“In this case, the thing Warren was against — adding another Wall Street anti-regulatory guy — wasn’t even remotely true”

◼ Behind Sen. Elizabeth Warren’s Treasury takedown - Politico

Elizabeth Warren, sometimes disregarded by the White House as a largely irrelevant nuisance, could no longer be ignored. Bolstered by grass roots groups eager for any anti-Wall Street crusade and a vibrant progressive media that hung on her every word, Warren succeeded in knocking out Weiss’ nomination....

It was not a total victory. Weiss will still join Treasury as an unconfirmed counselor to Secretary Jack Lew. But in terms of symbolism, the Washington power game and the ideological direction of the Democratic Party, Warren won big. And the moderate, Wall Street- and business-friendly wing of the party — in past years happily occupied by Democratic presidential nominee-in-waiting Hillary Clinton — got punched in the mouth.

“They will have to be more careful now and you won’t see any bankers nominated for high-level positions,” said a person close to the campaign against Weiss, who said the episode could also influence the way Clinton staffs and runs her campaign.

On the other side, the despair among Wall Street’s Democratic elite is growing acute. As is the belief that Weiss himself never mattered in this fight.

“In this case, the thing Warren was against — adding another Wall Street anti-regulatory guy — wasn’t even remotely true,” said one senior Wall Street Democrat who has worked in government but, like many interviewed for this article, declined to be identified by name to avoid Warren’s wrath. “There is no one in government right now who has any market or finance experience. It’s not like there are ‘too many.’”

...“Warren successfully put together this incredible coalition of activist groups and liberal media organizations that sprang into action without her really having to do much of anything,” said a Wall Street executive who tried to help steer Weiss through the process. “These people can now stop pretty much anyone they want and the White House can’t do much about it.”

Others view Warren’s power as somewhat more limited. She succeeded in derailing Weiss in part because Obama could not count on Republicans — who typically like nominees with business experience — to put Weiss over the top.