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  • Locked thread
ReidRansom
Oct 25, 2004


Radbot posted:

I mean, if we only care about the children of the poor (as you apparently do, I don't agree) - why do we even give the credit to all income levels?

Because means testing is a near surefire way to put something on the chopping block.

Adbot
ADBOT LOVES YOU

The Warszawa
Jun 6, 2005

Look at me. Look at me.

I am the captain now.

Radbot posted:

OK, and your point is? Do we not want to incentivize people to take good care of their children in two parent households that have a financial cushion?

I mean, if we only care about the children of the poor (as you apparently do, I don't agree) - why do we even give the credit to all income levels? Why not just strike the credit entirely and increase Medicaid and welfare funding?

Because if you don't qualify for welfare, well, your kid is better off than the kid of people who are on it, and you don't deserve poo poo, right?

Wait, why do you think I just care about the children of the poor? We should give the benefit at all levels because we want to give parents more financial "cap space" for kids. Your issue seemed to be with the argument that kids whose parents have less (overall or on a per kid basis, even if they have less because of lovely decisionmaking) should get more.

Looking at tax and benefit policy as a deserving/behavior judgment is really unfortunate, especially when it comes to policies designed to benefit children, who have no say in who their parents are.

As to "incentivize people to take good care of their children in two parent households that have a financial cushion," yeah, sure that's great, but it's pretty unconscionable when those incentives translate into giving less to children who need more.

Plus, the two parent household thing has some problems. I mean, we can reenact the marriage incentives argument from the West Wing but I warn you, I don't look nearly as good as Mary-Louise Parker.

The Warszawa fucked around with this message at 23:35 on Jan 13, 2015

swampcow
Jul 4, 2011

Another wrinkle in the child tax break debate: the older the mother is, the higher the probability of birth defects. If a woman over 35 gets pregnant, it's considered a "geriatric pregnancy."

A just society would put incentives in place for couples to have children at a younger age, not just for the above reason but also because the parents are more likely to survive before the child comes of age.

Saving money to have more children comes at a price.

Aves Maria!
Jul 26, 2008

Maybe I'll drown
We should probably put incentives in for smaller families, as well, but unfortunately there are quite a few issues that we would run into there.

Joementum
May 23, 2004

jesus christ
Merlot, she wrote.

quote:

Ebola, evil voices and the devil.

Those are just a few of the things a Butler County bartender cited as reasons he was going to kill House Speaker John Boehner this past fall, federal agents said.

Michael Robert Hoyt, 44, was indicted Jan. 7 on charges of threatening to murder the congressman in a plot authorities said included poisoning his drink at a country club.

...

“Hoyt told the officer he was Jesus Christ and he was going to kill Boehner because Boehner was mean to him at the country club and because Boehner is responsible for Ebola,” United States Capitol Police (USCP) Special Agent Christopher M. Desrosiers said.

Rygar201
Jan 26, 2011
I AM A TERRIBLE PIECE OF SHIT.

Please Condescend to me like this again.

Oh yeah condescend to me ALL DAY condescend daddy.


420DD Butts posted:

We should probably put incentives in for smaller families, as well, but unfortunately there are quite a few issues that we would run into there.

What already do, through diminishing returns on existing credits

Aves Maria!
Jul 26, 2008

Maybe I'll drown

Rygar201 posted:

What already do, through diminishing returns on existing credits

That only really works as an incentive (or disincentive, really) for the poor and fringe middle-class, though.

Kalman
Jan 17, 2010

Radbot posted:

I mean, if we only care about the children of the poor (as you apparently do, I don't agree) - why do we even give the credit to all income levels?

We don't. The CTC and EITC both phase out.

E: also, by giving tax credits to parents we allow responsible parents to not have to save as much before they can have kids, so shut up already, it helps responsible people just as much as irresponsible people.

Duke Igthorn
Oct 11, 2012

by FactsAreUseless

This is why FOX News needs to specify when they blame everything on colored people.

FAUXTON
Jun 2, 2005

spero che tu stia bene


"bartender poisoning" isn't the clinical term for cirrhosis you orange gently caress

(I know it's an actual crazy person making threats)

NoEyedSquareGuy
Mar 16, 2009

Just because Liquor's dead, doesn't mean you can just roll this bitch all over town with "The Freedoms."



Authorities still lacking information on who is breaking into the Boehner household at night and tanning them as they sleep.

Joementum
May 23, 2004

jesus christ
Look, it was one thing when Boehner was being mean to a guy at a country club, but when he invented Ebola, he went too far, in my opinion.

Xibanya
Sep 17, 2012




Clever Betty
OK, I perhaps rightly was criticised for failing to address the Earned Income Tax Credit.

However your $150 from the state I will not apologize for, since the top of my post clearly says "Federal". :colbert:

Let's have a look at this awesome free cash!

The IRS posted:

Last year, the average credit was $2,300.
Source

2014 Tax Year
Earned Income and adjusted gross income (AGI) must each be less than:
$46,997 ($52,427 married filing jointly) with three or more qualifying children
$43,756 ($49,186 married filing jointly) with two qualifying children
$38,511 ($43,941 married filing jointly) with one qualifying child
$14,590 ($20,020 married filing jointly) with no qualifying children

Tax Year 2014 Maximum Credit:
$6,143 with three or more qualifying children
$5,460 with two qualifying children
$3,305 with one qualifying child
$496 with no qualifying children

So let's say you are married filing jointly and have one kid and your combined household income is a swanky high-rolling $45k. Whoops, no EITC for you!

Raccooon
Dec 5, 2009

Rep. Bob Latta (R-Ohio) released a press release that he is introducing legislation to stop the FCC from re-classifying ISPs as common carrier.

http://latta.house.gov/news/documentsingle.aspx?DocumentID=397923

Is this likely to pass?

Edit: Looks like he introduced this a year before and it died a quiet death. I assume that same will happen this time.

Raccooon fucked around with this message at 01:47 on Jan 14, 2015

Kalman
Jan 17, 2010

Probably won't pass. That said, there's yet another problem with reclassification - if broadband becomes a Title II service, the FTC loses jurisdiction over broadband services. (Reclassification is a bad idea and Wheelers original proposal would be way better.)

Lote
Aug 5, 2001

Place your bets

NoEyedSquareGuy posted:



Authorities still lacking information on who is breaking into the Boehner household at night and tanning them as they sleep.

He's just trying to raise awareness for the American Society of Carotenemia and Lycopenemia

Evil Fluffy
Jul 13, 2009

Scholars are some of the most pompous and pedantic people I've ever had the joy of meeting.

Deadulus posted:

Rep. Bob Latta (R-Ohio) released a press release that he is introducing legislation to stop the FCC from re-classifying ISPs as common carrier.

http://latta.house.gov/news/documentsingle.aspx?DocumentID=397923

Is this likely to pass?

Edit: Looks like he introduced this a year before and it died a quiet death. I assume that same will happen this time.

Obama's certain to veto any such bill if it reaches him since he's been pushing for changes to them and I'd be stunned if anywhere close to enough Democrats would cross the isle to to override him.

ComradeCosmobot
Dec 4, 2004

USPOL July

Evil Fluffy posted:

Obama's certain to veto any such bill if it reaches him since he's been pushing for changes to them and I'd be stunned if anywhere close to enough Democrats would cross the isle to to override him.

Charlie Rangel has already done so, so the bill is technically bipartisan.

But you're right that there are few Democrats who would support it. Fewer still in the Senate.

ReidRansom
Oct 25, 2004


And Charlie Rangel is kind of a piece of poo poo.

Not that it makes his vote worth any less when it comes time to count.

Cliff Racer
Mar 24, 2007

by Lowtax

Deadulus posted:

Edit: Looks like he introduced this a year before and it died a quiet death. I assume that same will happen this time.

It died a quiet death because the FCC didn't actually make moves toward making changes. Wouldn't be surprised if it sails through. Wouldn't be surprised if it picks up more than a bit of Democratic support too if they get it in before the FCC change (and resulting drawing of popular political divisions on the issue.) The simple fact is that all of the money on this issue is on one side AND that a lot of the companies that stand to lose a lot on it are Democratic donors.

Gunshow Poophole
Sep 14, 2008

OMBUDSMAN
POSTERS LOCAL 42069




Clapping Larry

NoEyedSquareGuy posted:



Authorities still lacking information on who is breaking into the Boehner household at night and tanning them as they sleep.

Is Mrs. Boehner like Joe Biden's first cousin or something? Is it just the eyes/teeth/laugh lines?

silvergoose
Mar 18, 2006

IT IS SAID THE TEARS OF THE BWEENIX CAN HEAL ALL WOUNDS




Cliff Racer posted:

It died a quiet death because the FCC didn't actually make moves toward making changes. Wouldn't be surprised if it sails through. Wouldn't be surprised if it picks up more than a bit of Democratic support too if they get it in before the FCC change (and resulting drawing of popular political divisions on the issue.) The simple fact is that all of the money on this issue is on one side AND that a lot of the companies that stand to lose a lot on it are Democratic donors.

Isn't that actually not true, and high profile, pretty big donors like google folks and such are strongly on the other side?

Nintendo Kid
Aug 4, 2011

by Smythe

silvergoose posted:

Isn't that actually not true, and high profile, pretty big donors like google folks and such are strongly on the other side?

The status quo is what's the most profitable for all involved, and the FCC ruling will essentially mandate that the status quo stays that way.

Fried Chicken
Jan 9, 2011

Don't fry me, I'm no chicken!

Post 9-11 User posted:

Oh, he was trying to claim the opposite of what I was pointing out. Now that they're completely out of the game, they claim they're going to change things for the better. By, "torpedoes" you mean, "grasps at straws instead of responds in a meaningful way," I take it.

Here's what you said:

Post 9-11 User posted:

Right on schedule: as soon as Democrats lose legislative control they declare We're Going To Do It! More theatrics, more useless bluster from the donkey half of The Party.
You were not at all claiming they lost control in 2010, you were implying the loss of control was immediately prior to this - as in the 2014 election. That is patently false. I had already pointed that out in multiple posts before you came in to poo poo up the thread.

You tried to be super edgy and cynical and instead said something colossally loving stupid, and are now scrambling to try and claim you said something else. Which doesn't work to well when we can press the little question mark under your profile and see what you did say.

Post 9-11 User posted:

Did Democrats prosecute any war criminals or pass meaningful legislation before 2010? We were presented of years of, "Democrats reach across the aisle!" when the publicly announced policy of the national GOP is, "no compromise."

How someone can interpret, "Democrats announce they'll change things after they lost all legislative control" as a, "paranoid worldview" is beyond my understanding.

Keep moving those goal posts to try and pretend

Post 9-11 User posted:

Right on schedule: as soon as Democrats lose legislative control they declare We're Going To Do It! More theatrics, more useless bluster from the donkey half of The Party.

was not completely ignorant of history.

Fried Chicken
Jan 9, 2011

Don't fry me, I'm no chicken!

Joementum posted:

Quote of the day, "I now realize that the use of Hitler invokes pain and emotional trauma for those affected by the atrocities of the Holocaust and victims of anti-Semitism and hate." ~ Randy Weber (R-TX).

Amazing how this is "I forgot Hitler was bad" rather than at any point "I'm sorry I said the President was as bad as Hitler". It's an "apology" that still carries his core point of "Obama = Hitler" Though the guy couldn't spell "Adolf" correctly, so I guess that says something


Anyways, let's remember this great Randy Weber tweet from about a year ago: On floor of house waitin on "Kommandant-In-Chef"... the Socialistic dictator who's been feeding US a line or is it "A-Lying?"
I believe that was while waiting for the SotU to begin

ComradeCosmobot posted:

And in today's edition of D&D schadenfreude, Rep. Bob Latta (R-OH) has submitted a bill previously introduced in the 113th to strip reclassification power from the FCC. Charlie Rangel has co-sponsored this "bipartisan" bill.

Honestly, I can't believe I forgot to add this as a prediction in the OP.

Reuter's is reporting that Obama is going to call for an end to laws that bar broadband service competition (presumably in the SotU) so let's see if this gets energized by the "we are for whatever Obama is against" position that has defined the GOP for the past few years.

Though a right wing PAC called "Conservative War Chest" is buying 120 second ads in presidential swing states against the Comcast/Time Warner merger on the grounds of the usual "Mainstream Media!" narrative so who knows. Maybe it will end up the usual bullshit infighting

In other link dump stuff that wasn't covered by you two already today...

Here is an entertaining review of Marco Rubio's new book by Jeb Lund

Rand Paul has tapped a campaign manager He picked Chip Englander, who just squeaked out the Rauner victory. Interesting choice given how that race went down and the relative circles that Rauner and Paul would move in.

Clinton grabbed a chief strategist and a media adviser in case there was any doubt she is running. John Podesta has also left the Obama team to join her

Romney is sitting down with the RNC leadership later this week about his run, Jeb will not be meeting with them. I'm not sure if that is a sign of Jeb strength (they are going to tell Romney he's out), Mett strength (he's got the in with power brokers while Jeb doesn't) or it is just the usual horserace bullshit that will ultimately be meaningless (probably this)

The NYPD slowdown is ending, Pat Lynch continues to be about the same level of sanity we've seen from him During this there was a plane flying over NYC with a tail banner about how DeBlasio smokes pot and they support the NYPD.

A soldier at Ft Hood died under unknown circumstances after returning from West Africa, he was self monitoring for ebola; after 5 hours the test came back saying he was negative for it, but it still spawned a mini right wing feeding frenzy that I doubt the truth will penetrate Expect to see the usual facebook memes and crap about it.

In blocking his appointment, Elizabeth Warren cost Antonio Weiss $20 million, personal. One more reason to love her, and one more reason to laugh at how transparent Wall Street is at buying the government. Though if you want to read a supremely petulant piece where the finance tools cry over her blocking this rear end in a top hat here you go Some highlights:

quote:

“One key thing that’s changed with Warren is that it used to be that the philosophical piece mattered—if you could demonstrate you’re committed to the president’s economic agenda, that’s what mattered,” says Ben LaBolt, a former Obama official. “She’s established a new litmus test that you can’t have worked anywhere near Wall Street if you’re going to a regulatory agency or even an agency that touches on economic policy.”

quote:

Weiss’s nomination was a critical fight for the White House, not just because a loss would further empower Warren, their nemesis, but because Weiss had spent years (and plenty of money) positioning himself for the job, and had made himself a near-perfect candidate in traditional terms.
Yes, she is truly the nemesis of right thinking people stopping a guy from getting the position you describe as him trying to buy

quote:

Friends and allies of Weiss and Warren say the Lazard banker began eyeing a high-level government job several years ago and deftly positioned himself to land one. The firm’s long lineage of senior partners who have served in top government positions (Felix Rohatyn, Steven Rattner) gave him no shortage of patrons and advisers. Weiss donated money to the Center for American Progress, a liberal think tank, which enabled him to burnish his policy credentials by appearing alongside Democratic luminaries such as Robert Rubin and Larry Summers as a co-author of a 2012 white paper on tax reform. He became a major donor and fundraising bundler for Obama. He’s publisher of the Paris Review—a useful credential to deter liberal intellectuals in politics and journalism who might otherwise be inclined to criticize him.

Perhaps shrewdest of all, Weiss hired two senior Obama veterans, Pete Rouse and Mark Patterson, to shepherd his nomination. Rouse, who was once Obama’s longest-serving aide and worked on nominations inside the administration, and Patterson, the chief of staff to the last two Treasury secretaries, run a “strategic affairs practice” at the law firm Perkins Coie. Both are well regarded by the liberals in Warren’s ambit. Hiring them, as Weiss was no doubt aware, could have had the effect of dissuading potential critics from speaking out.
I want to point out that they are treating all this as a good thing, and Warren's opposition to this practice and derailing it as bad.

quote:

Weiss was able to summon a small army of Wall Street heavyweights to make private calls to lawmakers on his behalf. They included Treasury Secretary Jack Lew, former Treasury Secretary Larry Summers, and politically connected bankers of both parties from Goldman Sachs, Lazard, and elsewhere. The appeal to Republicans was based on the idea that Warren’s holding effective veto power over nominations hurt their interests, too. As one of those advocates, former George W. Bush Treasury and White House official Tony Fratto, told Politico after Weiss’s withdrawal, “It’s really a shame. It’s embarrassing for the Obama Administration. Terrible for Treasury — including the eventual under secretary, who will have the preferred nominee in the building. It’s terrible for Weiss, to leave his career behind and not get the job. The things we put nominees through only to be upended by ill-informed, myopic demagoguery. The White House should have fought for him.”

"But he had all these Wall Street guys and the Bush guys who wee owned by Wall Street pushing for him! They made personal calls!"

quote:

But Warren and her allies were able to broaden the list of politically inexpiable financial sins to include tax inversions, which doomed Weiss. As she put it last November, “One of the biggest and most public corporate inversions last summer was the deal cut by Burger King to slash its tax bill by purchasing the Canadian company Tim Hortons and then ‘inverting’ the American company to Canadian ownership. And Weiss was right there, working on Burger King’s tax deal. Weiss’ work wasn’t unusual for Lazard.”

Notably, Warren’s critique extends beyond Weiss to encompass all of Lazard and, presumably, any firm that does similar work. This was no accident (one of her advisers described Lazard to me as a Bermuda tax-inversion factory). One banker said there would be no way to find a figure on Wall Street who hadn't touched an inversion because of the practice's prevalence in deals. In the war between Warren and Wall Street, hers is the army gaining territory.
Again, the article is arguing this is a bad thing.


Have a nice wonk piece How Medicaid for Children Recoups Much of Its Cost in the Long Run Short version of it is that kids on Medicaid get access to health care. This improves their life overall through a whole myriad of ways that basically come down to "having medical care, particularly when you are still growing and developing, helps you in life." This translates into higher performance and productivity later, which , means higher earnings, which which then get taxed. poo poo like this is why I'm on what is nominally the "left" side of the spectrum. I don't want these social programs and social justice because I have a particularly deep understanding of a nuanced philosophy that calls for it. I want it because on a simple cost:benefit analysis treating people well has a huge payoff for the whole of society.

Anyways, here is your moment of zen/photoshop battle fodder:



John McCain discovers glass

Evil Fluffy
Jul 13, 2009

Scholars are some of the most pompous and pedantic people I've ever had the joy of meeting.

Cliff Racer posted:

It died a quiet death because the FCC didn't actually make moves toward making changes. Wouldn't be surprised if it sails through. Wouldn't be surprised if it picks up more than a bit of Democratic support too if they get it in before the FCC change (and resulting drawing of popular political divisions on the issue.) The simple fact is that all of the money on this issue is on one side AND that a lot of the companies that stand to lose a lot on it are Democratic donors.

Google and Facebook. Two companies known to be poor. Also poor: Netflix, Amazon, and Apple.


Nintendo Kid posted:

The status quo is what's the most profitable for all involved, and the FCC ruling will essentially mandate that the status quo stays that way.

Except Google's alright chimed in stating how internet being a utility means they get access to poles and infrastructure currently not available to them and that's huge for Google fiber and others

Nintendo Kid
Aug 4, 2011

by Smythe

Evil Fluffy posted:

Except Google's alright chimed in stating how internet being a utility means they get access to poles and infrastructure currently not available to them and that's huge for Google fiber and others

Google also endorsed Verizon successfully getting cell carriers allowed to meet far less stringent "neutrality" requirements than wired providers not long ago.

Also Google isn't going to bother rolling out fiber all over the country "utility" rulings or not.

Cliff Racer
Mar 24, 2007

by Lowtax

Evil Fluffy posted:

Google and Facebook. Two companies known to be poor. Also poor: Netflix, Amazon, and Apple.

Also two companies known to do loving awful at getting their way in Washington. As compared to, you know, Comcast and its friends.

eviltastic
Feb 8, 2004

Fan of Britches

Duke Igthorn posted:

This is why FOX News needs to specify when they blame everything on colored people.

This joke was a good joke and I am going to steal it.

Kalman
Jan 17, 2010

Cliff Racer posted:

Also two companies known to do loving awful at getting their way in Washington. As compared to, you know, Comcast and its friends.

Netflix is actually incredibly effective in Washington, far more so than Comcast. Apple and Google were mediocre but are getting a lot better - it wasn't so much that they were bad as that their issues simply didn't see legislation often enough to justify building the kind of longstanding presence that Comcast has. As they've gotten more involved and built relationships with staff, they've become far more effective lobbyists, certainly on a par with the Comcasts of the world.

(As an aside, Fried Chicken, a lot of major nominees hire or acquire some kind of strategic response team because the nominations process is kind of awful on the nominee these days and they need the support staff. Bundling and donating to try and get a post is sketchy; trying to build your resume to look like a good candidate and hiring the kind of strategy team that Weiss hired aren't buying anything, they're the bare minimum for nominees these days.)

Fried Chicken
Jan 9, 2011

Don't fry me, I'm no chicken!

Kalman posted:

(As an aside, Fried Chicken, a lot of major nominees hire or acquire some kind of strategic response team because the nominations process is kind of awful on the nominee these days and they need the support staff. Bundling and donating to try and get a post is sketchy; trying to build your resume to look like a good candidate and hiring the kind of strategy team that Weiss hired aren't buying anything, they're the bare minimum for nominees these days.)

He didn't bring on the staff to help with the media circus after he was nominated though. He did all that before so he could get nominated in the first place. That's what makes it trying to buy the job.

FAUXTON
Jun 2, 2005

spero che tu stia bene

eviltastic posted:

This joke was a good joke and I am going to steal it.

#OITNB

Kalman
Jan 17, 2010

Fried Chicken posted:

He didn't bring on the staff to help with the media circus after he was nominated though. He did all that before so he could get nominated in the first place. That's what makes it trying to buy the job.

Pretty sure he hired them after the nomination. http://www.wsj.com/articles/treasury-picks-wall-street-ties-split-democrats-1418261680

Trabisnikof
Dec 24, 2005


Want to quote the relevant bit for those of us stuck behind the paywall?

Fried Chicken
Jan 9, 2011

Don't fry me, I'm no chicken!

Trabisnikof posted:

Want to quote the relevant bit for those of us stuck behind the paywall?

Here's the whole thing. It doesn't offer any more of a timeline on the hiring than the previous article. In fact it is worse because it suggests the hiring was a quid pro quo to get him access to former players rather than just grabbing a good law firm to aid with the vetting. But beyond just the hires there is the rest of it that the above article went into, about his picking his donations to give him an edge, picking his connections to get patrons, and the rest. "It's how the game is played" doesn't change the fact that the game is rigged.

edit: strike that - the vetting comes before the nomination doesn't it? That means he hired them prior to the nomination.

quote:

WASHINGTON—Five years after President Barack Obama decried “fat cat bankers on Wall Street,” he is being pilloried by fellow Democrats for nominating a Wall Street banker to a senior Treasury Department post.

In tapping Antonio Weiss, Lazard Ltd. ’s global head of investment banking, as Treasury’s undersecretary for domestic finance, Mr. Obama has rekindled criticism he is appointing too many regulators with Wall Street ties who are unable—or unwilling—to engage in tough oversight of the big banks at the center of the 2008 financial crisis.

The brawl has become a proxy battle for a deepening rift in the Democratic Party over its ties to the financial industry. Sens. Elizabeth Warren (D., Mass.), Richard Durbin (D., Ill.), Joe Manchin (D., W.Va.) and Bernie Sanders (I., Vt.) all have expressed opposition to Mr. Weiss, as support for the 48-year-old banker continues to buckle.

Those taking aim at Mr. Weiss include many of the same individuals criticizing the ability of the Federal Reserve and other regulators to police large financial companies. Ms. Warren, in particular, has been vocal about her concerns regarding the number of former Citigroup Inc. officials holding top jobs in Washington, including Treasury Secretary Jacob Lew.

The Weiss nomination is being challenged by a powerful alliance that includes community bankers, numerous Democrats and former regulators like Sheila Bair , who have said Wall Street doesn’t need more representation in the White House. At least six state community-banking groups have written their senators, calling for Mr. Weiss’s defeat. “This is about building some counter pressure on the Wall Street bankers,” Mrs. Warren said Tuesday in a speech. “The titans of Wall Street have succeeded in pushing government policies that made the megabanks rich beyond imagination, while leaving working families to struggle from payday to payday.”

The fight is putting the White House in an awkward spot as the administration is forced to defend an industry it has at times vilified.

Mr. Lew, lobbying on Mr. Weiss’s behalf in calls with Senate lawmakers, has conveyed that his agency needs financial-market expertise after a series of recent departures. The undersecretary for domestic finance plays a lead role in overseeing financial oversight but also runs the agency’s debt-management division, a position that could be at the center of the White House’s crisis-management team if there is a fight with Congress over the debt ceiling this summer.

“The Treasury Department does some very serious bank and financial-market decision making,” said Tom Block, former head of government relations at J.P. Morgan Chase & Co. “Do you really want to man it with 30-year-old kids who have very little experience in the real world? It’s a real dilemma. If you get people with experience like Mr. Weiss has, you will inherently have a conflict.”

Among the criticisms of Mr. Weiss is that his firm, Lazard, has advised on some mergers that were designed as tax inversions, a structure that allows companies to shift their taxable assets overseas to limit payments to the Treasury. Mr. Obama has referred to inversions as “unpatriotic” and several months ago took steps to block such moves.

Mr. Weiss also is expected to receive an up to $21 million payout in unvested income and deferred compensation from Lazard if he takes the Treasury job. Similar payouts have gone to others who have left Wall Street for Washington, including U.S. Trade Representative Michael Froman, who received $2 million from Citigroup.

Mr. Weiss’s chief proponent appears to be Mr. Weiss himself. He has hired the law firm Perkins Coie LLP to serve as vetting attorneys, gaining him access to former Treasury Chief of Staff Mark Patterson and former White House aide Pete Rouse as advisers. Because nominees rarely defend themselves publicly before the Senate holds a vote, his silence has led to a messy public-relations battle between the alliance of community bankers, Ms. Warren and a handful of Mr. Weiss’s allies.

Mr. Weiss has ties to the White House. He was a campaign-contribution bundler for Mr. Obama in 2012, and he co-hosted a fundraising dinner for the president in 2012 with other Wall Street executives. He has given money to the liberal-leaning Center for American Progress and was listed as one of eight authors of a 34-page CAP report in 2012 that called for higher taxes on wealthier Americans, a position that could burnish his liberal credentials.

Mr. Weiss’s nomination will expire at the end of the year, but a White House official said it will renominate him in January.

White House and Treasury officials began looking for an administration post for him sometime in the spring, though they waited until after the midterm elections to announce his nomination, people familiar with the process said.

By all accounts, Mr. Weiss has been a very successful banker in more than two decades at Lazard, an advisory bank that doesn’t engage in commercial banking or sell structured financial products. He was ranked on several lists of top finance executives in the U.S., and his portfolio includes advising clients on capital structure, financing, and strategic advice such as mergers and acquisitions. His financial disclosures show he had between $54 million and $204 million in assets, reflecting his earnings from his time at Lazard.

Complicating his nomination, Mr. Weiss was one of several advisers on Burger King Worldwide Inc. ’s $11 billion agreement to purchase Canadian coffee-and-doughnut chain Tim Hortons Inc., a deal blasted by liberals who said it amounted to a tax inversion. Obama administration officials said Mr. Weiss hasn’t offered advice to clients on tax structures.

The fight over Mr. Weiss has further exposed a split within the Democratic party about how it should position itself going into the 2016 presidential elections. A handful of Democrats are rallying to his defense. Sen. Michael Bennet (D., Colo.) said Mr. Weiss “appears to have the combination of qualifications and values to make him a strong candidate.”

But the growing list of Democratic opponents will make Mr. Weiss’s eventual confirmation difficult. He will have to win considerable GOP support, particularly as Republicans will control his nomination when they take control of the Senate in January.

So far, most lawmakers are taking a wait-and-see approach, including Sen. Charles Schumer (D., N.Y.), who often tries to ameliorate tensions between his party and the financial industry.

Sen. Tammy Baldwin (D., Wis.) has “concerns” about Mr. Weiss, a representative said Wednesday, but hasn’t decided how she would vote.

Attention will soon shift to the Senate Republicans who will have the power to decide whether or not to confirm the Lazard banker.

A senior administration official expressed confidence that once lawmakers sit down with Mr. Weiss and hear his views, the banker would receive “broad bipartisan support.”

Write to Damian Paletta at damian.paletta@wsj.com

Fried Chicken fucked around with this message at 05:23 on Jan 14, 2015

Kalman
Jan 17, 2010

Fried Chicken posted:

Here's the whole thing. It doesn't offer any more of a timeline on the hiring than the previous article. In fact it is worse because it suggests the hiring was a quid pro quo to get him access to former players rather than just grabbing a good law firm to aid with the vetting. But beyond just the hires there is the rest of it that the above article went into, about his picking his donations to give him an edge, picking his connections to get patrons, and the rest. "It's how the game is played" doesn't change the fact that the game is rigged.

edit: strike that - the vetting comes before the nomination doesn't it? That means he hired them prior to the nomination.

You hire vetting attorneys when someone tells you you're being seriously considered for a nomination, or just after the nomination is made. Vetting done by the nominator's attorneys occurs prior to that contact, but your own vetting attorneys are there to help you deal with anything turned up once you're official and opposition starts researching you and to generally deal with media (since nominees generally don't) and help navigate the Senate confirmation process. I've literally never heard of a nominee hiring a vetting counsel to try and get nominated, and I worked on nominations.

I'm not saying there isn't tons of shady poo poo that Weiss did do - just that hiring the Perkins guys isn't part of it.

Also, you can't "grab a good law firm to vet you" and not wind up hiring people with connections because good law firms are smart enough to staff their strategic response/government relations/government investigations/whatever they call the group of lawyers you hire when the government is looking at you in detail for one reason or another with people with serious connections because they are much, much better at the job. If it had been another firm you'd hear about their former FBI director, their former White House counsel, their former solicitor general (not for Obama nominees since none of his are in private practice), their former Senators, etc. At Perkins right now, it's White House advisors. (Which is funny because Weiss almost certainly hired them more for their Senate connections - both were staff to Daschle and have a lot of insight into how to deal with a lot of the more powerful Senators - than for their White House connections.)

got any sevens
Feb 9, 2013

by Cyrano4747

Radbot posted:

Right, I guess it just kinda sucks being literally the only group of people in the US that doesn't get their taxes lowered ever (middle income single/childless renters). It's hard not to feel singled out when tax policy is delicately carved to include everyone but you.

And my previous post addressed how we could encourage people to have kids versus just crediting folks that already have one.

If the gov really wanted to encourage the birthrate they'd sponsor mixers and ladies nights at bars.

Rygar201
Jan 26, 2011
I AM A TERRIBLE PIECE OF SHIT.

Please Condescend to me like this again.

Oh yeah condescend to me ALL DAY condescend daddy.


Kalman posted:

Nomination :words:

This was informative and cool. Do the nominees generally foot this bill themselves? Does this practice this kind of limit nominees to people who can afford to retain top lawyers for months at a time?

Joementum
May 23, 2004

jesus christ
Mitt Romney would like to be President so he can continue LBJ's War on Poverty.

quote:

One of Romney’s core arguments for running in 2012 — as a business executive who could step in as Economic Mr. Fix It — would be harder to make with a vastly improved economy. Romney, in his recent private conversations, has asserted he can make long-term structural changes in the economy to help the middle class.

He also has talked about the 50-year war on poverty, launched by President Lyndon B. Johnson in 1964, and about foreign crises, seeking to portray himself as uniquely qualified to address them.

If Romney were president, one longtime adviser said, “There wouldn’t be an ISIS at all, and Putin would know his place in life. Domestically, things would be in better shape.”

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Homura and Sickle
Apr 21, 2013
If Romney were president, by golly, every single impossible challenge the United States faces wouldn't just be solved, they would never have occurred at all

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