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FORTUNE -- Jack Lew, the frontrunner to be named Treasury Secretary in Obama's second term, isn't Wall Street's first choice for the key economic post. He's not even its second.
"I've talked to a bunch of investors and it's seen as a net negative going from [Tim] Geithner to Lew," says Chris Krueger, senior political analyst at Guggenheim Partners. "Who does Wall Street want? Not Jack Lew."
Lew,?57, spent three years on Wall Street working at Citigroup (C) as the chief operating officer of its alternative asset investment management unit. One of the funds Lew's group invested in was run by John Paulson, who at the time was betting heavily against the housing markets and banks. But that's not the part of Lew's resume that anyone seems to remember. And it's certainly not the important part.
MORE: Fiscal Cliff: A modest proposal
After Lew, a Queens, New York native, graduated from Harvard University and Georgetown Law, he headed straight to Washington and has mostly stuck inside the Beltway ever since. He's been on teams credited with brokering major budget deals. He worked for Tip O'Neill when the House speaker struck a deal to raise taxes and cut benefits with President Reagan. And Lew was a key member of President Clinton's budget team, which simultaneously erased the deficit and struck a long-term deal with Republicans to preserve entitlements.
Under Obama, Lew served as the head of the Office of Budget and Management, and a year ago he became Obama's chief of staff.
Since the election Obama has seemingly been trying to patch things up with Wall Street, which threw its collective support behind Romney. After the election, Obama called JPMorgan Chase (JPM) CEO Jamie Dimon and other business leaders. And Lew recently met with Dimon to talk about the fiscal cliff. Geithner is expected to exit the Treasury job early next year.
Nonetheless, some financial executives say that if Obama were to choose Lew for Treasury Secretary, it would signal that the president is not as serious about mending his relationship with corporate leaders as he says. Wall Streeters say the two other candidates who are considered in the mix for the job, former investment banker and two-time second Erskine Bowles and BlackRock (BLK) CEO Larry Fink, would be preferable to Lew. Bowles has been a deficit hawk, and Fink clearly knows the debt market. What's more, unlike Lew, neither one would need an introduction to Wall Street.
MORE: How Tim Geithner can dodge the next debt crisis
Don Marron, a dean of Wall Street who was also once rumored to be a top pick for the Treasury Secretary job (under a Bob Dole presidency in 1996), says he doesn't know Lew, or where he stands on business issues. And Marron?says that will be a problem for corporate America and the market. "Lew will be more of an unknown at a time when you don't want unknown," he says.
Strangely enough, Democrats don't seem so excited about Lew either. They don't think he will be tough enough on Wall Street. And by picking Lew, who has little background in regulating financial markets, Obama would signal that he is more focused right now on striking a budget deal, and less focused on further tinkering with the rules on Wall Street.
Lew wouldn't be the first Treasury Secretary to come from more of a political background instead of Wall Street or corporate America. James Baker, for instance, served as the Treasury Secretary during Reagan's second term.?But the relationship between the Treasury Secretary and Wall Street matters more than it used to. One of the legacies of Tim Geithner, who is a lifetime regulator, has been to focus the position more on market regulation. The Treasury Secretary is now the head of the Financial Stability Oversight Council, the newly formed team of regulators that is supposed to be on the lookout for risks that could cause future crises. And the relationship between the economy and the market's performance is much closer than it was back in Baker's day.
So some of this can be dismissed as more Masters of the Universe griping they are not being heard by Obama. But not all of it.
Grove Professor receives $1.5MM to study breast cancer therapiesPublic release date: 26-Nov-2012 [ | E-mail | Share ]
Contact: Ellis Simon esimon@ccny.cuny.edu 212-650-6460 City College of New York
NIH 'Director's New Innovator Award' to Dr. Debra Auguste supports investigation of personalized drug delivery vehicles
For some time, researchers have known about disparities in diagnoses and outcomes among breast cancer patients based on race and age. However, they have been challenged to develop a set of criteria that can be used to reliably target drug delivery mechanisms based on an individual patient's tumor.
Dr. Debra Auguste, associate professor of biomedical engineering in the Grove School of Engineering at The City College of New York, will investigate personalized therapies to inhibit breast cancer metastasis supported by the National Institutes of Health Director's New Innovator Award. The grant, which provides $1.5 million over five years, funds "exceptionally creative new investigators who propose highly innovative projects that have the potential for unusually high impact."
"By applying our knowledge and experience in chemical engineering, materials science and nanotechnology, we hope to develop therapeutics that will increase breast cancer patient survival by inhibiting tumor progression and metastasis," said Professor Auguste, who joined the Grove School faculty in September from the Harvard University School of Engineering and Applied Science.
"Our goal is to use biological information to design new drug delivery vehicles that can target tumors. We have been studying what the cell surface looks like, how proteins relate to one another, how they are organized and what their ratios are."
The strategy marks a departure from other investigations that have focused on the role of messenger RNA, which is transcribed into proteins. "People often think if you have a large amount of messenger RNA you have a large amount of protein, but we don't necessarily know how much protein is being produced," she said.
Current breast cancer treatments are regulated by cell surface presentation. For example, breast cancer cells that express estrogen receptor and human epidermal growth receptor-2 on their surface are treated with hormone (anti-estrogen or aromatase inhibitors) or targeted therapies such as the monoclonal antibody trastuzamab (Herceptin), respectively.
Professor Auguste plans to develop personalized treatment approaches for four metastatic breast cancer populations: black women, white women, women over 40 and women under 40. Epidemiological studies have found that white women are more likely than black women to be diagnosed with breast cancer, however black women are more likely to die from it. In addition, women under 40 are more prone to aggressive forms of the disease.
She expects to characterize the surface density and proximity of two receptors that govern cell recruitment: CXC chemokine receptor type 4 (CXCR4) and CC chemokine receptor type 7 (CCR7). This information will then be used to synthesize complementary engineered liposomes (CELs) that cooperatively bind CXCR4 and CCR7 and deliver short interfering RNA (siRNA) to knock down lipocalin-2 (Lcn2), which has been shown to induce the epithelial to mesenchymal transition (EMT).
Lipocalins are a family of proteins that transport small, hydrophobic molecules such as steroids, retinoids and lipids. A growing body of evidence points to the EMT playing a role in metastasis of cancers.
Professor Auguste hopes to produce CEL therapies that will enhance cooperative binding to each cell type and reduce cell migration and invasion. Homogeneous and biphasic CELs are designed to complement the relative surface density and organization of receptors on breast cancer cells. They do so by allowing conjugated antibodies to rearrange on the surface or by clustering antibodies within gel-phase lipid domains.
"The binding event is regulated by multiple receptors. We need to understand how multiple proteins work together to engineer adhesion," she explained. "If we can understand that, we can hopefully go from a non-adhesive vehicle to one that is adhesive in order to trigger a favorable response. The key is adhesion of the drug delivery vehicle to tumor cells."
In previous research targeting cytokine-activated endothelial cells, Professor Auguste reported evidence that vehicles that complement the cell surface enhance binding.
Professor Auguste plans to encapsulate cancer drugs inside a lipid shell that will be very similar to a cell membrane and decorate the shell with one or more antibodies arranged in different ratios. She also intends to "play around" with the molecules' surface mobility and organization. "We'll test lots of different engineering parameters in order to achieve optimal efficacy."
To assess the effect of CEL on cell migration, activation survival and the EMT process, she will conduct mechanistic studies involving the expression of various proteins and enzymes.
Professor Auguste intends to demonstrate similarities and differences among six different breast cancer cell lines and deliver a platform technology designed to address tumor metastasis. The cell lines chosen represent the most metastatic and invasive forms of breast cancer with the poorest prognoses for survival. "We want to learn what is different about these breast cancers and whether we can develop a better treatment that can more effectively target the tumor and control it," she said.
###
NIH established the Director's New Innovator Award to address two important goals: stimulating highly innovative research and supporting promising new investigators. It differs from traditional NIH grants in that it is designed specifically to support unusually creative new investigators with highly innovative research ideas at an early stage of their career when they may lack the preliminary data required for an R01 grant. In 2012, 51 such awards were granted nationally.
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Grove Professor receives $1.5MM to study breast cancer therapiesPublic release date: 26-Nov-2012 [ | E-mail | Share ]
Contact: Ellis Simon esimon@ccny.cuny.edu 212-650-6460 City College of New York
NIH 'Director's New Innovator Award' to Dr. Debra Auguste supports investigation of personalized drug delivery vehicles
For some time, researchers have known about disparities in diagnoses and outcomes among breast cancer patients based on race and age. However, they have been challenged to develop a set of criteria that can be used to reliably target drug delivery mechanisms based on an individual patient's tumor.
Dr. Debra Auguste, associate professor of biomedical engineering in the Grove School of Engineering at The City College of New York, will investigate personalized therapies to inhibit breast cancer metastasis supported by the National Institutes of Health Director's New Innovator Award. The grant, which provides $1.5 million over five years, funds "exceptionally creative new investigators who propose highly innovative projects that have the potential for unusually high impact."
"By applying our knowledge and experience in chemical engineering, materials science and nanotechnology, we hope to develop therapeutics that will increase breast cancer patient survival by inhibiting tumor progression and metastasis," said Professor Auguste, who joined the Grove School faculty in September from the Harvard University School of Engineering and Applied Science.
"Our goal is to use biological information to design new drug delivery vehicles that can target tumors. We have been studying what the cell surface looks like, how proteins relate to one another, how they are organized and what their ratios are."
The strategy marks a departure from other investigations that have focused on the role of messenger RNA, which is transcribed into proteins. "People often think if you have a large amount of messenger RNA you have a large amount of protein, but we don't necessarily know how much protein is being produced," she said.
Current breast cancer treatments are regulated by cell surface presentation. For example, breast cancer cells that express estrogen receptor and human epidermal growth receptor-2 on their surface are treated with hormone (anti-estrogen or aromatase inhibitors) or targeted therapies such as the monoclonal antibody trastuzamab (Herceptin), respectively.
Professor Auguste plans to develop personalized treatment approaches for four metastatic breast cancer populations: black women, white women, women over 40 and women under 40. Epidemiological studies have found that white women are more likely than black women to be diagnosed with breast cancer, however black women are more likely to die from it. In addition, women under 40 are more prone to aggressive forms of the disease.
She expects to characterize the surface density and proximity of two receptors that govern cell recruitment: CXC chemokine receptor type 4 (CXCR4) and CC chemokine receptor type 7 (CCR7). This information will then be used to synthesize complementary engineered liposomes (CELs) that cooperatively bind CXCR4 and CCR7 and deliver short interfering RNA (siRNA) to knock down lipocalin-2 (Lcn2), which has been shown to induce the epithelial to mesenchymal transition (EMT).
Lipocalins are a family of proteins that transport small, hydrophobic molecules such as steroids, retinoids and lipids. A growing body of evidence points to the EMT playing a role in metastasis of cancers.
Professor Auguste hopes to produce CEL therapies that will enhance cooperative binding to each cell type and reduce cell migration and invasion. Homogeneous and biphasic CELs are designed to complement the relative surface density and organization of receptors on breast cancer cells. They do so by allowing conjugated antibodies to rearrange on the surface or by clustering antibodies within gel-phase lipid domains.
"The binding event is regulated by multiple receptors. We need to understand how multiple proteins work together to engineer adhesion," she explained. "If we can understand that, we can hopefully go from a non-adhesive vehicle to one that is adhesive in order to trigger a favorable response. The key is adhesion of the drug delivery vehicle to tumor cells."
In previous research targeting cytokine-activated endothelial cells, Professor Auguste reported evidence that vehicles that complement the cell surface enhance binding.
Professor Auguste plans to encapsulate cancer drugs inside a lipid shell that will be very similar to a cell membrane and decorate the shell with one or more antibodies arranged in different ratios. She also intends to "play around" with the molecules' surface mobility and organization. "We'll test lots of different engineering parameters in order to achieve optimal efficacy."
To assess the effect of CEL on cell migration, activation survival and the EMT process, she will conduct mechanistic studies involving the expression of various proteins and enzymes.
Professor Auguste intends to demonstrate similarities and differences among six different breast cancer cell lines and deliver a platform technology designed to address tumor metastasis. The cell lines chosen represent the most metastatic and invasive forms of breast cancer with the poorest prognoses for survival. "We want to learn what is different about these breast cancers and whether we can develop a better treatment that can more effectively target the tumor and control it," she said.
###
NIH established the Director's New Innovator Award to address two important goals: stimulating highly innovative research and supporting promising new investigators. It differs from traditional NIH grants in that it is designed specifically to support unusually creative new investigators with highly innovative research ideas at an early stage of their career when they may lack the preliminary data required for an R01 grant. In 2012, 51 such awards were granted nationally.
[ | E-mail | Share ]
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
What would be a neat trick to round off a perfect holiday with friends, family, and -- if you're lucky -- some bargain-priced tech? How about getting your smug, contented face up on the screens in Times Square? Not got the big corporate budget? No worries, as Google's here to pick up the tab as part of a Chromebook promotion, and possibly make it happen for you. Submit a picture at the source link, along with a snappy "For... " caption, and you could find yourself, your mom, your cat, or football team up there for all to see. We were going to submit one of our own, but, well y'know, we're still wearing the t-shirt.
Scratch built wooden home theater for his wife (Yeah, right!) This four-minute video shows the final result of the building upgrade your home theater with the Star Trek Enterprise Bridge colors (see Building slideshow video link below). Inspired (and copy) of ?home theater Bridge? Gary Reighn. I use the Optoma DLP projector with 1080p TX1080 to 120 ?screen. LCARS display runs from Dell. 7.1 audio sound system. Lighting is controlled by the X-10. The four network interface device to your home network. Sony Blu-ray is used for media WDTV Live (Western Digital) is used to connect to 1TB and 5TB hard drive media server streaming from the Internet and home networking. It was a project completed 10 weeks of thanksgiving 2010th Phase 1
[HD] Home Improvement Star Trek Home Theater ? Final Project Video
Sporting hats, Ashton Kutcher and Mila Kunis stepped out on Friday night to enjoy a meal at Checchino in Rome's Testaccio district. Kunis, 29, is bundled up with a scarf, while her beau Kutcher, 34, is sporting a very different accessory ? a plate!
Updated at 7:55 a.m. ET: GAZA -- A 20-year-old Palestinian was killed and 10 others injured by Israeli forces Friday, Palestinian medical officials told NBC News, despite the U.S.-brokered cease-fire declared Wednesday.
The men were shot on the Gaza side of the border as they tried to access their farmland in the eastern part of Khan Younis, the Palestinian Medical Service said early Friday.
Palestinian Foreign Minister Riad Malki said the shooting had broken the cease-fire, Reuters reported.?Malki, speaking at a meeting with Italian Foreign Minister Giulio Terzi, called the incident ?a clear violation of the agreement and should not be repeated.?
Bernat Armangue / AP
Israel's military said it had accomplished its objectives while Hamas claimed victory after the two sides exchanged deadly airstrikes and rocket attacks for over a week.
The Israeli Defense Forces imposes a no-go zone on the Gaza side of the border, but the officials said the men believed they would be able to access their farmland safely during the truce, which began late Wednesday.
A spokesman for the IDF told NBC News that it did not have any immediately information about the death of Palestinian.
Israel arrests suspects in Tel Aviv bus bombing
The spokesman said there were several "incidents of disquiet and unrest at the Gaza border" and that "Israeli soldiers fired warning shots in the air.?
When the rioters did not comply, the soldiers responded by firing at the rioters legs, the spokesman added.
The cease-fire between Israel and Hamas had been holding firm, with scenes of joy among the ruins in Gaza on Thursday, including a celebratory rally past wrecked houses and government buildings.
However, schools stayed closed in southern Israel, where nerves were jangled by warning sirens - a false alarm, the IDF said.
Residents of Gaza return to their homes with hope the cease-fire persists. ITV's John Ray reports.
The truce was the fruit of intensive diplomacy by Egypt?s new Islamist regime, spurred by U.S. President Barack Obama, who sent Secretary of State Hillary Clinton to the Middle East.
Reuters contributed to this report.
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Public release date: 26-Nov-2012
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