Wall Street economist David Malpass, who worked at Bear Stearns Cos. before its collapse in March 2008, said he’ll run for the U.S. Senate because the government has failed to address the causes of the crisis.
Malpass, founder and president of investment advisory firm Encima Global, said he will seek the Republican Party’s nomination to challenge Democratic incumbent Kirsten Gillibrand. Gillibrand was appointed in January 2009 to replace former Senator Hillary Clinton when she was named secretary of state.
Government officials “haven’t done enough about the core problem” that led to the financial crisis and the deepest recession since the 1930s, Malpass said today in an interview on Bloomberg Radio. “You’ve got a huge portion of the population dependent on Washington,” he said. “That’s the way Washington likes it.”
Malpass was chief economist at Bear Stearns and served as an economic adviser to the Republican presidential campaign of Rudolph Giuliani, the former mayor of New York City. Bear Stearns was acquired by JPMorgan Chase & Co. in March 2008 in a transaction backstopped by the Federal Reserve.
“A lot of what I want to talk about in the campaign is job creation,” said Malpass, who served in the Treasury and State Departments in the administrations of Ronald Reagan and George H.W. Bush. He has also worked as Republican staff director of the Joint Economic Committee of Congress.
While in government, Malpass worked on the 1986 tax cuts, the Gramm-Rudman-Hollings budget law, the savings and loan bailout, the North American Free Trade Agreement and Treasury Secretary Nicholas Brady’s plan for developing country debt.
Note: Bold fonts used by the blogger.
Comment: It seems that America is truly being run by Wall Street.
Considering his past government work (highlighted in bold font above), I am incredibly distressed by this man running for office during this period of $17 Trillion "too big to fail" banker bailouts, the fascist take over of our health care system, and potential loss of our sovereignty through a "cap and trade" scheme cooked up by another group of Senators and European bankers. I all I can say is, it is a little distressing.