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January 29, 2015

Lazard’s Antonio Weiss withdraws from Treasury role

Senator Elizabeth Warren’s populist wing of the Democratic party has shown its clout by derailing the White House’s attempt to appoint a Lazard banker to a senior US Treasury post.
The nomination of Antonio Weiss, global head of investment banking at Lazard, had been opposed by Senator Warren who viewed him as a symbol of Wall Street’s unwanted influence over government and criticised him for lacking relevant experience.
Some liberal groups remained unhappy that Mr Weiss would become a counsellor to Mr Lew. Dennis Kelleher, president of Better Markets, a non-profit group that promotes the public interest in financial markets, said: “Avoiding the public Senate confirmation process but nevertheless installing Mr Weiss in a very senior position at the Treasury department is unfortunate for the American people. The country would have benefited from an open, public debate about the Wall Street-centric view that what is good for Wall Street is really good for America.”

Read the full Financial Times article by Barney Jopson, Gina Chon, and Tom Braithwaite here.

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