Holding Politicians Accountable

Posts tagged Wall Street

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Eric Cantor Joins Wall Street (Officially)

Former House Majority Leader Eric Cantor (R-Va.), who lost his primary election this year partially due to his closeness to Wall Street and big donors, will join investment bank Moelis & Company.

The company’s founder, who announced the hire, maxed out to the congressman this cycle, according to the Center for Responsive Politics:

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During his time in Congress, Cantor received over $3 million in campaign contributions from donors and PACs at securities and investment firms and $8.9 million from the financial sector overall.

Cantor will receive a $1.4 million sign-on bonus and $2 million in annual pay, according to the Financial Times.

Filed under Eric Cantor Wall Street politics

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But who can blame the regulators for being timid when members of both parties in Congress seem to value campaign contributions over system stability?
Former FDIC Chair Sheila Bair on Tim Geithner’s new book and financial industry regulations. (Fortune)

Filed under Wall Street finance Tim Geithner

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It’s kind of like dating. Everybody has a good time, but people are not ready to get married.

- A Wall Street executive on politicians considering 2016 presidential runs “courting” big money financial industry donors (Bloomberg).

When people get married, they promise their partner “to have and to hold,” so we guess marriage is a good metaphor for campaign donors and elected officials. 

Filed under Wall Street campaign finance 2016 presidential

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This might be our favorite part of this Politico story on bankers having a sad about Washington:

When financial markets crashed just prior to his election, Obama’s cadre of Wall Street supporters expected their donations had earned for them a measure of understanding from the White House. And in keeping with the practice of both the Bill Clinton and George W. Bush years, the finance executives also felt entitled to at least a couple of significant administration jobs going to one of their own—not to mention fairly regular access to the president, either via White House visits or get-togethers in New York. 

This might be our favorite part of this Politico story on bankers having a sad about Washington:

When financial markets crashed just prior to his election, Obama’s cadre of Wall Street supporters expected their donations had earned for them a measure of understanding from the White House. And in keeping with the practice of both the Bill Clinton and George W. Bush years, the finance executives also felt entitled to at least a couple of significant administration jobs going to one of their own—not to mention fairly regular access to the president, either via White House visits or get-togethers in New York. 

Filed under Wall Street politics chutzpah