Hillary Clinton is “too close to Wall Street.” The media has been whispering this at us all for weeks now, and while we have no concrete evidence, we know in our hearts that it is true.
Therefore, Bloomberg’s scoop that Clinton’s campaign is set to appoint a former Goldman partner as its CFO.
Hillary Clinton is planning to name Gary Gensler, a former top federal financial regulator and strong advocate for strict Wall Street rules, as the chief financial officer of her campaign, according to a Democrat familiar with the decision.
Gensler, in his role as chairman of the Commodity Futures Trading Commission, was a leading player in the drafting and then implementation of the Dodd-Frank Act, the financial rules that President Barack Obama signed into law in 2010 in the wake of the worst financial crisis since the Great Depression. Gensler also served in President Bill Clinton's Treasury Department.
Hillary, you got the wrong Goldman, man.
Gensler is seen as a sworn enemy of The Street and a folk hero of the Elizabeth Warren crowd. If Hillary is running to advance the agenda of Wall Street, Gensler seems to be somewhat of a hedge in that show of friendship.
Well, let’s not say hedge, Gary hates that kind of stuff and was particularly hard on the derivatives world in the aftermath of the crash. He even jumped into the public sector (on purpose) and was a leading voice calling on the big banks to put more capital behind their own risky bets. That stance alone pissed of bankers big time, just look at this New Republic piece from late 2009.
Gensler’s nomination to the CFTC aroused suspicion among congressional liberals when the Obama transition team announced it last December. But Gensler spent several months persuading regulatory hawks that he was one of them, and his actions as chairman underscore it. “The reason I think the left and these consumer groups are in good position is that they have Gensler at the CFTC,” says the bank lobbyist. “He’s turned a rinky dink commission into the most powerful agency in the federal government when it comes to derivatives. … This guy is the guy with the schwag.”
"Schwaggy G" was also a zealous fan of Dodd-Frank and pretty much lost his shit over Libor.
Gensler, who stepped down from the CFTC in January of last year, is also a sworn Clinton family samurai. In addition to serving under Bob Rubin and Larry Summers at Bill Clinton’s Treasury Department, Gensler was an advisor to Hillary during her 2008 run.
One now-intriguing line in Gensler’s political CV is his role as an advisor to former Maryland Governor Martin O’Malley, the guy widely expected to be Hillary’s only challenger for the Democratic nomination.
But it looks like Gensler is now firmly back in Camp Clinton, where he will act as a subtle warning to the financiers assuming they have too much sway over Hillary. Ironically, he will also be managing the millions in donations expected to pour in from their coffers.