Posted on 02/07/2010 7:24:33 PM PST by Free ThinkerNY
WASHINGTON — If the Democratic Party has a stronghold on Wall Street, it is JPMorgan Chase.
Its chief executive, Jamie Dimon, is a friend of President Obama’s from Chicago, a frequent White House guest and a big Democratic donor. Its vice chairman, William M. Daley, a former Clinton administration cabinet official and Obama transition adviser, comes from Chicago’s Democratic dynasty.
But 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.
Just two years after Mr. Obama helped his party pull in record Wall Street contributions — $89 million from the securities and investment business, according to the nonpartisan Center for Responsive Politics — some of his biggest supporters, like Mr. Dimon, have become the industry’s chief lobbyists against his regulatory agenda.
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.
“If the president doesn’t become a little more balanced and centrist in his approach, then he will likely lose that support,” said Kelly S. King, the chairman and chief executive of BB&T. Mr. King is a board member of the Financial Services Roundtable, which lobbies for the biggest banks, and last month he helped represent the industry at a private dinner at the Treasury Department.
(Excerpt) Read more at nytimes.com ...
Its chief executive, Jamie Dimon, is a friend of President Obama’s from Chicago,
Okay, so is he a crook, a commie or both?
If the GOP were smart, they’d return the money.
ping
Other than the oil market, I’ve found very few places where 1000:1 leverage can be used to advantage. Imagine bankers influencing the 0bama regime for $30K. Feh, what are we talking about, 1,000,000:1 leverage?
Paging Michael Steele: "The GOP is not for sale."
LOL!
Just another limousine commie pr-ck who cares not a whit about the Republic.
That’s why obama is so POed at the SCOTUS.
Also everyone on FR needs to remember that Obam is pissed at SCOTUS overturning the unConstitutional law.
Who’s name is on that law? Juan McCain.
McCain helped elected a Dem Congress in 2006 and Obama is 2008 w/McCain-Feingold. Sarah “ain’t” too bright if she cannot figure that out.
And the dems major constituent, Joe Six-Pack, is blindly led to believe that the Republican Party is the party of big bidness. What happens when the average IQ is about 80.
That’s a great line!
I’ve seen that Chris Dodd is sponsoring legislation to repeal the SCOTUS ruling....an Amendment I think....I’ve seen it on some libs facebook page.....they don’t think corporations (made up of people) should have the same rights as Unions....made up of people.....
If thew GOP were smart when we take over we nationalize the banks and then privatize them by selling stock only to small individual investors with voting power.
Chris Dodd won’t last that long...I hope.
I like that idea: Republicans SHOULD SEND THE MONEY BACK!
You a$$hole$ on Wall St wanted Obama, now bend over and take it.
yeah but many conservatives wanted Fred Thompson, who was also part of that bill.
2008 was a really bad year...
“If the president wanted to turn every Democrat on Wall Street into a Republican,” one industry lobbyist said, “he is doing everything right.”
maybe that’s his plan? Use their money to get into the WH, turn them into republicans and then say the GOP is the party of Wall Street.
Ignore this artilce...it’s from the New York Slimes.
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