Last week President Obama nominated Antonio Weiss, head of global investment banking for the financial giant Lazard, to become the administrations new Under Secretary of the Treasury for Domestic Finance. Weiss has spent the last 20 years of his career at Lazard, most of it advising on international mergers and acquisitions. Lazard helps clients avoid U.S. taxes by sheltering profits in other countries. Weiss, who is well known on Wall Street, made partner at Lazard at 32 and has been a big donor and fundraiser for Obama. Vermont Senator Bernie Sanders (I) and Massachusetts Senator Elizabeth Warren (D) have been outspoken in their opposition of Obamas nomination of Weiss, who most recently advised on Burger King’s acquisition of Canadian doughnut chain Tim Horton’s, a so-called “tax inversion deal.” Even though Obama has expressed his disapproval of tax inversions, he apparently has no problem appointing a key player in the most recent and public tax inversion deal. According to her advisers, Warren “agrees with Senator Grassley that his past work with corporate inversions is a major issue, and she’s had growing concerns with the Administration being loaded with so many appointees from Wall Street rather than more people who would bring different perspectives.” The adviser also argued that Weiss’ mergers and acquisitions background on Wall Street was not a good fit for the domestic finance post. “She also doesn’t believe that his investment banking background – which focuses almost entirely on Europe and on international mergers and acquisitions – puts him in a good position to oversee domestic issues like consumer protection and U.S. financial regulation,” the adviser said. Sanders has also urged President Barack Obama to withdraw the nomination. “The Wall Street crash of 2008, caused by the greed and illegal behavior of major financial institutions, created the worst recession in modern history. We need an economic team at the White House which will hold Wall Street accountable and fight for the needs of working families, not more Wall Street executives,” Sanders said. “The American people are disgusted with Wall Street bankers who find loopholes in the tax code to help profitable companies shelter profits in offshore tax havens in order to avoid paying their fair share of U.S. taxes. We need economists in government who have a history of helping to create jobs, not helping corporations avoid taxes. Supporters of Weiss note that he coauthored a report in 2012 with the Center for American Progress on reforming the tax system to help boost the middle class and has the backing of several progressive leaders. Neera Tanden, president of the Center for American Progress said of Weiss: “Antonio not only brings significant knowledge and expertise in financial markets, he brings an understanding and a deep commitment to the goals of this administration, including implementing smart policies that spur economic growth and support the middle class.” Knowing Obamas past record and support of Wall Street, does Weisss deep commitment to the goals of the administration mean more support for Wall Street or more support for the middle class and Main Street?
Posted on: Mon, 24 Nov 2014 23:51:31 +0000
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