Posts tagged Wall Street
Posts tagged Wall Street
Wall Street’s lament, Ben Affleck, and Connecticut—it’s the week in money-in-politics. Learn more.
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.
But here’s the best part:
In fact, emails reviewed by The New York Times show that Citigroup lobbyists drafted more than 70 of the 85 lines of the House bill, as they tried to develop language that Democrats and Republicans on the Financial Services Committee could support.
- One House GOP aide, according to the New York Times, “in an email exchange among House Financial Services staff members last year, warned that lawmakers should not mimic the talking points from lobbyists.”
But don’t worry, Democrats are going to vote for the Wall Street bill in the House this week too (emphasis added):
"House aides, when asked why Democrats would vote for this proposal even though the Obama administration opposes it, offered a political explanation. Republicans have enough votes to pass it themselves, so vulnerable House Democrats might as well join them, and collect industry money for their campaigns.”
One by one, Gary Gensler’s supporters deserted him. Now the chief U.S. regulator of derivatives was being summoned by Treasury Secretary Jacob J. Lew to explain why he refused to compromise.
Thirty-two liberal Democrats signed onto a letter drafted by a financial industry lobbyist that aims to block protections for millions of Americans’ retirement accounts.
"The financial industry has long been a draw for former political operatives seeking a bigger paycheck and New York lifestyle. But with the big banks now under constant assault from reformers, regulators and some members of Congress, the flow of top talent from Washington to Wall Street has become a small flood."
"The most ambitious legislative effort to reform the country’s financial system in nearly 80 years was just a few weeks old, and already the bill was in trouble.
"Members of the House Financial Services Committee, the bill’s first stop in the summer of 2009, were facing a barrage of complaints from hometown bankers and the industry’s army of Washington lobbyists. They wanted to block the creation of an independent regulatory agency aimed at protecting consumers from the risky financial products that had helped bring on the Great Crash of 2008."
From The Nation: “How Wall Street Defanged Dodd-Frank”
A fancy weekend trip for Congressman Jeb Hensarling and his friends on Wall Street:
"In January, Rep. Jeb Hensarling, R-Texas, ascended to the powerful chairmanship of the House Financial Services Committee. Six weeks later, campaign finance filings and interviews show, Hensarling was joined by representatives of the banking industry for a ski vacation fundraiser at a posh Park City, Utah, resort.
"The congressman’s political action committee held the fundraiser at the St. Regis Deer Valley, the “Ritz-Carlton of ski resorts” known for its “white-glove service” and for its restaurant by superstar chef Jean-Georges Vongerichten.”