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Barack Obama is too busy posing for magazine covers to actually do the job to which he was elected.
There is a price to be paid when a president throws a party every other night, weekends in Chicago or Camp David and poses for magazine cover after magazine cover.
After 51 days in office, Barack Obama has appointed only 73 people to 1,200 jobs that require Senate confirmation.
If they require Senate approval, they are important jobs.
Democratic sources say that H. Rodgin Cohen, a partner in the New York law firm Sullivan & Cromwell LLP, and the leading candidate for Deputy Treasury Secretary, has withdrawn from consideration.
It’s the third withdrawal of a top Treasury Department staff pick in less than a week.
I reported last week that Cohen was likely to be officially nominated for the Deputy Treasury Secretary position.
Cohen has been a counsel to just about every major player on Wall Street, which perhaps complicated his nomination.
Now, the nomination is off.
Democratic sources said that an issue arose in the final stages of the vetting process.
As one source put it, “it’s back to the drawing board.”
Cohen had risen to the top after the withdrawal last week of expected deputy treasury secretary pick Annette Nazareth.
Nazareth was forced to withdraw from consideration for the deputy treasury slot because senators made it clear she would face tough questioning over her time at the Securities and Exchange Commission — tenure that overlapped with the agency’s failure to catch Bernie Madoff.
And the candidate for Undersecretary for International Affairs, Caroline Atkinson, was told she had to withdraw after a “tax problem” was revealed early in the vetting process, according to officials.
I’m thinking that all these people are withdrawing because they have real life business/market experience and they know that Dear Leader has none.
They also know that Dear Leader’s plans will not work and they don’t want to damage themselves by being associated with plans that, in the real world, have no chance of success.
Virtually everyone with any sort of business sense is either distancing themselves or sending up the red flag to say “Hey, this is not gonna work.”
Too bad Obie is too dunderheaded to get the message.
bbartlog
15 years ago
In a perverse way, I’m pleased. The failure to appoint anyone means that these institutions will be limited in what they can do for a while, which means our problems have a better chance to work themselves out without too much government meddling. Failure to appoint is one kind of small government.
Of course, it’s also a sign of low competence. Reminds me of the old Casey Stengel line: ‘Doesn’t anybody here know how to play this game?’. I think one problem that the Treasury, at least, is facing is that few people want to work for a laughingstock (Geithner). Obama should can him, but he won’t, because decisiveness is not one of his virtues.
huh
15 years ago
This is long but more in the link. This guy should not be a “deputy” he should be the sheriff! He is a Big Boy. A “Double Havard” (Harvard under and Havard Law). What happened??
H. Rodgin Cohen joined Sullivan & Cromwell LLP in 1970, became a partner of the Firm in 1977 and Chairman of the Firm in July 2000.
The primary focus of Rodgin Cohen’s practice is acquisition, corporate governance, regulatory and securities law matters for major U.S. and non-U.S. banking and other financial institutions and their trade associations.
Mr. Cohen and S&C are at the vanguard of critical issues and developments affecting financial institutions, and S&C has remained the chosen firm of leading global financial institutions seeking non-traditional investments, sales and restructuring arrangements in connection with the global credit crisis.
Recent press stories attest to the preeminent stature of Mr. Cohen in the financial institutions sector:
“With virtually all of Wall Street as his client, [Cohen] has solidified his role as one of the most influential private-sector players in the financial crisis. Over the past five weeks alone, Mr. Cohen and his team have advised Fannie Mae, Lehman Brothers Holdings Inc., Wachovia, Barclays PLC, American International Group Inc., J.P. Morgan Chase & Co. and Goldman Sachs Group Inc. in a blitz of mergers, rescues and cash infusions.” (The Wall Street Journal, October 9, 2008)
“For Mr. Cohen, virtually every day in September was a workday, including the weekends. Long regarded as one of the top counselors to major financial firms, Mr. Cohen has, in the past 30 days alone, advised Fannie Mae; A.I.G.; Lehman Brothers; and JPMorgan Chase & Company in its government-brokered purchase of Washington Mutual.” (The New York Times, October 7, 2008)
“During the chaos of the post-credit crunch financial world, Rodgin Cohen has popped up everywhere. Over the past two weeks of historic, market-reshaping events, he has been ubiquitous.” (The Lawyer, September 29, 2008)
For his role in the financial crisis, The New York Times named Mr. Cohen one of “The Street’s Emergency Responders” (October 7, 2008), The London Times as its “Lawyer of the Week” (October 2, 2008), The Lawyer as “The Main Man” (September 29, 2008) and The American Lawyer as its first-ever “Dealmaker of the Week” (The AmLaw Daily, September 19, 2008).
What the h3ll is he doing??
http://blogs.dailymail.com/donsurber/2009/03/11/thereisnobodythere/
“There is nobody there”
Barack Obama is too busy posing for magazine covers to actually do the job to which he was elected.
There is a price to be paid when a president throws a party every other night, weekends in Chicago or Camp David and poses for magazine cover after magazine cover.
After 51 days in office, Barack Obama has appointed only 73 people to 1,200 jobs that require Senate confirmation.
If they require Senate approval, they are important jobs.
@huh: good link!
Another quote:
“that telephone at 3 a.m. is ringing and ringing and ringing.”
AND NO ONE IS THERE TO ANSWER IT!
Another Treasury nominee withdraws.
Worst. Administration. Evah.
@Aye Chihuahua: “Worst. Administration. Evah.”
You can say that again.
“Worst. Administration. Evah.”
It’s becoming a farce.
The most important crisis of our time and there is no one on board to do anything about it.
At this rate I’d take Hank Paulson back and he was pathetic!
I’m thinking that all these people are withdrawing because they have real life business/market experience and they know that Dear Leader has none.
They also know that Dear Leader’s plans will not work and they don’t want to damage themselves by being associated with plans that, in the real world, have no chance of success.
Virtually everyone with any sort of business sense is either distancing themselves or sending up the red flag to say “Hey, this is not gonna work.”
Too bad Obie is too dunderheaded to get the message.
In a perverse way, I’m pleased. The failure to appoint anyone means that these institutions will be limited in what they can do for a while, which means our problems have a better chance to work themselves out without too much government meddling. Failure to appoint is one kind of small government.
Of course, it’s also a sign of low competence. Reminds me of the old Casey Stengel line: ‘Doesn’t anybody here know how to play this game?’. I think one problem that the Treasury, at least, is facing is that few people want to work for a laughingstock (Geithner). Obama should can him, but he won’t, because decisiveness is not one of his virtues.
This is long but more in the link. This guy should not be a “deputy” he should be the sheriff! He is a Big Boy. A “Double Havard” (Harvard under and Havard Law). What happened??
http://www.sullcrom.com/cohenhrodgin/
H. Rodgin Cohen joined Sullivan & Cromwell LLP in 1970, became a partner of the Firm in 1977 and Chairman of the Firm in July 2000.
The primary focus of Rodgin Cohen’s practice is acquisition, corporate governance, regulatory and securities law matters for major U.S. and non-U.S. banking and other financial institutions and their trade associations.
Mr. Cohen and S&C are at the vanguard of critical issues and developments affecting financial institutions, and S&C has remained the chosen firm of leading global financial institutions seeking non-traditional investments, sales and restructuring arrangements in connection with the global credit crisis.
Recent press stories attest to the preeminent stature of Mr. Cohen in the financial institutions sector:
“With virtually all of Wall Street as his client, [Cohen] has solidified his role as one of the most influential private-sector players in the financial crisis. Over the past five weeks alone, Mr. Cohen and his team have advised Fannie Mae, Lehman Brothers Holdings Inc., Wachovia, Barclays PLC, American International Group Inc., J.P. Morgan Chase & Co. and Goldman Sachs Group Inc. in a blitz of mergers, rescues and cash infusions.” (The Wall Street Journal, October 9, 2008)
“For Mr. Cohen, virtually every day in September was a workday, including the weekends. Long regarded as one of the top counselors to major financial firms, Mr. Cohen has, in the past 30 days alone, advised Fannie Mae; A.I.G.; Lehman Brothers; and JPMorgan Chase & Company in its government-brokered purchase of Washington Mutual.” (The New York Times, October 7, 2008)
“During the chaos of the post-credit crunch financial world, Rodgin Cohen has popped up everywhere. Over the past two weeks of historic, market-reshaping events, he has been ubiquitous.” (The Lawyer, September 29, 2008)
For his role in the financial crisis, The New York Times named Mr. Cohen one of “The Street’s Emergency Responders” (October 7, 2008), The London Times as its “Lawyer of the Week” (October 2, 2008), The Lawyer as “The Main Man” (September 29, 2008) and The American Lawyer as its first-ever “Dealmaker of the Week” (The AmLaw Daily, September 19, 2008).
@huh:
The fewer Obama appointees who get their paws in the cookie jar the better.