Posts tagged Wall Street
Holding Politicians Accountable
Politico: Wall Street Hired Washington
“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.”
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.”
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.”
Financial Industry Showers New Financial Services Committee Chair With Cash
“Florida Sen. Marco Rubio is moving swiftly behind the scenes to lock down some of Wall Street’s biggest donors ahead of the 2016 presidential race.
“In recent weeks, the rising GOP star and possible 2016 hopeful has quietly met with some of the most powerful GOP backers in the world of high finance. The roster includes Blackstone Group Chief Executive Officer Stephen Schwarzman, Kohlberg Kravis Roberts & Co. CEO Henry Kravis and senior executives at Goldman Sachs and Barclays Capital, among others.” (Politico)
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Photo: Page 2 of the linked article, with the caption: “Marco Rubio and Steve Schwarzman pose with penguins at Blackstone.”
The 43 Senators pledging to block President Obama’s nominee to lead a Wall Street watchdog agency are drowning in Wall Street campaign cash.
Everyone in the financial industry, much like the business world, look at politics as an investment, and they just don’t feel like they got much of a return.
Financial institutions have plenty of lobbyists looking out for their interests. The American people need Richard to keep standing up for them.
- President Barack Obama, on reappointing Rich Cordray to lead the Consumer Financial Protection Agency.
In the 2012 election cycle, the finance, insurance, and real estate sector donated more than $256 million to congressional candidates and the industry spent at least $479 million lobbying Congress and federal regulators, according to the Center for Responsive Politics. He probably has a point.
After the last election, when I would ask my [colleagues] to cosponsor a speculator tax they’d say, ‘I don’t really want to make the people on Wall Street that angry and didn’t somebody spend a lot of money against you?’ It has a chilling effect against some people on legislation.
