It appears Lazard's investment banker Antonio Weiss' "help" in tax inversions was just too 'unpatriotic' [9] to scare President Obama off at the last minute.
- *ANTONIO WEISS SAID TO WITHDRAW NAME AS TREASURY NOMINEE
- *WEISS SOUGHT TO AVOID LENGTHY CONFIRMATION PROCESS (how thoughtful?)
The White House exclaimed "opposition to Weiss was unjustfied," so perhaps it was his $203 million in assets [9]just would not have played well with Obama's new vision for the future. However, he has managed to get a position as "counselor" - which does not require Senate approval.
- *WEISS WILL BE COUNSELOR TO TREASURY SECRETARY: WHITE HOUSE
As Bloomberg reports,
Antonio Weiss removes himself from consideration as Treasury’s undersecretary of domestic finance, according to a White House statement.
Weiss, head of investment banking for Lazard, to join Treasury Dept as counselor to Sec. Jack Lew, spokeswoman Jennifer B. Friedman says in statement
Counselor position doesn’t require confirmation by Senate
“We strongly believe that the opposition to his nomination was not justified, and we are confident that he will prove himself to be a dedicated, talented, and effective public servant,” Friedman says
Weiss faced criticism from some lawmakers, including Sen. Elizabeth Warren, D-Mass., about his work on inversions in job at Lazard
A big loss for Obama/Dems... as we noted before...
A little color on the nominee... (via LittleSis) [10]
[11]
President Obama's nomination of Antonio Weiss to serve as Under Secretary for Domestic Finance at the Treasury Department has been met with opposition from MA Senator Elizabeth Warren and the Independent Community Bankers of America trade group. In a piece for the Huffington Post Warren wrote: [12]
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. That firm has helped put together three of the last four major corporate inversions that have been announced in the U.S.
And like those old Hair Club commercials used to say, Lazard isn't just the President of the Corporate Loopholes Club -- it's also a client. Lazard moved its own headquarters from the United States to Bermuda in 2005 to take advantage of a particularly slimy tax loophole that was closed shortly afterwards. Even the Treasury Department under the Bush administration found Lazard's practices objectionable.
A quick glance at Lazard's profile on LittleSis shows several alumni who have taken a spin through the revolving door to/from the Treasury.
Weiss is a major Obama donor and bundler, having personally given $95,400 to Obama's campaigns since 2007. That total includes Weiss and his wife, Susannah Hunnewell's attendance at Obama's $35,800-a-plate fundraiser dinner in March 2012.