JP Morgan Chase Exec For WH Chief of Staff?

(1 pm. – promoted by DDadmin)

Things I Couldn’t Make Up If I Tried, continued:

William Daley, an executive with JP Morgan Chase in Chicago, is under consideration to replace Rahm Emanuel, who is running for Mayor of Chicago, as President Obama’s Chief of Staff.…

Emanuel hopes to succeed outgoing Mayor Richard M. Daley, the brother of William Daley. Like Emanuel, Daley would be a choice with strong ties to the president’s hometown of Chicago.

The decision comes at a critical point of turnover for the Obama administration, as it pivots toward the back half of its first term, and looks toward re-election in 2012.

Getting to know William Daley:…

In 1993, he served as special counsel to the President on issues relating to the passage of the North American Free Trade Agreement (NAFTA). In 1997, Daley became Secretary of Commerce in the second administration of President Bill Clinton, and he remained at that post until July 2000, when he became chairman of Vice President Al Gore’s presidential campaign.

In December 2001, he was appointed President of SBC Communications Inc. to help reform the company’s image. In May 2004, Daley was made Midwest Chairman of J.P. Morgan Chase and Bank One Corp. to oversee post-merger operations from Chicago. Daley currently serves on the Boards of Directors of Boeing, Merck & Co., Boston Properties, Inc., and Loyola University Chicago. He also sits on the Council on Foreign Relations.  

Oh, look, JP Morgan Chase has got a new gig going, called “impact investment.”   They want to create positive social and environmental outcomes beyond financial returns.  

Impact investments are typically made in private markets by providing debt or equity to mission-driven businesses. Impact investing has gained traction among a wide range of investors, including large-scale financial institutions, pension funds, family offices, private wealth managers, foundations, individuals, commercial banks, and development finance institutions.

After analyzing selected segments of five sectors –  affordable urban housing, rural access to clean water, maternal health, primary education, and microfinance – serving the population at the “base of the economic pyramid,” the authors estimate a potential investment opportunity between $400 billion and $1 trillion with potential profits between $183 billion and $667 billion in the next decade for just these segments of the impact investing market.  

see Nov 29 2010 press release, Impact Investing Emerges as a Distinct Asset Class…

The next round of bank harvests-

Building cheap apartment rentals for ex homeowners, public  water privatization, women’s health care not covered because of the Propagation Police (Thanks a lot, Stupak), charter schools ….

Clinton, NAFTA, Chicago, JP Morgan, Boeing, Merck, Council of Foreign Relations…  Impeachment, Outsourcing, Wall Street, Defense Contractors, Drugs, more War with Pakistan … what’s not to love with William Daley ?


edit update:  Catch this memo from  Confidential JP Morgan  Chase Memo Predicts Congressional ‘Gridlock’…

“Many expect the next two years may be heavy on rhetoric but light on legislative achievements,” states the 11-page memo, which is authored by the bank’s “government relations” department, another term for the lobbying arm of the company. “The 112th Congress could be remembered as a gridlocked one without any landmark legislation.”

The memo, marked “confidential JPMC Internal Only,” discusses the nation’s economic challenges — high unemployment, national and state budget shortfalls and the fall-out from the housing crisis — and deciphers what the midterm election means for the company and its clients on both a national and statewide level.

A spokesperson for the company confirmed the “leaked” (cough) document’s authenticity.

JP Morgan’s spent at least $5.8 million lobbying last year, and the top 3 Dem recipients were Sen. Kirsten Gillibrand, Blanche Lincoln (“there will be no Public Option” Blanche) and former  Rep. Scott Murphy (NY) who lost re election, along with Blanche Lincoln.…


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    • Edger on January 4, 2011 at 16:01

    “The more outrageous the Republicans become, the weaker the left becomes,” Nader said when I reached him at his home in Connecticut on Sunday. “The more outrageous they become, the more the left has to accept the slightly less outrageous corporate Democrats.”

    Nader fears a repeat of the left’s cowardice in the next election, a cowardice that has further empowered the lunatic fringe of the Republican Party, maintained the role of the Democratic Party as a lackey for corporations, and accelerated the reconfiguration of the country into a neo-feudalist state. Either we begin to practice a fierce moral autonomy and rise up in multiple acts of physical defiance that have no discernable short-term benefit, or we accept the inevitability of corporate slavery. The choice is that grim. The age of the practical is over. It is the impractical, those who stand fast around core moral imperatives, figures like Nader or groups such as Veterans for Peace, which organized the recent anti-war rally in Lafayette Park in Washington, which give us hope. If you were one of the millions who backed down in the voting booth in 2008, don’t do it again. If you were one of those who thought about joining the Washington protests against the war where 131 of us were arrested and did not, don’t fail us next time. The closure of the mechanisms within the power system that once made democratic reform possible means we stand together as the last thin line of defense between a civil society and its disintegration. If we do not engage in open acts of defiance, we will empower a radical right-wing opposition that will replicate the violence and paranoia of the state. To refuse to defy in every way possible the corporate state is to be complicit in our strangulation.

    “The left has nowhere to go,” Nader said. “Obama knows it. The corporate Democrats know it. There will be criticism by the left of Obama this year and then next year they will all close ranks and say ‘Do you want Mitt Romney? Do you want Sarah Palin? Do you want Newt Gingrich?’ It’s very predictable. There will be a year of criticism and then it will all be muted. They don’t understand that even if they do not have any place to go, they ought to fake it. They should fake going somewhere else or staying home to increase the receptivity to their demands. But because they do not make any demands, they are complicit with corporate power.


    The timidity and silencing of the left fuels the steady impoverishment of a dispossessed working class and a beleaguered middle class. It solidifies a corporate oligarchy that is dismantling the anemic regulatory agencies that once protected citizens from predatory corporations. The economic system is designed to bail out Wall Street rather than replace the trillions of dollars and millions of jobs lost by workers. And the only hope left, Nader argues, is if the conservatives in the right-wing movement break from the corporatists. If the big banks again start going to the cliff and calling for new bailouts, Nader says, this may provoke a schism between conservative groups embodied by figures such as Ron Paul, and corporate lackeys.

    Chris Hedges

    “The Left Has Nowhere to Go”

    January 03, 2011

  1. bring up the “Illuminati”/Council on Foreign(Fucked up) Relations!

  2. I guess that is just about all you can say about a candidate who pretended he might sometimes be on your side.

    He just makes me so cynical.

    At some point you have to wonder if there is any politician, who ever has a chance of being elected, who has some core democratic views and would actually work to see them brought to fruition.

  3. that there’s more to American politics and even the Democratic Party than the hackiest Eddie Vrdolyak wing of the Daley machine?  I’m starting to get the read that the Dems in Obama’s Chicago circles were by and large closer to Vrdolyak than to Fast Eddie’s arch-nemesis, one Harold Washington.  

    • Xanthe on January 5, 2011 at 20:12

    we can only wish there is gridlock and not damaging legislation.

    Since the emergence of Wikileaks – even the predictable, non-creative types in banking circles get it.  Just do it – it doesn’t have to be accurate.

    Course I haven’t read the whole of the report. but that paragraph is troubling.  

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