Tuesday, March 6, 2012

Your Tax Dollars at Work: The YWCA Woman

While Warren Buffett, Greg Mankiw and Henry Blodget come up with schemes that will  take more of your money and send it to government, the more and more I am coming across people who are incensed with the way government is operating.

A friend tells me about the way the US Post Office works and the absurd bureaucracy surrounding it because of Congressional oversight. She says that if the Post Office was truly made an independent business with competitors, it would do just fine. It's the government oversight that is the albatross.

A top derivatives attorney at Citigroup tells me that parts of Dodd-Frank legislation are about to kick in without definitions created for key types of derivatives. In other words, no one will know in advance whether they are abiding by the new regulations or not.

And then there is the case of the YWCA woman.  Dr. Lorraine Cole was appointed by President Obama as Vice-Chair of the President's Advisory Council on Financial Capability.  The President signed Executive Order 13530, creating the President’s Advisory Council on Financial Capability, in January 2010 as part of Dodd-Frank.

In announcing the appointment of Cole along with others in October 2010, the President said:
I am confident that these highly qualified men and women will greatly serve the American people as they work to improve financial literacy and promote services that will benefit consumers.  I look forward to their sound advice on these issues as we work together in the months and years ahead.
The President's words "highly qualified" and "financial literacy"  sounded like clanking words to those that have studied Cole's resume.

One observer of the Chicago scene wrote to me:
 This woman is an old Chicago buddy of the Obamas. She has NO background in
 finance. However she has been appointed to a top Treasury position.. Her last job was actually at the YWCA. No kidding. Google her and see for yourself.

Indeed, the YWCA site announcing her move to the Treasury says:
 Dr. Cole whose passion for women’s empowerment brought her to the YWCA in 2006 has had vast experience in leading national nonprofit organisations and advocating for issues of importance to women....In addition to her governance position at the YWCA, Dr. Cole also serves on many national boards including the American Society of Association Executives, the Women’s Health Advisory for Pfizer, and she is also an advisor on health policy for Heart and Soul magazine.
Hmm, on the Women’s Health Advisory for Pfizer? Isn't that a key player in the pharma  industry that Obama is "battling"? Huh.

It seems the only way Obama could argue that Cole wasn't a crony appointment is to argue that perhaps Cole picked up some yoga tips while working at the Y and that when people lose money because of Bernanke's roller coaster money manipulations that Cole will teach some yoga tips to them so that they can forget about the money they lost that ended up in the hands of the banksters.

Bottom line: This is an example of the absurd places your tax money is going, to a YWCA officer turned high level Treasury official. Robert Mugabe would be proud.

By some insane reasoning, this is why Buffett, Mankiw and Blodget want to lift  money from our pockets for, to support this madness.

Spin classes anyone?


  1. Wow. Simply, wow. And no doubt the media will gloss over these facts.

  2. Lorraine Cole should never have been hired for this job.

    Now that she has been exposed, she should do the right thing and step down.

    The U.S. economy is in a mess and we need all the help we can get to get it back on track before it's too late.

  3. Yet another affirmative action hire, just like Obama himself and his wife.

    A few years ago, someone posted some/all of her senior thesis from Michelle Obama's Princeton days. The thesis was poorly thought out and not well written.

    Yep, I would love to see Obama's SAT, LSAT, and undergrad grades. Same with Michelle.

  4. Can't someone put her on the spot somewhere by asking her highly technical finance questions and then uploading the hilarity to YouTube? If we're sentenced to live in a time of worldwide kleptocracy and capital consumption, I at least expect a couple of good laughs.

  5. In the end voting becomes a criminal act.

  6. It was my understanding that this is a volunteer position and not a paid high level job in the Treasury Department. You might want to do some research on the YWCA. The YWCA is an advocacy organization with a mission to eliminate racism and empower women. Yoga and spinning classes are not mission based programs of the YWCA.


    You know those days when you read something that just disgust you, this is one of those days.

    The articles fine. Its just the info it contained with in it. Its the truth.

    This is like how I found out about that woman that was on government assistance who won the freaking lotto, and then still remained on it. What a load of shit.