..........
..........
Posted on 05/14/2008 8:48:23 PM PDT by Dallas
WARREN, Mich (Reuters) - Three former chairmen of the U.S. Securities and Exchange Commission endorsed Democratic presidential candidate Barack Obama on Wednesday, bolstering the Illinois senator's economic credentials and bipartisan appeal as he closes in on his party's nomination.
Former SEC head William Donaldson, who was appointed by Republican President George W. Bush, joined Arthur Levitt and David Ruder in backing Obama, who leads rival Hillary Clinton in the number of delegates necessary to become the Democratic White House nominee.
Levitt was appointed by former President Bill Clinton, a Democrat, while Ruder was appointed by former President Ronald Reagan, a Republican.
All three commended Obama for his approach to regulation.
"Each of us has been committed to prudent economic policy and effective financial regulation for many years," they said in a joint statement along with former Federal Reserve Chairman Paul Volcker, also an Obama supporter.
"We believe Senator Obama can provide the positive leadership and judgment needed to take us to a stronger and more secure economic future."
In the statement they praised Obama's "reasoned approach" in analyzing "the current financial crisis and the need for balanced regulatory reform."
"We believe that such a constructive approach can be extended broadly in the economic area as well as elsewhere," they said.
REGULATION
Obama has distinguished his economic policies from Clinton, a New York senator, and Republican candidate John McCain, an Arizona senator, in recent weeks by opposing a reprieve on a gasoline tax over the upcoming summer months.
On Tuesday, he compared conditions during the Great Depression to the current U.S. housing crisis, blaming both in part on poor financial regulation. He has promised better regulation of mortgage lenders and other financial institutions.
Donaldson, who led the SEC for about 18 months during Bush's administration, repeatedly aligned himself with two Democratic commissioners to adopt new rules regulating hedge funds and mutual funds.
Investors welcomed his activism when the Enron and WorldCom scandals were unfolding, but the business community opposed his initiatives.
Donaldson, the founder of Donaldson, Lufkin & Jenrette and former chief executive of Aetna Inc, also helped get the new Sarbanes-Oxley corporate reform law underway and steered an agency crackdown on companies that broke securities rules.
Obama said he would work with his new backers to fight the nation's economic ills.
"I am honored to have the support of such a distinguished group of financial leaders," he said in a statement.
"They understand the depth of our current economic problems and that we need to rise above the old politics if we are to build a stronger, more secure economic future. I look forward to working with them to achieve that goal."
Whiskey... Tango... Foxtrot...
Over?
Nut cases.
senility
And thanks a lot for that one.
Nanny-state bureaucrats for Hussein.
Hussein has so much experience....right?
Me too.
They all want a fool who can be easily manipulated. They got some mileage out of Bush. now they are looking to lap the field.
....................
The rest of the world is coming out of socialism, and which way are we headed I wonder.....
“I am honored to have the support of such a distinguished group of financial leaders,” he said in a statement....”
Just change ‘honored’ to ‘totally shocked’
That’s some experience he has...even Volker fell for his line....Have they all been brainwashed ?
I’m holding on to my endorsement until the last minute. Unless someone comes up with some big bucks. Oh wait! I’m an American. Nobody gives a crap who I endorse.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.