Target: President Obama
Goal: Ensure former director of Morgan Stanley is not nominated for Treasury Secretary
President Obama is set to choose a new Treasury Secretary to replace the current secretary, Timothy Geithner. A number of Wall Street insiders have been lobbying in support of the nomination of Erskine Bowles, the former director of Morgan Stanley. For those critical of Geithner’s Wall Street connections, the potential nomination of Bowles should raise red flags.
As the director of Morgan Stanley, Bowles was paid an enormous salary to ensure the bank’s top management followed sound business practices. The events that led up to the economic crisis of 2008 demonstrate his ineptitude in this regard. As the one-time director of a bank that had to be bailed out by the Federal Government, there is no reason to believe he won’t act with the same poor judgement as the secretary of a major federal department.
Erskine Bowles’ unsuitability for the role of Treasury Secretary extends beyond his role in collapsing the U.S. economy. Ideologically, Bowles has more in common with the 1% than Geithner. He supports big cuts to Social Security and Medicare as well as tax cuts for the wealthiest Americans. Polls suggest these policies are unpopular with Americans broadly. Clearly this man does not represent the interests of the U.S. people and does not belong in President Obama’s Cabinet.
The same people lobbying to ensure Erskine Bowles’ nomination also spent a large amount of money on the recent unsuccessful Senate bids of right-wing candidates who oppose corporate reform. Voters showed their opposition to this ideology and they deserve a better economic representative in Washington. A Wall Street insider like Erskine Bowles as Treasury Secretary will only deepen the power Wall Street has over Obama’s Presidency. Tell President Obama not to nominate Erskine Bowles as Treasury Secretary.
Dear President Obama,
I am writing this letter to urge you not to nominate Erskine Bowles as the next Treasury Secretary.
As the former director of a bailed-out bank whose top management engaged in unsound business practices under his watch, Erskine Bowles has not showed that he is fit to determine the economic policy of the United States. His allegiance is with the very rich in this country, not with ordinary Americans. This allegiance has been demonstrated time and time again by Bowles himself when he voices support for deep cuts to Social Security and Medicare as well as for lowering taxes for the richest Americans. Erskine Bowles clearly has no place in your Cabinet, Mr. President.
The American people reelected you because they believe you have the good judgement to implement policies with more than just the wealthiest Americans’ concerns in mind. Nominating Erskine Bowles would be a disaster for the economic well-being of ordinary Americans. Please consider a better candidate for the Secretary of Treasury than Mr. Bowles.
[Your Name Here]
Photo Credit: theweek.com