by Strawberry Daiquiri at 10:16 pm on February 10, 2010

Questioning the bonuses and threatening to ban prop trading are not only annoying Wall Street but in return, hurting the Democratic Party. Before, the players on Wall Street were always donating to politicians; Jamie Dimon, CEO of JPMorgan Chase, was a friend of President Obama, making JPMorgan a huge donor to the Democratic Party. Executives at Goldman Sachs, Morgan Stanley, and other major firms have also found themselves in similar situations. However, after constant attack on the ‘Wall Street Fat Cats,’ JPMorgan Chase decided to skip out on solicitations from the Democratic and Senate campaign committees, giving $30,000 to the Republican Party instead. Many of the financial regulations are not only not helping the economy, they are beginning to piss off a lot of big Wall Street firms, who are some of the Democratic Party’s biggest financial supporters. Who are these financial reforms helping? Wall Street is getting ticked off, the Democratic Party is losing money, and it seems as if Main Street is still suffering with a 17 percent real employment rate (adding on discouraged workers). Perhaps the best quote that sums up how the players are feeling comes from Thomas R. Nides, a Morgan Stanley executive as well as chairman of a major Wall Street trade group, “I am a big fan of the president. But even if you are a big fan, when you are the piñata at the part, it doesn’t feel good.


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Comments

Wow

It doesn't strike you as problematic that your solution to corporate marriage between corporations and Republicans is marriage between corporations and Democrats? You seem pretty willing to burn this village in order to save it.

You're really implying that corporations are being bullied in this country? Those poor victimized corporations, who received bailouts and are grossly overrepresented in Obama's cabinet? You're asking how financial regulations are helping working people, ignoring the fact that a consumer protection agency is directly designed to do just that? Instead you're siding with financial organizations responsible for that very real unemployment rate, assuming supporting them will indirectly help consumers (which it won't)? Are you serious?

What evidence do you have that deregulation would hurt working people? You're already ignoring history, including the repeal of Glass-Steagall. You really don't think there shouldn't be a distinction between commercial banks (which are FDIC insured) and investment banks (which aren't)? Who's side are you on, anyway?

-Black Russian

and by deregulation I

and by deregulation I actually meant the opposite, financial regulation. my bad

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