Three Little Words: How Bill Daley Can Be Your Next Hero - Richard Eskow

[WillyT]

Three Little Words: How Bill Daley Can Be Your Next Hero
Richard (RJ) Eskow - Consultant, Writer, Senior Fellow with The Campaign for America's Future
Posted: January 7, 2011 08:21 AM

<snip>

Here's a suggestion for Bill Daley, three simple words that could turn everything around for the president and his party:
Be Joe Kennedy.

Progressives were appalled when FDR appointed that noted stock market manipulator Joe Kennedy to be the first head of the Securities and Exchange Commission. Kennedy had a reputation as a ruthless and unscrupulous master of insider trading. He was a master of the reckless and speculative financial instruments of his day, the early 20th Century equivalents of CDOs and mortage-backed securities. But Kennedy took his job seriously, went after the sharks ferociously, and help stabilize the capitalist system so effectively that it remained sound for another seven decades.

Bill Daley hasn't been personally implicated in JPMorgan Chase's misdeeds, so he certainly doesn't have Joe Kennedy's pre-SEC reputation. By all accounts he's a decent, ethical guy. But his bank's reputation isn't so unsullied. Despite Jamie Dimon's massive PR initiative on behalf of his own reputation, the problems are significant: Sloppy and probably illegal foreclosure management, for which the bank has set aside more than $2 billion for repurchases and litigation costs; millions in cash that got spread around Alabama in pursuit of some deals for municipal bond derivatives (it cost three-quarters of a billion in fines for the bank to be able to say it "neither admitted nor denied wrongdoing"); and a few other little odds and ends, too (more here.) Daley's certainly heard a lot about these problems, and he can put that knowledge to good use in his new job.

Daley isn't being appointed to SEC, of course. He's been chosen to be the president's gatekeeper and right-hand man. But he can play a Joe Kennedy-like role for the president, in everything from managing his schedule to communicating with senior aides... and in speaking with the business community. He has business credibility, and when executives come complaining to the White House he'd be the perfect guy to tell them to "cut the sh*t and cooperate." He certainly knows something about tough Irish political dynasties. If Daley's willing to use his industry knowledge and experience to force the White House into a tougher, smarter reform approach, he could wind up becoming everybody's hero.

<snip>

More: http://www.huffingtonpost.com/rj-eskow/three-little-words-how-bi_b_805639.html

What a great idea !!!

:evilgrin:

[vi5]

1. Great Idea? Yes.

Likely to happen? Not a chance.

[WillyT]

2. I Have A Bitter, Smoldering Hope...

:shrug:

:hi:

[eilen]

3. Whatever.

It's not like any citizen has anything to say about it. Go ahead and make yourselves feel better about it if it gets you through the day and feeling confident.
I seem to recall similar overworked verisimilitude when Rahm, Geitner, et al were appointed.

[pa28]

4. It is a great idea. Unfortunately it would run counter the President's wishes.

By picking Daley, Obama is putting his money where his business friendly mouth has been recently. The President is doubling down on his pro-bank, free-trade, bond market view of the economy.

Even if Mr. Daley woke up one morning with some ray of light and decided to be another Joe Kennedy I'm guessing it would be considered political mutiny. He'd be fired very quickly.

[GeorgeGist]

5. Sophomoric.

FAIL

[WillyT]

6. No Profile.

WUSS