Category Archives: Wall Street

Wall Street Warns Democrats: Regulation = No Campaign Contributions

08 Monday Feb 2010

Posted by in Democrats, Financial Crisis, lobbyists, special interests, Wall Street

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It seems that the arrogant, greedy, Wall Street fat cats who receive obscene bonuses in spite of being responsible for the financial crisis, don’t like being told they are arrogant, greedy, Wall Street fat cats who receive obscene bonuses in spite of being responsible for the financial crisis. And if it doesn’t stop, they’re going to take their bribes campaign contributions to the nearest Republican:

“…this year [JPMorgan] Chase’s political action committee is sending the Democrats a pointed message. While it has contributed to some individual Democrats and state organizations, it has rebuffed solicitations from the national Democratic House and Senate campaign committees. Instead, it gave $30,000 to their Republican counterparts.

Republicans are rushing to capitalize on what they call Wall Street’s “buyer’s remorse” with the Democrats. And industry executives and lobbyists are warning Democrats that if Mr. Obama keeps attacking Wall Street “fat cats,” they may fight back by withholding their cash.”

The shift reflects the hard political edge to the industry’s campaign to thwart Mr. Obama’s proposals for tighter financial regulations.

Just two years after Mr. Obama helped his party pull in record Wall Street contributions — $89 million from the securities and investment business, according to the nonpartisan Center for Responsive Politics — some of his biggest supporters, like [Chase CEO Jamie] Dimon, have become the industry’s chief lobbyists against his regulatory agenda.

Take a deep breath and calm down, banksters. Your corporate brothers in the insurance and pharmaceutical industries can confirm for you that the regulation rhetoric from the Democrats is just that, rhetoric. As William Shakespeare put it, “Sound and fury, signifying nothing.”

Who’s In Charge Here? Follow the Money

06 Saturday Feb 2010

Posted by in Congress, Democrats, Financial Crisis, lobbyists, Politics, Wall Street

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The Washington D.C. game of finger-pointing, blame-shifting, and buck-passing rolls on. Robert Reich in Thursday’s Salon:

“Senator Chris Dodd, the chairman of the Senate Banking Committee, scolded Wall Street representatives at a hearing Thursday for sending “an army of lobbyists whose only mission is to kill the common-sense financial reforms” needed by the public. “The fact is,” Dodd said, “I am frustrated, and so are the American people.” He charged that Wall Street’s intransigence was the reason for Congress’s failure to pass any bill to regulate the Street.

Dodd left out the most telling detail, of course. Wall Street is where the campaign money is. Dodd of all people knows that. He’s been on the receiving end of lots of it over the years.

…In other words, it isn’t Congress’s fault. It isn’t the Senate Banking Committee’s fault. It certainly isn’t Dodd’s fault. The reason more than a year has passed since the biggest bailout in the history of the world and nothing has been done to prevent a repeat performance…is what, exactly, Senator? Because the Street has sent an army of lobbyists to Capitol Hill?

Call me old-fashioned, but I thought Congress was in charge of passing legislation, not Wall Street.

A little over $6 million, that’s all. Which leads to the REAL reason for the lack of Congressional action:

“Congress isn’t doing a thing about Wall Street because it’s in the pocket of Wall Street. Dodd’s outburst at the Street is like the alcoholic who screams at a bartender “how dare you give me another drink when all I’ve done is pleaded with you for one!”

Democrats Schmoozing the “Fat Cats” They Despise (Allegedly)

03 Wednesday Feb 2010

Posted by in Congress, Democrats, lobbyists, special interests, Wall Street

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The hypocrisy never stops. Senator Robert Menendez (D-NJ) in a press release last Wednesday following President Obama’s State of the Union address:

“In the upcoming elections, voters will face a choice between Republicans who are standing with Wall Street fat cats, bankers and insurance companies – or Democrats who are working hard to clean up the mess we inherited by putting the people’s interests ahead of the special interests.”

From Politico yesterday:

“Twelve Democratic Senators spent last weekend in Miami Beach raising money from top lobbyists for oil, drug, and other corporate interests that they often decry, according to a guest list for the event obtained by POLITICO.

Across the table was a who’s who of 108 senior Washington lobbyists, including the top lobbying officials for many of the industries Democrats regularly attack: Represented were the American Bankers Association, the tobacco company Altria, the oil company Marathon, several drug manufacturers, the defense contractor Lockheed, and most of the large independent lobbying firms.”

The guest list for the Democratic Senatorial Campaign Committee’s “winter retreat” at the Ritz Carlton South Beach Resort doesn’t include the price tag for attendance, but the maximum contribution to the committee, typical for such events, is $30,000. There, to participate in “informal conversations” and other meetings Saturday, were senators including DSCC Chairman Robert Menendez; Michigan’s Carl Levin and Debbie Stabenow; Bob Casey of Pennsylvania; Claire McCaskill of Missouri; freshmen Kay Hagan of North Carolina and Mark Begich of Alaska; and even left-leaning Bernie Sanders of Vermont.

Nice job, Bob. I’ll sleep better at night  knowing you’re looking out for the “people’s interests” and sticking it to those “fat cats.”

The "Gang of Eight" on the Senate Banking Committee

02 Tuesday Feb 2010

Posted by in Congress, Democrats, economy, Obama, Republicans, Uncategorized, Wall Street

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Since the “Gang of Six” in the Senate Finance Committee worked out so well, and produced such outstanding results (sarc) in writing health care reform legislation, why not just repeat the process in the Senate Banking Committee as they tackle reforming the financial industry? More openness and transparency from our elected officials in Washington:

“For two months, four pairs of Senate Banking Committee members — each with one Democrat and one Republican — have been meeting behind closed doors to reach a bipartisan compromise on regulatory reform.”

Here are the 8 senators involved, along with the amounts each has taken from financial industry PACs:

Chris Dodd, (D-CT) $3,124,237
Richard Shelby (R-AL) $2,171,369
Mark Warner (D-VA) $330,800
Bob Corker (R-TN) $426,750
Jack Reed (D-RI) $1,554,449
Judd Gregg (R-NH) $709,941
Chuck Schumer (D-NY) $1,629,295
Micheal Crapo (R-ID) $1,237,955

That’s a grand total of $11,184,796. And these are the people who are going to reform the financial system? That’ll be the day. But as good as things are for this new “Gang of Eight.” they’re about to get better:

“…the president’s new proposals have already provoked a sharp increase in the volume and energy of the lobbying on regulatory reform, with more chief executives stepping over their government relations staff to request personal meetings with lawmakers. The big banks, the lobbyists say, have become increasingly alarmed that the legislative process may move in unexpected directions outside their control.”

Well, we certainly have to put a stop to that. Can’t have anything going on that the banksters can’t “control,” can we? Speaking of banksters:

“...Jamie Dimon, chief executive of JPMorgan Chase had lunch with Mr. Obama last Tuesday, and then met separately on Friday with the Federal Reserve chairman Ben Bernanke and the Treasury secretary, Timothy Geithner.”

No doubt to discuss who they like in Sunday’s Super Bowl.