Holding Politicians Accountable

Posts tagged Wall Street

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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

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I know that some of our members are inclined to whore, but we cannot be apes.

- 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.”

Filed under campaign finance Wall Street lobbyists Congress politics

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Washington Post: How Barney Frank foiled the banking lobby to form a new financial watchdog

"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."

Filed under Wall Street Barney Frank Dodd-Frank