With reform bill looming, Wall Street plans political payback
No group of the working public has been raked through the coals lately as much as those in the financial trade, specifically: Wall Street traders.
And, to be fair, this reputation is not totally undeserved. Don’t believe me? Well, how about last April when leaked internal emails revealed Goldman Sachs staffers were knowingly forcing “sh*tty” deals – in their words – onto their clients?
But I’m sure there’s a saying out there with the moral of, “don’t trifle with powerful men.” And Wall Street, regrettably, is quite a dominant force.
Speculation broke today that Wall Street is looking to fight back against its bum rap of late, in particular sticking it to many of the Democrat politicians who’ve made headlines blasting greedy traders over the last 18 months.
With the U.S. financial reform bill arriving on President Obama’s desk in the coming weeks, Politico reports that Wall Street’s top players are “warning Democrats to brace themselves” for the next chapter in the government’s fight to stunt the white-collar biz.
The reform bill, which aims to limit banks’ ability to earn money trading with their own capital, could prompt Wall Street to renege on several big money political contributions and backings.
In essence, any Democrats who support the bill may not find an open hand from banks when it comes to providing campaign cash and hosting fundraisers.
“I think at least in the short term there is going to be a great deal of frustration with people who were beating the hell out of us – then turning around and asking for money,” a senior Wall Street exec told Politico.
Of course, this kind of cash hostage game shouldn’t entirely surprise Democrats who slammed Wall Street for years. You can’t exactly whip someone in public and expect a hefty wire transfer in private.
That said, though, you have to at least hand it to Wall Street. They’ve been – again, perhaps deservedly so – painted as Public Enemies No. 1, so at least they’ve embraced that role and decided to play bad guy.
There is no more curtain to Wall Street. We know who they are. We know what they value. And we know what they’re capable of.
By Jason Buckland, MSN Money
Posted by: Bryan | Jul 9, 2021 9:41:49 AM
You wanna know anything about wall street watch this documentary. It's called The Money Masters.
http://video.google.com/videoplay?docid=-515319560256183936#
Posted by: CDNJoe2 | Jul 11, 2021 10:33:28 PM
After putting the global economy into recession, Wall Street executives paid themslves $20 Billion in 2009. That's the equivalent of 500,000 full time jobs paying $40,000. a year!!! What will save the economy and democracy? A handful of greedy moneymen, or the majority? Any politician that stands up to these blackmailers would get my vote!!!
Posted by: alex | Jul 14, 2021 12:29:36 AM
come on.
we just did them a real solid.
they got our backs.
Posted by: Magentis | Jul 21, 2021 10:44:03 AM
Wall Street will continue to consolidate wealth into the hands of the few, to create a two class society, the ultra-rich and the poor. There will be no middle class. After that, they can then prepare for the next revolution which will sweep them out of Wall Street and into political prisons where they belong.