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Breakingviews: Revolving door

Tuesday, March 05, 2013 - 03:11

March 5 - Richard Beales and Breakingviews editors discuss why the U.S. Treasury needs a banker as new Secretary Jack Lew's deputy and whether Morgan Stanley’s Ruth Porat is suited for the job.

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You let it filled the revolving duel between the Wall Street in the US government. Have closed up so all the banking scandals but seems like -- moments then we may be gearing up for it see if there is for it to. -- Washington. And yet that was the story that rim has been around for a while but it's it's getting more more currency yesterday there was that story out saying. The most resorted boarded and -- three potential success in time did we become a couple of people around as well. And in it that the idea that that some might reach privacy effect others. Why get onto over the little deeply regret if you hate the idea that banks got spelled out that fish three years she's on the finances that. They were still a -- I think they just got out of the top when he when she took her to a CFA. And -- -- released a vomited and pick a blanket to beat. Treasury Secretary which is seen Billick got meanwhile is that is that presently they need -- that's right. So if you think about the treasury you've do you need budget skills got that in Jack Cooley needs legislative skill. You have that to some degree with Jacqueline. Neither of those things are really although I mean obviously refused to get -- running a budget mark say those are her priority she's obviously she understands fine. So that heavy -- the last century Treasury Secretary he was brought in Tim Geithner. When the fires are going out everywhere he had that he was just a financial fire in London and yet he was interested finances and even though he wasn't from the business and he although everybody -- well -- fed policy. I dealt with these guys every single day right before a crisis you know right now it's calm right of the financial system seems pretty calm in the United States that banks seem pretty well capitalized we don't seem to have that kind of a problem. But you need to have some in house knowledge for for for that possibility. That we might have another financial crisis because there will be some sort of crisis not a huge on Wednesday night it's -- But she she has attacked some of the great new animations of collapse again that's a job right had -- CFO of a major will confront saying this will went left and you'll let us some of these rules -- yet but ultimately they -- she advised any threat of Freddie Freddie Josie she's she was head of the French Jewish group. It is especially if that is another topic that. Actually is useful to have some sort of Dobson as an athletic ability doesn't come out last night they gonna console it's in the back office functions that -- site. There's a gradual move towards doing and just going to -- Jacqueline doesn't have financial in I don't know how. And you do you need to have that easily he was a CEO it. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- That job is a bit like being the vice president and -- that you brought in when needed but you don't necessarily have. The portfolio to start with -- at -- -- -- -- it's obvious -- give -- something important Ditka will leave it there will be following this story we'll see if that happens and we'll watch this that detectives treasury as it gets built up. And we will have -- breaking news to look.

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Breakingviews: Revolving door

Tuesday, March 05, 2013 - 03:11