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Ear to the Ground

Wall Street Fat Cats Revolt, Send Money to GOP

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Posted on Feb 8, 2010
Wall Street
Wikimedia Commons / Martin St.-Amant

This dizzying image is of Wall Street, shot through a fisheye lens.

In case it wasn’t made perfectly clear in recent months how the American political system actually operates on its uppermost levels, here we have an object lesson to consider: Upset by the notion that the Obama administration might be working on regulating the financial industry next, some of Wall Street’s bigwigs are now focusing their funding efforts on the GOP.  —KA

The New York Times:

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.

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By beeline, September 29, 2010 at 6:39 am Link to this comment

The Fat Cats will do whatever it takes to preserve their way of life.

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By calltoaccount, February 9, 2010 at 4:50 pm Link to this comment

Our problem is that… those empowered to make and enforce our laws— sworn to
be good stewards of the public interest— allowed themselves to be seduced and
inducted to serve private interests, not the least of which their own, courtesy of
campaign contributions, lobbyist largess, lucrative job prospects, and other co-
optive emoluments known anywhere else in the world as bribes. When will we
learn that it’s not about politics, ideology or principle?  It’s about the money!  But
drop me a line the next time you hear any corporate or mainstream media pro
daring to talk or write about it in those terms.  Somehow, as obvious and
pernicious a role as it plays in our political process, discussing venal motive is off
limits, part of the pretense that our elected officials actually represent the best
interests of the people who voted for them (as distinguished from those who
bankroll them).  http://calltoaccount.wordpress.com/

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By Joe G, February 8, 2010 at 2:36 pm Link to this comment
(Unregistered commenter)

I wish that these robots from Wall street would get on one side of the political
debate and stay there. Fine with me. Maybe this way they can finally be properly
dealt with. They already have been playing dangerous games for ages now.
Maybe they should just dig deeper like they always do. I can’t help but wonder if they are just trying to scare us now with Republicans to get their way. I will not be intimidated by a bunch of wealth obsessed morons.

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By antispin, February 8, 2010 at 1:02 pm Link to this comment

Clarence,

I quite agree with sentiment, but it occurs to me the way the WaSters see this is that Obama is in breech of contract since, as they see it, he agreed to do whatever they want.

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By clarence swinney, February 8, 2010 at 10:41 am Link to this comment

Crimes not prosecuted. Exactly.

Fraud is Fraud.

When a buyer is deceived by issuer of a Mortgage it is Fraud.

When th emortgage contract lists in large numbers the “teaser” Rate and future large rate in smaller letters that is Fraud.

FRAUD is INTENT.
A LIE is INTENT

We need Justice.

Ten Blow Jobs A major Crime yet ten billlion stolen is no big deal!! Justice? Ha!

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By clarence swinney, February 8, 2010 at 10:32 am Link to this comment

$14,000B Surplus
Wow! What a different attitude today in America

14,000 Billion Surplus missed

NOTE—Numbers are rounded and are not exact. Simplistic. Purpose here is for an Overview.
Will be exact in my forthcoming book.

No Reagan or Bush Tax Cuts for the very Rich. 
Today we would have a $14,000B SURPLUS

NO DEBT. 

$14,000 Billion SURPLUS

24 X $750B=$18,000B Revenue missed (1985-2009)
5 X $1700B=$8,500B Revenue missed (2004-2009)
Total $26,500 Billion of Revenue missed

Debt is close to $12,000B
$26,500B of Revenue and we would have no Debt but a $14,000B Surplus

Now you know what occurred? 

HERE IS THE BEEF

In 1980 the top 1% owned 20% of Total Financial Wealth
In 1989 it was 36%.
An 80% Increase via good old Ronnie enrich the rich policies and shaft middle class.
Even his David Stockman said his Tax Cut was Trojan Horse to enrich the rich.

Bush took over and now 20% own 93% of Total Financial non-home Wealth.
Top 2.7% got four times as much of Bush Tax Cuts as bottom 80%.

Those are, primarily, Wall Streeter who own our major corporations.
During Bush 8 sent 2,300,000 jobs to CHINA.
While getting huge bonuses on profits from Gambling..
While closing hundreds of plants in America.
While eliminating millions of jobs.
While buying our government.

The new—Wall Street of America—formerly USA

All Aboard! Next Boat to China in 2010 carries all jobs from Hanesbrands
Winston-Salem NC jobless thank you Wall Street.

p.s. Actually the Surplus would be much more.
The ultra rich got most of Income Increase since 1980.
A Tax Increase would have gotten us more of it

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By Jim Yell, February 8, 2010 at 9:17 am Link to this comment
(Unregistered commenter)

Our problem is we pretend that no crime is committed if someone is rich enough to pay to have an activity dropped from the legal code as a crime. Then we find that when society starts to collapse there is no one responsible for the crime, which some activities are crimes even if the law dosen’t recognize it as such.

Treason is a crime and deliberatly causing harm to the country is treason. These investment people have deliberately high jacked our government and changed our laws. In fact they are all responsible for a crime. The fact that they used undo influence to keep it from being recognized as a crime should not protect them from their treason.

I think it is time to start investigating and hauling them into court, get convictions and real punishement, otherwise this mess will never be resolved. They are the enemies of mankind and civil society. Usuary is a crime and should be recognized as such again.

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ThomasG's avatar

By ThomasG, February 8, 2010 at 8:14 am Link to this comment

Wall Street Fat Cats revolt and turn to the GOP is only fodder for fools.

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