Thursday, February 11, 2010

To Thwart Regulation, Wall Street Shovels Cash At GOP

A recent article in the New York Times on Wall Street's opposition to President Obama's proposed financial regulations revealed the corruption at the heart of our political campaigns. Wall Street doesn't want to be regulated, so it simply shovels cash away from the Democrats to the Republicans:

...this year 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.

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

The Republicans, who love posing as populists and talking about "liberal elitists," are only too happy to present themselves to Wall Street as anti-regulation allies:

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.

...Wall Street fund-raisers for the Democrats say they are feeling under attack from all sides. The president is lashing out at their “arrogance and greed.” Republican friends are saying “I told you so.”

American representatives of the Swiss bank UBS know who their friends are:

Most of its biggest contributions, of $10,000 each, went to five Republican opponents of Mr. Obama’s regulatory proposals, including Senator Richard C. Shelby of Alabama, the ranking minority member of the Banking Committee.

Senator John Cornyn of Texas, chairman of the National Republican Senatorial Committee, said he visited New York about twice a month to try to tap into Wall Street’s “buyers’ remorse.”

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