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 ...
Looking at his track record, it's a long shot. Both Obama and the drive by media have no credibility beyond the true believers of the left, IMHO.
The dirty little secret that is rarely reported is that corporations give 49.4% of their political contributions to rats, the other 50.6 % goes to pubs, leaving a difference between the two parties of giant, whopping 1.2%. Conversely, unions give 92% to rats and 8% to pubs.
Corporations contribute half again as much as unions.
I’ll do the math for you. A union contributes $1. $.92 goes to rats; the remaining $.08 to pubs. A corporation contributes $1.50. $.74 goes to rats (49.4% x $1.50); the remaining $.76 goes to pubs. Total to rats is $.92 + $.74 = $1.66. Total to pubs is $.08 + $.76 = $.84. Rats will likely receive almost twice as much under the SCOTUS ruling if the proportionate trends continue. The rat fear probably arises from the fact that now that they’ve shown what they’re really about - shown their hand, so to speak - corporate contributions will likely sway away from rats. The tax cat is out out of the bag.
They are basically atheists.
Now they are starting to realize that their worldly wealth is threatened when people are put in power who don't think absolutes like truth and the sanctity of private proper exists.
Sarah in 2012
Constitutional amendments are tough to do. Dodd is just flapping his lips. Besides, his US Senate life will be ending soon.
Thanks for that analysis.....I’ve looked at Open Secrets and seen much of that...do you know of a place where those stats are cited about Biz giving to parties?
That's mighty unconstitutional of you, not to mention communist and un-American. Perhaps you were just being sarcastic?
I don’t remember where I read it. Sorry. I just remember the numbers because I was surprised.
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