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Sorkin: Why Wall St. Is Deserting Obama
nytimes ^ | 8/31/2010 | ANDREW ROSS SORKIN

Posted on 08/31/2010 6:28:37 AM PDT by facedodge

A letter from a hedge fund manager to his investors about Washington’s policies is stirring up controversy on a sensitive topic among the moneyed elite, The New York Times’s Andrew Ross Sorkin writes in his latest DealBook column.

The poison pen of Daniel S. Loeb took a jab recently at one of his former allies, the Obama administration, deploring the redistribution of resources and power that Wall Street has come to fear with the passage of the financial regulation overhaul.

Some say that they knew Obama would seek higher taxes and tighter regulation; that was O.K. What they say they did not realize was that they were going to be painted as villains. And as they grow to distrust government, they threaten to cut off investment in the United States.

(Excerpt) Read more at dealbook.blogs.nytimes.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: danielloeb; economy; hedgefunds; obama; wallstreet
Everyone has their threshold. Unfortunately, it takes irreversible damage before some of these people to wake-up. We may not have been around for The American Revolution, but we have the chance to do something just as important, The American Restoration.
1 posted on 08/31/2010 6:28:39 AM PDT by facedodge
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To: facedodge
"The poison pen of Daniel S. Loeb took a jab recently at one of his former allies, the Obama administration, deploring the redistribution of resources...

So this Loeb guy admits that he got completely sucked up into the heard mentality of the American Idol presidential contest of 2008 and completely ignored Obama's very own words stating that he was going to redistribute income, huh? And people choose to hand over their money to invest with this guy Loeb?

Do you grasp what this financial guru is admitting?

2 posted on 08/31/2010 6:38:45 AM PDT by Obadiah (I can see November from my house!)
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To: facedodge

So now that they have their stooge in the White House, the Looters are having a falling out with their ally Soros. They should never have trusted him.

This is what happens when you have a confederacy of banksters who move money around and generate paper, instead of real, wealth: they buy politicians in the hopes that it will gain them protection. Too bad they don’t understand one of the first rules of politics: there’s always someone who can pay a higher bid price for a politician’s loyalty.

Best,

Chris


3 posted on 08/31/2010 6:39:42 AM PDT by section9
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To: facedodge

Becuase Obama and the Rat’s will have destroyed Wall Street for 2010 by not dealing with the expiring Bush Tax cuts. Investors have fled wall street by the end of the 2nd quarter in hopes of getting out ahead of the 3rd and 4th quarter sell off due to poor policy on the part of Obummer and friends.


4 posted on 08/31/2010 6:39:52 AM PDT by ncfool (The new USSA - United Socialst States of AmeriKa. Welcome to Obummers world or Obamaville USSA.)
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Comment #5 Removed by Moderator

To: facedodge

http://dealbook.blogs.nytimes.com/2010/08/31/sorkin-why-wall-st-is-deserting-obama/

fix to the link


6 posted on 08/31/2010 6:39:57 AM PDT by facedodge
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To: facedodge

http://dealbook.blogs.nytimes.com/2010/08/31/sorkin-why-wall-st-is-deserting-obama/

fix to the link


7 posted on 08/31/2010 6:40:05 AM PDT by facedodge
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To: Obadiah

heard = herd


8 posted on 08/31/2010 6:40:49 AM PDT by Obadiah (I can see November from my house!)
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To: facedodge
A conservative is just a Lefty who got mugged.

Looks like Mr. Loeb just realized he's been mugged.

A day late, and a dollar short.

9 posted on 08/31/2010 6:42:19 AM PDT by E. Pluribus Unum ("The only stable state is one in which all men are equal before the law." -- Aristotle)
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To: facedodge
Daniel S. Loeb = Another useful idiot.
10 posted on 08/31/2010 6:42:34 AM PDT by ILS21R ("Every night before I go to sleep, I think who would throw stones at me?", she said)
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To: facedodge
Some say that they knew Obama would seek higher taxes and tighter regulation; that was O.K. What they say they did not realize was that they were going to be painted as villains.

Oh. Very nice. Jerk faces.

Higher taxes (which would just get passed on to the consumer) and tighter regulations (the cost of which would just be passed on to the consumer) was just fine until Ubama started calling you names.

Jerks.

11 posted on 08/31/2010 6:44:04 AM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all. -- Texas Eagle)
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To: facedodge
Some say that they knew Obama would seek higher taxes and tighter regulation; that was O.K. What they say they did not realize was that they were going to be painted as villains.

Oh. Very nice. Jerk faces.

Higher taxes (which would just get passed on to the consumer) and tighter regulations (the cost of which would just be passed on to the consumer) was just fine until Ubama started calling you names.

Jerks.

12 posted on 08/31/2010 6:44:07 AM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all. -- Texas Eagle)
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To: facedodge
Why so personal? The prevailing view is that bankers, hedge fund mangers and traders supported the Obama candidacy because he appealed to their egos.

Mr. Obama was viewed as a member of the elite, an Ivy League graduate (Columbia, class of ’83, the same as Mr. Loeb), president of The Harvard Law Review — he was supposed to be just like them. President Obama was the “intelligent” choice, the same way they felt about themselves.

Not just Wall Street - a whole segment of generally "Republican" voters fell into the same ego trap. Obama just had to be better than that slow-witted Texan who was embarrassing us on the world stage every time he opened his mouth. We "smart people" were better than that.

Guess it pays to do a little homework, huh guys? ;)

13 posted on 08/31/2010 6:50:55 AM PDT by Mr. Jeeves ( "The right to offend is far more important than any right not to be offended." - Rowan Atkinson)
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To: Texas Eagle

That is exactly what Loeb was saying about him and his Wall Street buddies. They were all cool with quietly sticking it to everyone else, but when they got called out, well that was the last straw.


14 posted on 08/31/2010 6:51:49 AM PDT by Obadiah (I can see November from my house!)
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To: facedodge

“It is easy to see why so many people have concluded that the entire system is rigged.”

Of course it is. The government has practically outlawed ‘Free Access’.


15 posted on 08/31/2010 6:53:07 AM PDT by griswold3 ('Regulation and law without enforcement is no law at all)
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To: facedodge

Goldman and the Wall Street fat cats are still in bed with Obama.

Rush Limbaugh: Goldman Sachs in Bed with Democrats, Time of Goldman Fraud Case Suspicious

Then we got around to talking about Goldman Sachs. And, you know, it’s amazing. These are very, very smart guys, brilliant, but they were hearing for the first time my theory that this whole thing was organized, with Goldman probably involved in it....

http://lonelyconservative.com/2010/04/rush-limbaugh-goldman-sachs-in-bed-with-democrats-time-of-goldman-fraud-case-suspicious/


16 posted on 08/31/2010 6:53:07 AM PDT by KeyLargo
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To: facedodge
re: Some say that they knew Obama would seek higher taxes and tighter regulation; that was O.K. What they say they did not realize was that they were going to be painted as villains.

I think it is probably more likely that the Wall Street elitists were okay with the higher taxes and tighter regulation affecting the masses. They just didn't think it would affect THEM in their bank accounts and investments.

17 posted on 08/31/2010 6:54:57 AM PDT by Nevadan
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To: facedodge

Good. Maybe the business community can throw off the shackles of affluent guilt and finally work for their self-interest.


18 posted on 08/31/2010 6:59:13 AM PDT by Leftism is Mentally Deranged (Annoying liberals is my goal. I will not be silenced.)
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To: griswold3

Democrats head to New York for Wall Street dough

4/29/2010

While Democrats push Wall Street regulations on the Senate floor, Banking Committee Chairman Chris Dodd (D-Conn.) and Sen. Kirsten Gillibrand (D-N.Y.) will head to Manhattan Monday for a fundraiser with deep-pocketed donors who have ties to the financial industry.

The event will be held at the Park Avenue home of Ralph Schlosstein, a former Carter administration official who is the CEO of the investment firm Evercore and used to work at Lehman Bros. Holdings. Schlosstein’s wife Jane Hartley, the event co-host, is seen as a leading New York Democratic donor, has given more than $300,000 to Democratic candidates in recent years, but is not employed in the financial industry.

Also attending the event is Roger Altman, a former Clinton administration Treasury Department official and founder of Evercore; Leo Hindery, managing partner of a New York-based private equity fund; David Topper, vice chairman of JPMorgan’s investment banking outfit; Wiltold Balaban, an attorney who has represented Goldman Sachs, JPMorgan and Bank of America; hedge fund investor James Torrey and Richard Beattie, a New York-based attorney who participated in the $58 billion acquisition of Bank One Corp. by JPMorgan. Altman co-hosted a fundraiser for Senate Majority Leader Harry Reid (D-Nev.) Sunday night in New York.

http://www.politico.com/news/stories/0410/36553.html


19 posted on 08/31/2010 7:00:04 AM PDT by KeyLargo
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To: facedodge

“The American Restoration”

Great name! Perfect name for the Republican’s platform.


20 posted on 08/31/2010 7:23:40 AM PDT by frposty (I'm a simpleton)
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To: frposty

“What’s good fo Goldman Sachs is good for America”


21 posted on 08/31/2010 7:46:26 AM PDT by EQAndyBuzz (Remember March 23, 1775. Remember March 23, 2010)
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To: frposty

“What’s good for Goldman Sachs is good for America”


22 posted on 08/31/2010 7:46:33 AM PDT by EQAndyBuzz (Remember March 23, 1775. Remember March 23, 2010)
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To: facedodge

They aren’t deserting him. They have finished with him,,, He came through with the bank bailouts just as he was supposed to. He has enacted their entire Wall Street agenda,,, now with their losses covered,, they are ready for another boom cycle,, all they need is their boy to be replaced.

I love this concept that Wall steet is somehow conservative. Their stock in trade is finding ways to tap into the treasury. GE with the wind turbine scam, Cap and Trade, driving national oil policy to fuel their speculation schemes,, ethanol, etc,,are all examples.


23 posted on 08/31/2010 7:50:54 AM PDT by DesertRhino (I was standing with a rifle, waiting for soviet paratroopers, but communists just ran for office)
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To: facedodge
Their prostates are swollen and their butts are sore…
24 posted on 08/31/2010 8:02:23 AM PDT by GunningForTheBuddha ("There is an 'I' in Marxist")
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To: facedodge

25 posted on 08/31/2010 11:43:46 AM PDT by Mrs. Don-o ("How do you know I'm mad?" said Alice. "You must be" said the Cat,"or you wouldn't have come here.")
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