Who's Who on Obama's Economic Team

Editors note: This was originally an email from November 8th (just four days after the election, how long ago that was) in which we reviewed the backgrounds of who was on Obama's economic team. I thought it might be a good idea to put it up here as a reference. There should be more of these types of short bios on advisers to and members of the Obama administration to come.

Yesterday Obama sat down with 17 economic advisers to figure out how
to deal with the current financial crisis. Obama has stated in his
campaign that he will surround himself with experts of diverse
opinions and backgrounds when attempting to solve major issues. I was
curious to find out who these people are and what those backgrounds
were, so I did some googling. If you're interested, here they are,
warts and all:

David Bonior (Member House of Representatives 1977-2003):

Bonior most recently served as the 2008 Edwards campaign manager.
He was the lone ex-Edwards staffer to publicly voice outrage at the news
of the Rielle Hunter affair. He was the House Whip from 1991-2002.
He ran for Governor of MI but was beaten in the primary by Jennifer
Granholm (also on the team). He opposed NAFTA and is a big labor guy.

Warren Buffett (Chairman and CEO, Berkshire Hathaway):

You may have heard of him. The ultimate long-view guy. Buffett
follows simple solid economic principles, removes the emotion that so
often turns investing strategies into speculative ventures, and makes
oodles of money in the process. He still lives in the same house he
bought in 1958 for 30K. He is not a self-aggrandizing man. He's
never written a single book. His economic philosophies and outlooks
are only printed as addendums in the annual reports for Berkshire
Hathaway. Gained attention this election cycle for saying that his
secretary is unfairly taxed at a hirer net rate than he is. Plays the
ukulele and competes in regional bridge tournaments with Bill Gates.

Roel Campos (former SEC Commissioner):

Bush appointee. Instrumental in crafting Sarbanes-Oaxley, the
legislation that resulted from the Enron, Tyco, World Com etc
accounting scandals (Investment bankers think this is the worst
regulation EVER). (see the Donaldson blurb for more on Campos)
Harvard affiliation: law degree.

William Daley (Chairman of the Midwest, JP Morgan Chase; Former
Secretary, U.S. Dept of Commerce, 1997-2000):

Youngest son of infamous/famous Chicago mayor Richard J Daley.
Brother of current Chicago mayor Richard M Daley. Former Secretary of
Commerce under Clinton (2nd term). Also served as special counsel for
NAFTA passage.

William Donaldson (Former Chairman of the SEC 2003-2005):

Both he and Campos were at the SEC when the major investment houses
including Paulsen's Goldman Sachs asked the SEC to do away with the
net capital rule. This was received with a unanimous vote to remove
that regulation. The lack of this rule allowed the major investment
houses to take ridiculously heavily leveraged positions in high risk
areas. We all know what happened next. Donaldson presided over the
SEC during this vote. Harvard affiliation: MBA.

Roger Ferguson (President and CEO, TIAA-CREF and former Vice
Chairman of the Board of Governors of the Federal Reserve):

Rumored to be in the running for Fed Chairman but Bernanke eventually
won out. Has some impressive non-profit positions on his resume.
Harvard affiliation: law degree.

Jennifer Granholm (Governor, State of Michigan):

Canadian born. Presides over a state with a failing economy, huge
budget deficit and the 2nd highest unemployment rate in the union.
Played the part of Sarah Palin in Biden's debate prep. Harvard
affiliation: law degree.

Anne Mulcahy (Chairman and CEO, Xerox):

An English major that joined Xerox as a sales rep and in 25 short
years rose to the rank of CEO. She cut the workforce by 30% and
semi-turned around a failing company.

Richard Parsons (Chairman of the Board, Time Warner):

A republican that is old friends with Guiliani, he's served on three
executive transition teams, Rudy's, Bloomberg's and Eliot Spitzer's.
He negotiated the AOL Time Warner merger that is now in hindsight
viewed as an unmitigated disaster. He co-Chaired the 2001 Social
Security Commission at Bush's behest that recommended personal savings
accounts.

Penny Pritzker (CEO, Classic Residence by Hyatt):

A Hyatt heiress, as part of Chicago's old money Pritzker family. The
national finance chair for Obama's campaign. Harvard affiliation:
economics BA.

Robert Reich (University of California, Berkeley; Former Secretary,
U.S. Dept of Labor, 1993-1997):

Dated Hillary Clinton in college. Headed Bill's economic transition
team. Probably the most progressive guy on this list. Did some very
forward thinking things in the Clinton administration. Recommends
expanding the Earned Income Tax Credit. Fun fact: he's 4'10".

Robert Rubin (Chairman and Director of the Executive Committee,
Citigroup; Former Secretary, U.S. Dept of Treasury, 1995-1999):

As Clinton's second Treasury secretary he oversaw the greatest
economic expansion in the history of the country. However, he
adamantly opposed calls to regulate the derivatives market. Lack of
regulation of these instruments, which Warren Buffet calls "financial
WMDs, " is one of the causes of the current economic meltdown.
Harvard affiliation: BA in economics.

Eric Schmidt (Chairman and CEO, Google):

Billionaire third leg of the Google triumvirate along with the two
Google founders. Candidate for the job of the new post of Chief
Technological Officer promised by Obama. The resident geek on the
team.

Lawrence Summers (Harvard University; Managing Director, D.E. Shaw;
Former Secretary, U.S. Dept of Treasury, 1999-2001):

Deputy secretary of the treasury under Rubin. Clinton's third
Treasury secretary. Controversial President of Harvard. Argued that
men may have an innate advantage over women when it comes to the
sciences. That got him ousted at H. Once wrote a memo while at the
World Bank saying "the economic logic behind dumping a load of toxic
waste in the lowest wage country is impeccable and we should face up
to that". Several other minor scandals on his resume. Currently
thought to be on the shortlist for Obama's Treasury secretary.
Harvard affiliation: former President.

Editor's Note: Obama named Larry Summers as head of the National Economic Council on November 24, 2008.

Laura Tyson (Haas School of Business, University of California,
Berkeley; Former Chairman, National Economic Council, 1995-1996;
Former Chairman, President's Council of Economic Advisors, 1993-1995):

First female dean of the London Business School. Clintonista. Seems
to be an expert in the high tech sector. Has been an economic advisor
to Obama during the campaign.

Antonio Villaraigosa (Mayor, City of Los Angeles):

Elected in 2005 as LA's first Latino mayor since 1872. Was a labor
organizer in the 1980s. Had an affair with a reporter while in office
which has put the kibosh on talk of his national political rise.

Paul Volcker (Former Chairman, U.S. Federal Reserve 1979-1987):

Chairman of the Fed under Carter and Reagan. The dude before
Greenspan. Read: Old. Credited with ending the stagflation crisis of
the late 70s. Although this is thought to have contributed to the
recession of the early 80s. Yet another possible Secretary of the
Treasury pick. Harvard affiliation: MA in political economy.

Editor's Note: Obama named Paul Volcker head of the new President's Economic Recovery Advisory Board.