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Wall Street Still Doesn't Love the GOP
The Wall Street Journal ^ | NOVEMBER 1, 2010 | CHARLES GASPARINO

Posted on 11/04/2010 6:37:53 AM PDT by KeyLargo

Wall Street Still Doesn't Love the GOP

Bankers understand that Dodd-Frank has written 'too big to fail' into law. So do the tea partiers.

By CHARLES GASPARINO

Wall Street's love affair with President Obama is officially over—or so we are told by much of the mainstream media. After enjoying Wall Street's praise (and donations) during the 2008 campaign, Mr. Obama has supposedly alienated the heads of the big banks to such an extent that they've spent most of their campaign cash on Republican candidates in tomorrow's midterm elections. Some are even prodding New York Mayor Michael Bloomberg to run as an independent in 2012.

But based on my reporting, including interviews with senior banking executives, Wall Street doesn't so much love the Republican Party as it is hedging its bets on divided government. And barring an independent run by Mr. Bloomberg (which even his most optimistic Wall Street supporters concede is a long shot), the big bankers are planning once again to return to Mr. Obama's side for 2012. Maybe not to the same degree as in 2008, when Goldman Sachs employees gave more donations to the Obama campaign than any other organization except the University of California. But enough to give the president a decent advantage in his bid for re-election.

The reasons to expect this about-face are partly ideological: People like Larry Fink at BlackRock, Jamie Dimon at J.P. Morgan Chase, Brian Moynihan at Bank of America, and Lloyd Blankfein and Gary Cohn at Goldman Sachs are all social liberals who largely support the president's agenda on health care, taxes and the environment. That's why they like Mr. Bloomberg so much—he's Mr. Obama without the rhetoric of class warfare.

But backing the president is also good business. ....

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: money; obama; support; wallstreet


1 posted on 11/04/2010 6:37:58 AM PDT by KeyLargo
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To: KeyLargo

No wonder Wall Street needed a bailout. If they think Michael Bloomberg should run for President. He couldn’t even carry New York City.


2 posted on 11/04/2010 6:41:23 AM PDT by scooby321
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To: scooby321

“...the big bankers are planning once again to return to Mr. Obama’s side for 2012. Maybe not to the same degree as in 2008, when Goldman Sachs employees gave more donations to the Obama campaign than any other organization except the University of California. But enough to give the president a decent advantage in his bid for re-election. “


3 posted on 11/04/2010 6:43:39 AM PDT by KeyLargo
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To: KeyLargo

I didn’t “love” my TI in basic training either, but I damn sure abided by his rules.


4 posted on 11/04/2010 6:44:27 AM PDT by FrankR (November 2nd is NOT an election - it's a RESTRAINING ORDER.....VOTE!)
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To: KeyLargo
Fascism allows the government to steal money from taxpayers and redistribute the money to rich folks in industry, provided the fat cats will play along with government policies. Obama and Wall St get along just fine.

Eisenhower is famous for warning America about the Military-Industrial Complex. Well, it seems to me that the Government-Financial Complex is a bigger problem. Goldman Sachs pretty much owns this country, and used the power of the US government as a collection agency. That's not a good thing.

5 posted on 11/04/2010 6:44:47 AM PDT by ClearCase_guy
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To: KeyLargo

Many of those people probably belong in prison.


6 posted on 11/04/2010 6:45:37 AM PDT by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: FrankR

“The occasional dressing-down notwithstanding, the president and his administration are still seen by many on Wall Street (and Main Street) as being on the side of Wall Street. Or as one senior J.P. Morgan executive told me recently under condition of anonymity: “We may be pissed at Obama, but when it comes down to it, he was pretty good for our business.”


7 posted on 11/04/2010 6:46:10 AM PDT by KeyLargo
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To: KeyLargo
are all social liberals who largely support the president's agenda on health care, taxes and the environment.

LOL, what idiots. They think they can find a candidate that wants these things without the "class warfare" rhetoric. Hey morons, health care, taxes and even the environment are all fronts to advance Socialism, which is class warfare at its core. The goal is to simply take money from people like you and give it to people without money, and to demonize people like you to build popular support. The old adage, "A capitalist will sell the rope to hang him." is true with respect to these idiots.

8 posted on 11/04/2010 6:46:47 AM PDT by Opinionated Blowhard
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To: KeyLargo

The clever boys on Wall Street think they have a better chance with crony capitalism than they do with fair competition. They know can’t compete by simply being better then the competition.


9 posted on 11/04/2010 6:47:47 AM PDT by DManA
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To: KoRn

“Wall Street leaders know that despite the public chastising and name-calling (”fat-cat bankers,” etc.), and July’s signing into law of the Dodd–Frank Wall Street Reform and Consumer Protection Act, they’ve benefited disproportionately from Mr. Obama’s policies.”


10 posted on 11/04/2010 6:47:59 AM PDT by KeyLargo
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To: KeyLargo
The reasons to expect this about-face are partly ideological: People like Larry Fink at BlackRock, Jamie Dimon at J.P. Morgan Chase, Brian Moynihan at Bank of America, and Lloyd Blankfein and Gary Cohn at Goldman Sachs are all social liberals who largely support the president's agenda on health care, taxes and the environment.

The Democrat Party is not the party of the little guy - it is the Party of Big Government. Big business donates more to the Democrat Party and socialist causes than to conservative interests. Why? The reason is not a desire to make the world better. The reason is profit. Established businesses, wherever possible, will attempt to point rulemaking, tax policy, environmental concerns or outright prohibition to their competitors to protect thier business position. Big Government solutions protect established businesses best.

examples? Look at the quote above. The all prefer statist solutions because they are "easier to trade." Predicting what a government will do is much easier than predicting what a free market will do. They invest in government through contributions to realize a bigger return on their trades.

Established businesses fear lesser government because it opens them up to very uncomfortable competition. But the more competiton there is, the the more innovation, capital formation and decreasing prices you get. Companies that invest in human capital and plant thrive in an atmosphere on innovation. Everybody benefits, except for companies that depend upon Big Government to remain comfortably ontop of the pile.

11 posted on 11/04/2010 6:50:12 AM PDT by frithguild (The Democrat Party Brand - Big Government protecting Entrenched Interests from Competition)
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To: scooby321

RATS always point to Republicans as being close to corporate fat cats. On Wall Street though, it’s the other way around. These [people make money using the LAW AND REGULATIONS. They are the MONEY GUYS and they love the RATS becasue they can manipoulate the system to guarantee profits. It’s easier to change the law than it is to compete. Goldman, Morgan and the rest of them are RATS NESTS. Who wrote the financial regulations? THE BANKS.

These guys need their asses handed to them.


12 posted on 11/04/2010 7:07:16 AM PDT by SC_Pete
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To: frithguild
In 2008 we drove along the New England coast and were surprised at all of the beautiful homes that had Obama / Biden 08 campaign signs in their yards. I later realized that these are the mansions of the elite (many in the financial business) that backed and continue to back Obama big-time.
13 posted on 11/04/2010 7:09:28 AM PDT by KeyLargo
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To: FrankR

14 posted on 11/04/2010 7:16:13 AM PDT by KeyLargo
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To: KoRn

It’s funny that not one person was put on trial for any crime during the past few years of massive mortgage fraud. I knew there was a reason Berry put a sleazy bank owned moron like Holder in charge of the DOJ. I wonder if the republicans will do what needs to be done? The corruption won’t end until the crooks are put in prison.


15 posted on 11/04/2010 7:17:32 AM PDT by peeps36 (America is being destroyed by filthy traitors in the political establishment)
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To: KeyLargo

When the next meltdown comes along 0 won’t be able to push through another TARP (even though it was Bush who was bamboozled the first time). This new congress will have none of it.

Wall Street should have been allowed to wither in late ‘08 and we would now be much further along in the debt unwinding process and gotten rid of a bunch of crooks at the same time.

Ditto for states like California who jumped from the frying pan into the fire on Tuesday and will eventually be looking for bailouts.


16 posted on 11/04/2010 7:20:13 AM PDT by bereanway (I'd rather have 40 Marco Rubios than 60 Arlen Specters)
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To: KeyLargo; sickoflibs; stephenjohnbanker; DoughtyOne; Liz; FromLori; TigerLikesRooster; dennisw; ...
From the article:

Bankers understand that Dodd-Frank has written 'too big to fail' into law. So do the tea partiers.

The bailout-addicted pseudo-capitalists are terrified that the Tea Party movement will stop Too Big to Fail.

The public (and even more so Huffington Post readers) may think that Dems are a threat to Wall Street, but Barny Frank has been one of their best buddies.

17 posted on 11/04/2010 7:22:11 AM PDT by ding_dong_daddy_from_dumas (Lt. Col. Ralph Peters: Obama is the dog who caught the fire truck!)
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To: frithguild

Both parties are bought and paid for by the corporate and financial elites, i.e., the ruling class.


18 posted on 11/04/2010 7:25:40 AM PDT by kabar
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To: All
(Excerpt) The Frank/Dodd financial reform bill makes it illegal for 99.6 percent of the population to invest in needed new and promising start-up companies while at the same time ensuring that the 33 largest banks, which control 92 percent of all bank assets, will be required to purchase more federal government debt before giving loans to businesses and individuals.

Quite simply, the government is continuing to practice financial fascism. The new health care bill will require us to buy specified health insurance, whether it is appropriate for us or not. Government-run ads encourage people to buy tickets in government-run lotteries, where the expected value can be less than one-sixth of the ticket price.

Yet the new financial reform bill will make it illegal to invest in a new venture or start-up company for anyone who does not have a liquid net worth of $2.2 million or an annual income of roughly $450,000 if single or $675,000 if married - which rules out all but fewer than 1 percent of the population. Signed into law, Congress and the president will be saying to the American people, "Ninety-nine-plus percent of you are too stupid to know how to invest your own money." (snip)

The 1,300-page financial reform bill will, in essence, make the biggest banks (those considered too big to fail) wards of the state - which is classic financial fascism. The Obama Treasury, not the semi-independent Federal Reserve, will decide what these banks are allowed to invest in, in exchange for an unlimited US government guarantee. Since September 2009, banks have been lending more to the government than to private industry. One does not have to be a rocket scientist to see where all this is headed. Read more at washingtontimes.com

==========================================

CIRCA Sept 15, 2009 A SHOCKING DISPLAY OF OBAMA'S THIRST FOR POWER FOX News' Judge Napolitano notes: if implemented, the unconstitutional proposals Obama urged in his Sept 2009 speech to Wall Street will amount to a final coup d’état by banksters, their technocrats and enforcers, at the Federal Reserve (*the privately-held bankster cartel that masquerades as a government agency).

Obama's "reforms" would install a dictatorial regulatory power controlled by international bankers oer the entire US economy — down to the local grocer and hot dog vendor on the corner. It will control our lives down to the smallest detail. It will require us to ask permission for the most mundane and routine of financial transactions. IT MUST BE BE RESISTED AT ALL COSTS.

VIDEO LINK AVAILABLE Judge Andrew Napolitano On Obama/Bankster Takeover

=====================================

Bwaney's sucking up where Chris Dodd left off---hoping to snag the big buck financial donors who no longer will contribute to the tainted Dodd. (Dodd dropped out when he could not raise the millions needed to run again.) Read on.

Cong Frank lauds Dodd's fight for US financial watchdog: Chairman of the Financial Services Committee Congressman Barney Frank (D-Mass), attended the World Economic Forum in Davos, Switzerland. Frank emerged from a two-hour banking meeting, and made it clear that governments were now calling the shots after spending billions to bail out the industry.

SEN DODD'S CAMPAIGN CONTRIBUTORS FROM FINANCE INDUSTRIES

Citigroup, $310,294;
SAC Capital Partners, $282,000;
United Technologies, $263,400;
AIG, $224,678;
Bear Stearns, $205,600;
St. Paul Travelers, $205,400;
Royal Bank of Scotland, $203,750;
Goldman Sachs, $175,600;
Morgan Stanley, $155,000;
Credit Suisse, $154,550;
Merrill Lynch, $134,950;
The Hartford, $94,350;
Bank of America, $91,300;
JPMorgan Chase, $129,150;
USB, $101,900;
Hartford Finance Services, $101,500
Lehman Brothers, $128,400;
KPMG, $113,100;
General Electric, $108,250;
Deloitte Touche, $108,000

19 posted on 11/04/2010 7:29:21 AM PDT by Liz (Nov 2 will be one more stitch in Obama's political shroud.)
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To: ding_dong_daddy_from_dumas

It is a truism: Big business loves big government.


20 posted on 11/04/2010 7:29:41 AM PDT by DManA
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To: DManA

A top reporter exposes the deep ties between the Obama administration and the big banks that are bankrupting our country.

As the recession continues, President Obama has chastised the "fat cats" who feast off government bailout money while unemployment remains high and smaller businesses struggle.

But according to Gasparino, Obama is faking his outrage, and his calls for new policies to rein in banks that are "too big to fail" are just pabulum. In reality, Obama has climbed into bed with Wall Street CEOs, giving them what they want so they will support his liberal, big-government agenda. As a result, the big banks responsible for the credit crisis get rescued, while small businesses and ordinary Americans get crushed by higher taxes and irresponsible spending.

Gasparino draws on interviews with dozens of key CEOs and political players to trace the roots of Wall Street's twisted love affair with one of the most liberal presidents in American history. He shows how, for decades, big banks and big business have colluded with big government, thereby laying the groundwork for today's shady dealings, and how the same bankers Obama now publically reprimands have supported him-not because he promises change, but because he promises business.

Written in Gasparino's characteristic smart yet no-nonsense style, this book is both an exposé and a wake-up call to all Americans to strike back against the people and policies that are ruining our country.

About the Author Charles Gasparino is an award-winning investigative reporter and bestselling author who has covered financial news for major media such as Newsweek, The Wall Street Journal, and CNBC. He is a senior correspondent for Fox Business Network and frequent contributor at Forbes, The New York Post, The Huffington Post and The Daily Beast. His previous book, The Sellout, was a New York Times bestseller. He lives in New York City.

21 posted on 11/04/2010 7:41:45 AM PDT by KeyLargo
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To: ClearCase_guy

Review The most comprehensive anecdotal account to date of the crisis.... Gasparino cuts his way through Wall Street rhetoric and in the process uncovers in considerable detail how blind profit-making ambition led to the destruction of the markets. (New York Review of Books )

“An especially aggressive reporter.” (Vanity Fair )

“Charles Gasparino sees the guts of Wall Street and the wreckage it leaves behind, day in and day out.” (San Antonio Express-News )

“Born in the Bronx to a construction worker and a housewife, Gasparino has risen from his working-class roots to become one of the most influential business reporters at work today.” (PR Week )

“Gasparino has consistently broken news on some of the biggest financial scandals of recent years, including the fall of Martha Stewart, Henry Blodget, and Jack Grubman. As anyone who reads the business pages knows, Charlie is one of the best reporters in the field.” (Mark Whitaker, former editor, Newsweek )

“A tough outsider willing to go to battle with anyone--colleague or contact-in pursuit of the story.” (Financial Times )

“Gasparino describes, in page-turning detail, a Wall Street world of ruthless financial titans.… No collection of courtroom documents will ever tell the story…as well as Mr. Gasparino does.” (Wall Street Journal, on King of the Club )

“[A] splendid account of the financial meltdown.” (Wall Street Journal )

“Gasparino is credited with breaking some of the more titillating tales of Wall Street misconduct.” (New York Post )

22 posted on 11/04/2010 7:46:26 AM PDT by KeyLargo
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To: DManA

Charles Gasparino

Charles Gasparino joined FOX Business Network (FBN) in February 2010. Gasparino provides on-air reporting ...

23 posted on 11/04/2010 7:48:46 AM PDT by KeyLargo
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To: ding_dong_daddy_from_dumas

The banker whores on Wall Street, and the “money left”(Soros, et al) may toss Obama overboard if they decide he has outlived his usefulness ;-)


24 posted on 11/04/2010 9:41:59 AM PDT by stephenjohnbanker
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To: ding_dong_daddy_from_dumas

Boy that is so true zero has them all fooled he was on the bankers payroll as a junior senator. Michelle Bachman is a tea party leader and is not happy with the feds recent actions now if some of our other representatives would join her. Funny thing a lot of people don’t seem to understand also is some of those TBTF banks also funded Acorn. They (obama/banks)are playing both sides of the liberal fence.

There is also McMorris (R-WA-5) who is now speaking out and then Glen Beck had a good clip.

Bachmann: I begged the Fed not to do it
Michele: ‘Does anyone honestly believe adding inflation would be a good thing?’

http://www.wnd.com/index.php?fa=PAGE.view&pageId=223665

Bernanke Confirms That The Key Goal Of The Fed, And QE2, Is To Boost Stock Prices

http://www.zerohedge.com/article/bernanke-confirms-key-goal-fed-and-qe2-boost-stock-prices-create-wealth-delusion

Glenn Beck Explains The Latest Iteration Of Quantitative Easing

http://www.zerohedge.com/article/glenn-beck-explains-quantiative-easing

Cathy McMorris (R-WA-5) Condemns Bernanke

http://market-ticker.org/akcs-www?post=171168

Barack’s Wall Street Problem is Now America’s

http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/

JPMorgan CEO Jamie Dimon Donates Serious Cash to Democrats

http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html

Bank of America is ACORN ‘Partner’ and Major Funder

http://nlpc.org/stories/2009/09/21/bank-america-acorn-%E2%80%98partner%E2%80%99-and-major-funder

NLPC calls on JP Morgan Chase to drop ACORN |

http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/NLPC-calls-on-JP-Morgan-Chase-to-drop-ACORN-59868422.html

Bailed Out Citigroup Won’t Rule Out Giving More Money to ACORN

http://www.cnsnews.com/news/article/59443


25 posted on 11/04/2010 1:30:35 PM PDT by FromLori (FromLori)
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