Matthew Yglesias » Andrew Cuomo

Sep 22nd, 2008 at 11:23 am

Andrew Cuomo

So last night John McCain reiterated his pledge to fire SEC Chairman Chris Cox (even though he can’t fire the SEC Chairman) and added a new twist — he wants to replace him with . . . Andrew Cuomo:

Why Cuomo? In the interview, McCain expresses the view that Cuomo “did a good job” as HUD Secretary during the Clinton administration. I highly doubt that McCain even has an opinion about the functioning of the Cuomo-era HUD, but even if McCain truly is a genuine admirer of Cuomo’s housing and urban development policies why would that make you want to put him in charge of the Securities and Exchange Commission?

Comments
49

49 Responses to “Andrew Cuomo”

Stephen Says:
September 22nd, 2008 at 11:25 am
Boy, McCain looks wild-eyed and crazy in that interview. Scott Simon wants to lean out of the room to get away.
TH Says:
September 22nd, 2008 at 11:27 am
Nothing. Folks at Dealbreaker are ripping McCain a new one over this, and rightfully so.

It’s like he picked out of a hat a Democrat that he could name off the top of his head and didn’t have any prior beef with.

There’s been nothing to indicate that Cuomo has even a cursory understanding of the topics he would need to master in order to hold the position of SEC Chairman.

This is just McCain trying to dig himself out from under a stupid comment last week.
Roschelle Says:
September 22nd, 2008 at 11:28 am
A recently published article I found this morning on McCain’s market-based healthcare plan and a video of him expressing his stand on deregulation along with a bonus! He mentions the bridge to nowhere!!!!
Trevor J Says:
September 22nd, 2008 at 11:30 am
Well, he doesn’t know what the Commerce Committee oversees, maybe he thinks HUD handles securities.
henrythefifth Says:
September 22nd, 2008 at 11:33 am
I wish someone in the press would ask McCain specifically what Cuomo did to make him such a great HUD sec.

It would lead to a blank faced McCain…”Uhhhh”
Bahrad Says:
September 22nd, 2008 at 11:36 am
Because he wants to sound like a bipartisan without actually committing anything useful, and someone fed him the line.

There’s obviously no chance Cuomo would take such a position and abandon his political ascendancy in Spitzer-less New York, of course, but that only makes him more attractive as a name to drop.

This is classic McCain. He loves to make these bold statements and play the hero and the underdog, but when you drill down, it doesn’t make sense. He’s a demagogue. He’s Berlusconi.
B. Minich Says:
September 22nd, 2008 at 11:38 am
This is all well and good, but the President can fire the SEC Chairman. Its the comissioners he can’t fire – the chairman serves at the pleasure of the President.
Brodysattva Says:
September 22nd, 2008 at 11:39 am
Peter Principle!
DTM Says:
September 22nd, 2008 at 11:41 am
My best attempt to reconstruct the thinking behind this:

My poll numbers among Independents did what last week?

Crap.

I guess it is time to say something good about a random Democrat again.
TH Says:
September 22nd, 2008 at 11:43 am
B. Minich, you’re wrong. The President appoints and Congress approves the SEC Chairman. The SEC Chairman cannot be removed unilaterally by the President. The most a President McCain would be able to do is ask politely for his resignation.

But that doesn’t matter to John McCain because John McCain is all bluster and anger and it doesn’t matter whether it’s true or actually works as long as it sounds good.
patriot games Says:
September 22nd, 2008 at 11:47 am
McCain was obviously playing a bipartisan game by picking someone with name recognition among Democrats:Cuomo, as in son of Mario. he did the same thin in naming Warren Buffett as one of elect he would select to oversee the Paulson bailout plan.

And McCain certainly knows jack all about Andrew Cuomo’s tenure at HUD. . .

BUT, playing with Andrew Cuomo’s name also makes some sense because he is the Atty Gen of NY, and the office of the Atty Gen of NY has some history of policing parts of Wall St.

McCain may be addled and suffering alzheimers, but don’t underestimate the cleverness of his strategists. You don’t think he thought this up on his own, do you?
El Cid Says:
September 22nd, 2008 at 11:49 am
‘Hmmm, um, did I say Andrew Cuomo? Well, um, clearly, I meant to say Daniel Patrick Moynihan. What? No, no, you must have mis-heard me, I clearly said Zell Miller. What now?’
Petey Says:
September 22nd, 2008 at 11:51 am
“I guess it is time to say something good about a random Democrat again.”

It’s not a random Democrat. They’re trying to gain some ownership specifically of the Clinton brand.

That’s the opening Team Chicago left them, and filling that particular gap has been at the very center of Team Sedona’ strategy. They know it’s the only way they cobble together 51%.
Don Williams Says:
September 22nd, 2008 at 11:52 am
Ha ha ha. The REASON for this is crystal clear.

1) NY AG Andrew Cuomo is continuing Eliot Spitzer’s Civil Suit against Maurice Greenberg — the billionaire Republican donor who was forced out as CEO of AIG in late 2005 because of ..er.. “alleged accounting irregularities”.

Yes, THAT AIG.

Alleged irregularities that Maurice’s successor paid $1.6 Billion to fix — plus $3.9Billion? restatement of past net earnings.

2) Given that he’s 82 years old, ole Maurice has had his lawyers ..er.. playing out the clock. See http://www.thoughts.com/news/Business/ny-ag-says-time-for-ex-aig-ceo-to-answer-questions-32710

3) Plus one never knows when “good luck” will strike –like someone following Spitzer around and discovering Eliot’s taste for young prostitutes. Heh heh heh

3) But that $85 Billion bailout of AIG woke up some VERY sleepy watchdogs and the suit is going to Trial. Andrew recently deposed Maurice Greenberg — ole Maurice is feeling the heat. See http://blogs.wsj.com/law/category/shareholder-suits/ (Scroll down to entry “Greenberg ..Deposed in New York”). (Note: Maurice also goes by nickname “Herb” )

Time for a few ..er.. peace offers to be put out to young Andrew. Via middleman John McCain. What’s the use of owning a Senator if you can’t put him to work occasionaly?
Dialectic of Entitlement Says:
September 22nd, 2008 at 12:01 pm
Here’s a Village Voice article from August on Cuomo and the housing crisis:

(hat tip, oddly enough, The Corner)
Don Williams Says:
September 22nd, 2008 at 12:02 pm
1)Moving Andrew Cuomo from the STATE of New York’s AG office to FEDERAL SEC will further delay the suit against 82 year old Maurice.

2) Plus it will let a LOT of other people in Manhatten breathe easier. The State of New York is the one who has prosecuted most of the white collar crime cases against Wall Street.

The Federal SEC in a Republican Administration doesn’t prosecute shit. Not even those masked fuckers currently lugging $1.5 Trillion of our tax dollars out the back door of the US Treasury.
mark f Says:
September 22nd, 2008 at 12:08 pm
It’s not a random Democrat. They’re trying to gain some ownership specifically of the Clinton brand.

That’s the opening Team Chicago left them.

Right, because Joe Voter pays so much attention to the minor cabinet members. Most people can’t name the sitting HUD secretary, never mind one from 10 years ago.
DTM Says:
September 22nd, 2008 at 12:38 pm
mark f,

Yeah, I am highly skeptical enough people know enough about Cuomo that this could plausibly be viewed as a play for Clinton voters. Again, I think the better theory is this is just pandering to Independents, and Cuomo’s obscurity is actually a virtue in that context.

But of course we have already given Petey’s unfounded theories more attention than they deserve.
tom c Says:
September 22nd, 2008 at 1:18 pm
What do you want to bet McCain is just confused and is thinking of some third party whose name just sounds kind of like Coumo?
majun Says:
September 22nd, 2008 at 1:49 pm
Despite the fact that Andrew Cuomo might actually be qualified for the job, McCain’s choice is just another example of the lengths he will go to to get elected. Naming Cuomo is of a piece with his selection of Palin as his running mate. A cold electoral calculation designed for short-term gain with no consideration for long term fitness. The only qualification that Cuomo has that McCain is interested in right now is that he is a Democrat and therefore putting his name forward will display his bi-partisan bona fides. If it should turn out that Cuomo is not qualified, oh well…

The fact is McCain is displaying an attitude toward political appointments that would make Bush’s look brilliant by comparison. I started out afraid of McCain because I thought he was Bush with Brains, but now I’m even more afraid because he seems to be Bush on Acid.
yp Says:
September 22nd, 2008 at 2:14 pm
I think Spitzer would be great in that role, a real pit bull without the lipstick (well, maybe on his collar) – and he’d certainly be a mavericky pick!
Petey Says:
September 22nd, 2008 at 2:19 pm
“Yeah, I am highly skeptical enough people know enough about Cuomo that this could plausibly be viewed as a play for Clinton voters.”

I take your basic point, but when it’s part of a pattern…
roac Says:
September 22nd, 2008 at 2:19 pm
As HUD Secretary, Cuomo carried the inescapable politician’s hunger for personal publicity well beyond any recognizable standard of decency.
ChrisB Says:
September 22nd, 2008 at 2:39 pm
Sorry, but law professor Stephen Bainbridge disagrees with you, regarding firing the SEC Chaiman. He’s understandably harsh on McCain for everything else though.

The question is not one of the Constitution, but rather one of statute. “The creation, composition, and powers of the SEC are found in the Securities Exchange Act of 1934. The commission consists of five members who are appointed by the President with the advice and consent of the Senate. The terms of the commissioners are staggered and the basic length of each term is five years. No more than three of the commissioners may be members of the same political party. The statute does not provide for a chairman. Until 1950, the Chairman was elected annually. Following Reorganization Plan No. 10 of 1950 (see, Reorganization Act of 1949, 5 U.S.C. §§ 901-913), the President designates the chairman. Pursuant to this Reorganization Plan, the chairman succeeded to most of the executive and administrative functions of the commission.” S.E.C. v. Blinder, Robinson & Co., Inc., 855 F.2d 677, 681 (10th Cir. 1988).

The President’s powers with respect to appointment and removal of commissioners from the commission thus differ from the President’s power with respect to the appointment and removal of one of those commissioners from the office of Chairman. As to the former, “The Act does not expressly give to the President the power to remove a commissioner. However, for the purposes of this case, we accept appellants’ assertions in their brief, that it is commonly understood that the President may remove a commissioner only for ‘inefficiency, neglect of duty or malfeasance in office.’” Id. Whether the President could remove Cox from the Commision on one of these grounds is debatable, at best, but at least theoretically it’s possible.

What is not debatable, however, is that “The Chairman of the SEC serves as such solely at the pleasure of the President.” Harvey L. Pitt & Karen L. Shapiro, Securities Regulation by Enforcement: A Look Ahead at the Next Decade, 7 Yale J. on Reg. 149, 280 n.557 (1990). Indeed, the Tenth Circuit so held in the Blinder, Robinson case cited above. See 855 F.2d at 681, stating that “as the President has the power to choose the chairman of the SEC from its commissioners to serve an indefinite term, it follows that the chairman serves at the pleasure of the President.”

Hence, when McCain said “The Chairman of the SEC serves at the appointment of the President,” he was right at the very least insofar as Cox’s position as Chairman (as opposed to his position as a commissioner) is concerned.
dB Says:
September 22nd, 2008 at 6:36 pm
Why do McCain’s solutions always involve people who are not McCain? Andrew Cuomo, Warren Buffett, Bloomberg, Mitt Romney….One would have thought that Romney’s loss in the primary would be proof enough that he is NOT someone who people want to manage the economic crisis. What’s that old quote? “Great people talk about ideas, average people talk about things, small people talk about other people”? The economic crisis has really highlighted where to place Obama and McCain on that spectrum.
Samantha Says:
September 25th, 2008 at 9:23 am
Cuomo needs to be investigated. He’s been secretly threatening my friend Denise and interfering with her personal business because she will not compete for his personal attention. He blocked an attorney from advising her, he buried her credit card fraud identity theft case and he pressured her HMO doctor. Many people know about this and specific names and palces are mentioned on other news blogs. I am writing about a political official whoi thinks he can operate outside the law for personal reasons. Not cool!*!^%!!
ajw_93 Says:
September 25th, 2008 at 11:58 am
Yes, I’m a few days behind…

I can think of a reason! It’s because the LAST time a partner from Cuomo’s law firm was made SEC Chairman, that worked out REALLY well. (Harvey Pitt. “You see a conflict of interest in my work as a securities attorney on behalf of companies like MCI and Andersen? Where the whole reason for my job was to find ways round the law and skirt any kind of interaction with the SEC? And so you don’t think I did a good job as SEC Chair with the whole Enron/WorldCom thing? Make me a cabinet-level official, and THEN I’ll do even better. I’m fired? Oh, ok.”)
Darcey Says:
September 26th, 2008 at 10:00 am
Cuomo is a misogynist who privately attacks women. I know about the 2 & 1/2 years of him harassing the woman mentioned above, Denise. She should bust him and get his corrupt representation out of office. He’s pushed people around for personal gain for too long and he needs to be brought down. He also jumps on press without ever solving anything because he wants to be a movie star. He is a disgrace to the public trust. Cuomo come clean!
TamTomTim Says:
September 30th, 2008 at 12:53 pm
I agree with many; let’s investigate Andrew Cuomo. He cares more about his personal affairs than he does the great State of New York and its residents. Bullying is a word that comes up frequently when his name is spoken. Cuomo should show full transparency regarding his own activities.
Lacey Sue Says:
September 30th, 2008 at 1:06 pm
I’ve seen Cuomo push others around without even blinking an eye. His threatening this woman Denise is way over the line and way out of bounds as far as his political position goes. It’s totally wrong. He has too much power especially because its being used for personal reasons. He exemplifies the worst in politics.
Penny Says:
October 1st, 2008 at 10:35 pm
Cuomo is being accused of being a misogynist and this is serious business. Albany should not take this lightly, neither should Capitol Hill. If he’s harassing this woman Denise, we need to first look into what he’s really up to. Breaking the public trust does not help McCain one bit.
Franrose O. Says:
December 15th, 2008 at 1:25 am
Financial dillema can burry us into debt, therefore I advice each and eberyone to be financially wise. It’s known that some people are rich enough to quickly disburse any money problems without leaving a financial scar.We can never get use to the fact that some people are just lucky enough not to worry about getting payday loans when an unexpected expense comes crashing in. There are also many of those in the middle class who have to worry about the things that the rich ones would say are petty. On a higher level, however, there is another fact that’s quite disconcerting and is getting more and more obvious by the day. While more people are trying to reduce their spending and save money, it seems the executive class that helped create the current recession that so many of us are suffering from are trying to be rewarded for their indiscretion. The Wall Street Journal reported in a recent article that Merrill Lynch CEO John Thain is looking for a $10 million bonus payment. The sad part is, this took place after the company he was hired to run had almost completely ran out of cash and was facing bankruptcy. It was in such a desperate situation that he was forced to sell the company to Bank of America to keep the corporation alive. “Nothing less than shocking” is what the New York State Attorney General Andrew Cuomo called the situation. The average person, like you and me, would never be rewarded for such a failure. In fact, most people would get fired for far less. Those at the highest position should be given the same treatment as those of us down the ladder. If the need for emergency cash arises, don’t sell yourself to the bank. Get peace of mind with the help of payday loans. Click to read more on Payday Loans.
MarieLou Says:
February 17th, 2009 at 5:42 am
There is obviously a lot more to figure out about this issue, but you made some really good points. I will definately be checking here more often. Thank you.
cialis Says:
March 1st, 2009 at 9:49 pm
cialis
I want to say – thank you for this!
levitra Says:
March 2nd, 2009 at 7:43 am
levitraI want to say – thank you for this!
viagra Says:
March 11th, 2009 at 6:41 am
I bookmarked this site. Thank you for good job!
tramadol Says:
March 17th, 2009 at 3:01 am
It is the coolest site,keep so!
tramadol
tramadol Says:
March 22nd, 2009 at 7:06 am
tramadol
I bookmarked this site. Thank you for good job!
brand viagra Says:
April 2nd, 2009 at 7:37 am
If you have to do it, you might as well do it right
buy cheap viagra
viagra brand Says:
April 3rd, 2009 at 5:13 am
Great site. Good info
cheap brand pfizer viagra
viagra cheap Says:
April 14th, 2009 at 10:38 am
I rarely comment on blogs but yours I had to stop and say Great Blog!!
viagra

Matt Yglesias

Andrew Cuomo

49 Responses to “Andrew Cuomo”

Blogroll