Obama Must Hate Warren Right Now

Elizabeth Warren's campaign against Wall Street insider Antonio Weiss' nomination for undersecretary for domestic finance for the US Treasury is picking up steam:

Under pressure from progressive groups to reject Wall Street influence, three more Senate Democrats yesterday turned against the nomination of Antonio Weiss for a senior post at the U.S. Treasury Department.

President Barack Obama’s choice of Weiss, an investment banker at Lazard Ltd. (LAZ), has put him at the center of an ideological fight within the Democratic Party over the finance industry’s clout in Washington.

The attacks are coming from Democrats who say the Obama administration relies too much on Wall Street veterans to fill important regulatory posts. They are criticizing Weiss, in particular, for his role in engineering tax-lowering inversion deals for U.S. companies.

The opposition yesterday from Joe Manchin of West Virginia, Jeanne Shaheen of New Hampshire and Al Franken of Minnesota further complicates the nomination for the administration and Democratic leaders. After defending Weiss’s Democratic bona fides and accepting his campaign contributions, they’ll have to turn to Republicans to get him into office.

“This fits the administration’s pattern of choosing Wall Street insiders to senior policy positions instead of those with strong consumer protection or community bank and credit union experience,” Manchin said on the Senate floor yesterday.

There are now note enough Democratic votes to 

Neither Shaheen nor Manchin are representatives of the "Democratic Wing of the Democratic Party," and the fact that they are bucking the President is a big deal.

It appears that the idea that someone who has no background in domestic finance is a good selection for the undersecretary for domestic finance, simply because they are a big Democratic donor, and they have a background in the financial industry is no longer as universally held as it used to be.

It also appears that people are finally getting the idea that multimillion dollar payouts from the financial industry for people who go into government service is implicitly corrupt.

Good.

Any discomfort that Barack Obama might experience because a portion of the Democratic Party has realized that he is Wall Streets biggest fan is well deserved.