According to BusinessWeek, Wall Street big wigs who spent millions to put Mitt Romney in office are now lobbying you to nominate Erskine Bowles to succeed Timothy F. Geithner as the next Treasury Secretary.(1)
We the undersigned think Mr. Bowles track record as a director of Morgan Stanley, the huge Wall Street investment bank which had to be bailed out by the Federal Government, proves he lacks the judgement and foresight to be the next Treasury Secretary.
Erskine Bowles' job as a director of Morgan Stanley was to make sure that nothing like what occurred in 2008 would happen under his watch. He was paid a huge salary to make sure that the bank's top management was following sound business practices. History speaks to his dereliction of duty to his shareholders and citizens of this nation.
At a time when millions of Americans are out of work and suffering from the reckless decision making of Mr. Bowles and his Wall Street buddies, appointing one of the culprits of the crisis of 2008 would be a slap in the face. Millions of voters across this nation spoke loud and clear on election day and we expect you to listen to them.
The same people now lobbying you to appoint Erskine Bowles spent large amounts of money in the unsuccessful Senate bids of Dodd-Frank opponents like Josh Mandel (OH), Tommy Thompson (WI), Richard Mourdock (IN), and Rick Berg (ND). In each and every case voters sent a clear message that friends of Wall Street have no business being near the seats of power.
Its time to end Wall Street's influence on Washington and get our economy back on track. That was the mandate you were given on election day. Erskine Bowles is the wrong person for the job of Treasury Secretary and you were put in the White House by people who clearly expect you to tell the Wall Street bigwigs lobbying you right now--NO.
Voters did not elect you to appoint a corporate finance insider, a man who is the perfect example of Wall Street's corrupt influence on Washington, to the vitally important job of Treasury Secretary.
Voters put you back in office to fight the kind of ineptitude and incompetence Mr. Bowles represents, not promote it to one of the most important positions in your Cabinet.
(1) Wall Street Swaps Romney Dreams for Bowles Hope http://www.businessweek.com/news/2012-11-07/wall-street-trades-foiled-romney-dreams-for-bowles-hope
The Erskine Bowles Stock Index
The Dirt on Erskine Bowles: The Tame Half of Bowles-Simpson
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