Long time EPJ readers will recall my 2009 report on Gensler:
The Senate on Tuesday confirmed Gary Gensler to head the Commodity Futures Trading Commission.He's probably gunning for Treasury Secretary in a Hillary Administration.
Gensler spent 18 years at Goldman Sachs. His last position there was as co-head of finance. He also was involved in adding a layer of bureaucracy to corporate America when he acted as a senior adviser to Senator Paul Sarbanes, one of the authors of legislation that eventually became the Sarbanes-Oxley Act.
Gensler received his MBA from the Wharton School. A friend who attended Wharton with Gensler tells me he was the smartest student in the class. When Goldman visited the campus the year Gensler graduated, Gensler was the only student that they wanted to talk to.
-RW
The Media Fall for Hillary Clinton’s Gensler Gambit Posted on April 17, 2015 by William Black
ReplyDeleteHillary Clinton’s Successful Gensler Gambit
The financial media is abuzz today with the leaked news that Hillary Clinton is hiring Gensler as a senior campaign staffer. From H. Clinton’s perspective, the media buzz was perfect. Bloomberg’s article bears this gushing one sentence summary: “Hillary Clinton will bring on one of Wall Street’s fiercest critics to oversee her campaign’s finances.” The article explains the politics.
For Clinton, who has been fighting her left flank’s concern that she is too cozy with Wall Street, Gensler is a notable hire. He became known as someone with sharp elbows —even during his negotiations within the Obama administration—in his push for tighter regulation.
In short, H. Clinton’s campaign got the ideal spin from what could have been a very hostile financial media. Hiring, and leaking, Gensler’s hire was a very smart political move.
Just One Little Catch
But here’s the catch. Gensler is being hired for a job that will take 150% of his available time given H. Clinton’s ability to raise money and the obscene rules that make modern campaign finance a sport in which both parties routinely devise “black box” funding devices to allow the wealthy to rule American politics secretly. This has two critical implications. Gensler will not be working to block the power of the secretive wealthy – he will be doing the opposite, at least 16 hours a day. It also means that he was not hired to advise H. Clinton on the crimes of Wall Street banksters and the vital need for vigorous regulation and prosecutions. Even if he had the desire to fill that role he will have no time to do so and he will be busy secretly catering to the needs of the wealthy and politically dominant criminal class.
Gensler Was No Godzilla When He Led the CFTC
Conclusion
Ignore the media crush on Gensler’s appointment. As campaign CFO for H. Clinton his job is the care and feeding of the DLC’s financial base – the finance industry. H. Clinton’s Gensler gambit is smart politics, but if you think it means she is seeking progressive advice you are being played – successfully.
http://neweconomicperspectives.org/2015/04/the-media-fall-for-hillary-clintons-gensler-gambit.html
wall street candidtate A.........
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