Classic Obama

Obama, who will shortly relentlessly demonize a former private equity executive as unfit for leadership office, has just appointed a former private equity executive for leadership office.

"The nominees are Jeremy Stein, 51 years old, a Ph.D. economist who did a five-month stint in the Treasury and White House early in the Obama administration, and Jerome Powell, 58, who was undersecretary of the Treasury for domestic finance under President George H.W. Bush...

A graduate of Georgetown University's law school, Mr. Powell worked before and after his Treasury stint at investment bank Dillon Read & Co. He also has worked at private-equity firms Carlyle Group and Global Environment Fund, and at Bankers Trust Co."