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Wall Street Throwing More Money at Republicans

02082010fatcat.jpg

Fed up with name-calling and increased restrictions from the Obama administration, bankers are shifting financial support to Democratic opponents in the Republican party. Bank officials say Wall Street is sending a message: “The expectation in Washington is that ‘We can kick you around, and you are still going to give us money,’ ” one top official at a major Wall Street firm tells the Times. “We are not going to play that game anymore.”

Just two years ago Obama got a record $89 million in contributions from Wall Street, but as financial regulations for the bankers tighten and Dems continue to decry the financial sector as greedy and arrogant (the term "fat-cat" has definitely been bandied about), banks are pulling their funds. “If the president doesn’t become a little more balanced and centrist in his approach, then he will likely lose that support,” says Kelly S. King, the chairman and chief executive of BB&T.

Meanwhile, Republicans are farming the "buyer's remorse" on Wall Street. JPMorgan Chase's chief executive and vice chairman are both Chicago pals of Obama, but the bank recently donated $30,000 to the Republican House and Senate campaign committees. Another Republican senator visits New York twice monthly to cash in on anti-Democratic sentiment. “I just don’t know how long you can expect people to contribute money to a political party whose main plank of their platform is to punish you,” observed Sen, John Cornyn of Texas.

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Comments [rss]

  • duckumu
  • NannyState

    Typical bankers: 19 STDs and they keep going back to the same whore.

  • JacqueMehoff

    How's them bootstraps workin' out for ya?

    Love the new Fat Cat!

  • NYCDownHill

    People on this site are priceless. Associating the GOP with Wall Street is like associating teachers with great students, some it's true other not so much. Wall Street plays the game almost as good as the lawyers, but are exponentially underfire more because people have no idea what they are talking about. Wall Street has been being taxed more than any other corporation for decades and when they want some assistance like the low class, they get brought to the town center and hung. If that happens to someone that supports only thereselves or a small family, they get government assistance. When it happens to a company that employs 10s of thousands of employees, people are angry. Who ever says that Obama is for the Middle Class is drinking the Purple soda, because I'm just below the middle class level and get banged out every paycheck while supporting Poverty Level activities, better known as "for vote sponsored events". NYC is in the hole, and democrat type minds placed and holds it there.

  • Politburo

    LOL.. yeah, Wall Street is just a poor joe trying to make a living.

  • Thinky Think

    Obamas campaign message was clear: I'm here to help the middle class, so if wall street gave money too bad because we all know we can't help the middle class and wallstreet some one has to take a minor loss. Republicans have blocked any policy that would help the middle class because they INC bitch

  • Think2wice

    At long last these bankers will stop voting and contributing like their immigrant grandparents and middle-class parents did and instead vote with their conscious...or lack thereof.



    Let's just see how the teabaggers handle—or spin—this.

  • mzungu

    I love the Wall St Fat Cat. almost as much as the Fat Rat

  • i2hellfire

    i like how wall street execs are guided by petulant 5th grade thinking.

  • Politburo

    What is the source of the $89 million figure? I can't seem to find that number repeated anywhere. Putting aside the accuracy question, presenting the number with no context (i.e. no figure for the GOP) is incorrect.



    According to opensecrets.org, 2008 contributions from the financial sector were 51/49, Dem/GOP.



    It appears the "$89 million" might be the opensecrets.org records for "Securities & Investment" sector, for all Dems (not just Obama). The corresponding GOP number is $68 million.

  • Politburo

    I see the $89 million comes from NYT. They did note that it was total party contributions, but the language was muddled (likely on purpose). They also gave no GOP number.

  • longacre

    In his last year in the Senate, Obama and Dodd were the top recipients of Fannie and Freddie money. Similar numbers from other financial interests.

  • JenChungsBaby

    That cat's wearing chinchilla.

  • Kelles

    Awww..what happened to the 'rolling-in-dough' fat cat? Did he not make the shoot?

  • Gothampc

    Wall Street was not expecting to get a bufu from Obama. I guess Corzine couldn't convince his rich buddies that Democrat was the way to go.

  • elpollodiablo

    I support Gothamist becoming primarily a financial news site if it means more pictures of portly cats.

  • WesleySnipesAlot

    Seconded.

  • SP

    HAHA!!! AS IF they ever gave their money to anyone else. Republicans represent the rich, and only the rich. Any middle class and working class people who identify with the GOP are just suckers who have fallen for their demagoguery. The GOP does need lots of cannon fodder after all.

  • longacre

    Bankers know better than pollsters at knowing which way the political winds are blowing. They give their money to whoever they think is going to win. The Dems have cashed in for the past few years, but they got fat and complacent to the point that they're going to get their asses kicked in the next few important elections.

  • jles

    PWNED!!!!!

  • ra cha

    I'm guessing you missed the part where Barack Obama got $89 million in contributions from Wall Street.



    I'm no fan of the GOP, but chill with the uninformed rhetoric.

  • Amanda Harletsch

    yeah, and that's why THE FACT that the corrupt are shifting directions and focusing action towards REPUBLICANS means little!? Right!?



    Because CURRENT FACTS mean NOTHING to teabaggers.



    Just ignore the facts, it is very easy for Obama opponents.

  • ra cha

    I'm not indisagreement with you, Amanda. I was simply in disagreement with the statement that Wall Street only gives to Republicans. The numbers don't lie, they did give money to Barack Obama. Sure, it kinda baffles me since he never made any indication that he would further de-regulate the finance industry (which would have been a mistake), so I don't know what they were expecting to get from an Obama presidency.



    I'm not ignoring the facts. I realize that Wall Street has shifted and given money to the GOP and I know the reason. So go ahead and complain about it, but to behave like the Democrats have never taken money from the finance industry is absurd.



    By the way, I'm a Democrat, not a 'teabagger.' It's easier to make your point when you don't assume that anyone who makes the slightest criticism of President Obama or the Democrats is a teabagger...

  • Amanda Harletsch

    Bankers can put the money in ANYTHING they can BET on.

    That doe not assure a "profit" politically or moneterarly, does it?

    I guess the shithole bankers created proofs that.

    Speculations are not quite the same thing than actual facts, and facts say: Bankers are not finding what they need in the admon.

  • ra cha

    When did I say they are getting what they wanted from an Obama administration? I explicitly said that they DIDN'T get what they wanted from it.



    Again, I never said that an Obama administration is friendly to the finance industry. In fact, I said that President Obama was 100% right in legislating the way he sees fit, instead of how the industry would have liked him to. I'm on his side here.



    I only contested the statement that Wall Street only gives money to the GOP.

  • Amanda Harletsch

    great for ya!

  • SP

    It's called hedging their bets. They wouldn't want to be caught with their pants down if their guy didn't win. Yes, they gave SOME to Obama and the Dems, but they give much more to the GOP. And now that the Supreme Court has allowed corporations to spend money on political campaigns, you can bet that the GOP will be raking it in.

  • ra cha

    Absolutely, SP. That was going to be my next point. It makes a certain amount of sense for these people to hedge their bets. That was all I was getting at, was that Obama benefitted from their money as well, not as much as McCain and the Republicans usually do, but still. I gained even more respect for him for NOT legislating the way the finance industry would have liked, even after getting donations from them.



    That Supreme Court decision is absolutely insane, and it bothers me to no end that they could feel there are no negative implications to a decision like that. Probably one of the most irresponsible SC decisions of my lifetime.

  • SP

    and sorry for calling you a dipshit.

  • SP

    If we don't want to become a corporate run neo-fascist country, we need to pass a constitutional amendment banning this, ASAP.

  • Amanda Harletsch

    Let's say that bankers gave money to the Obama campaign expecting some obedience - YET THAT OUTCOME DID NOT HAPPEN!



    Then, does that mean that OCCURRING punishment by the government is not ongoing, happening, a fact?



    Then WHY are bankers so upset and shifting contribution direction...?





    Logic, so rare with Obama opponents.

  • SP
  • ra cha

    I'm guessing you also skipped over this part of the article you referenced?



    "Obama's list gives the appearance that he has not leaned so heavily on bundlers working on Wall Street, although since his campaign has ignored repeated requests from the Center for Responsive Politics and other watchdog groups to disclose his bundlers' employers and occupations, these figures are probably undercounts. The securities and investment industry is Obama's second-largest source of bundlers, after lawyers, and at least 56 individuals have raised at least $8.9 million for his campaign. Bundlers in the larger finance, insurance and real estate sector have collected at least $13.4 million for Obama, making it his most generous sector."

  • ra cha

    I never said they didn't give money to McCain or the GOP. But YOU said this:



    "AS IF they ever gave their money to anyone else."



    The fact that they gave millions of dollars to Barack Obama in addition to John McCain means that they did give their money to someone else. So go fuck yourself.

  • SP

    They gave more to McCain, dipshit.

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