic power but also political power, and citing the trust-busting example of Teddy Roosevelt, she said the big banks should be broken in pieces. Obviously Senator Warren
doesn’t intend to let the minor job that Senator Reid gave her slow her down.