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Tue Feb 14, 2012, 06:34 PM

Wall Street ‘Likely To Set Records’ For Political Spending Aimed At Defeating Obama In 2012


With Wall Street profits and bonuses falling and big banks cutting jobs right and left, it seems that the financial services sector would be scaling back its free-spending ways.

But, according to a Center for Responsive Politics analysis, they likely to set records in 2012 on political spending — the bulk of which is aimed at defeating President Barack Obama and electing Republicans opposed to the Dodd-Frank financial regulations enacted to address the sector’s 2008 meltdown.

It seems Wall Street has had its feelings hurt by the Obama administration’s increasingly vocal support for policies that benefit the other 99 percent, and as a result, the financial industry is giving heavily to Republicans and, in particular, former Massachusetts Gov. Mitt Romney (R).

...

Wall Street has made no secret of its desire for Republican candidate who will return to the unregulated anything-goes policies of the Bush years. The banks spent millions lobbying against passage and implementation of Dodd-Frank and helped Republicans oppose the nomination of a director of the Consumer Financial Protection Bureau. It’s comes as little surprise then that Romney, who announced his opposition to Dodd-Frank early in his campaign, has emerged as Wall Street’s favorite candidate.


http://thinkprogress.org/economy/2012/02/13/423801/wall-street-records-donations/

Obama takes tough tone with Wall Street as he seeks regulator boost
President Obama geared up for another battle with Republicans over financial reform as he offered tough critiques of Wall Street in his fiscal 2013 proposal while demanding robust budgets for watchdog agencies.

The president showed no signs of backing down in the face of 18 months of GOP and business community criticism of the Dodd-Frank financial reform law. Rather, there are indications he is doubling down, even as the price tag of the government's massive bailout of that sector grew.

The president opened Monday's budget request with a harsh broadside of the bad actions that led the United States into a steep financial crisis. Calling it an "abdication of responsibility" by the nation's financial sector, Obama painted the actions of Wall Street before the financial crisis as capitalism gone wrong.

...

"I will not go back to the days when Wall Street was allowed to play by its own set of rules," he said, running down major provisions of Dodd-Frank. "The rest of us aren't bailing you out ever again."


http://thehill.com/blogs/on-the-money/banking-financial-institutions/210285-obama-takes-tough-tone-with-wall-street-as-he-seeks-regulator-boost

BRIEF SUMMARY OF THE DODD-FRANK WALL STREET
REFORM AND CONSUMER PROTECTION ACT

Consumer Protections with Authority and Independence: Creates a new
independent watchdog, housed at the Federal Reserve, with the authority to
ensure American consumers get the clear, accurate information they need to
shop for mortgages, credit cards, and other financial products, and protect
them from hidden fees, abusive terms, and deceptive practices.

Ends Too Big to Fail Bailouts: Ends the possibility that taxpayers will be
asked to write a check to bail out financial firms that threaten the economy
by: creating a safe way to liquidate failed financial firms; imposing tough
new capital and leverage requirements that make it undesirable to get too
big; updating the Fed’s authority to allow system-wide support but no longer
prop up individual firms; and establishing rigorous standards and
supervision to protect the economy and American consumers, investors and
businesses.

...

Enforces Regulations on the Books: Strengthens oversight and empowers
regulators to aggressively pursue financial fraud, conflicts of interest and
manipulation of the system that benefits special interests at the expense of
American families and businesses.

(Created) Consumer Financial Protection Bureau


http://banking.senate.gov/public/_files/070110_Dodd_Frank_Wall_Street_Reform_comprehensive_summary_Final.pdf

Who is the new Director of Consumer Financial Protection Bureau?
Richard Cordray Nomination: Obama Using Recess Appointment Amid GOP Opposition

Oh my...no wonder Wall Street doesn't like him. Too bad poor little 1%, doesn't like regulation.

Obama/Biden 2012

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Reply Wall Street ‘Likely To Set Records’ For Political Spending Aimed At Defeating Obama In 2012 (Original post)
SunsetDreams Feb 2012 OP
DJ13 Feb 2012 #1
great white snark Feb 2012 #2
banned from Kos Feb 2012 #12
jody Feb 2012 #3
RBInMaine Feb 2012 #4
SidDithers Feb 2012 #5
SunsetDreams Feb 2012 #14
BeyondGeography Feb 2012 #6
Bad_Ronald Feb 2012 #7
Tarheel_Dem Feb 2012 #8
Bad_Ronald Feb 2012 #9
CatholicEdHead Feb 2012 #10
banned from Kos Feb 2012 #11
SunsetDreams Feb 2012 #13
LineNew Reply .
SunsetDreams Feb 2012 #15

Response to SunsetDreams (Original post)

Tue Feb 14, 2012, 06:48 PM

1. As weak as the GOP field is that shows they arent above wasting money

.... except when employees want a raise.

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Response to SunsetDreams (Original post)

Tue Feb 14, 2012, 06:48 PM

2. Must be tough love.

Isn't Obama supposed to be loved by and enslaved to these same folks who don't want him re-elected?

Could that loud (albeit small) group of naysayers be wrong?

What to believe?

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Response to great white snark (Reply #2)

Tue Feb 14, 2012, 08:00 PM

12. I detect illness in the "Obama is beholden to Wall St" trope

 

May it fully die before the campaign heats up.

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Response to SunsetDreams (Original post)

Tue Feb 14, 2012, 06:53 PM

3. Could it be GOP PACs want to add a Senator or two, increase control of the House, & position Jeb

 

Bush for a landslide in 2016 and gain control of both houses?

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Response to jody (Reply #3)

Tue Feb 14, 2012, 06:55 PM

4. Jeb Bush "landslide"? Not in a million freaking years. Won't happen.

 

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Response to SunsetDreams (Original post)

Tue Feb 14, 2012, 06:55 PM

5. And some folks want Obama to not use SuperPac money to fight this...



Sid

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Response to SidDithers (Reply #5)

Fri Feb 17, 2012, 03:44 PM

14. no kidding

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Response to SunsetDreams (Original post)

Tue Feb 14, 2012, 07:01 PM

6. I forget, is the stock market cratering?

A comeback was bound to happen and the Dow is well off its prior high, but maybe, just maybe, part of the rebound can be explained by the notion that investors finally have some confidence again that the worst won't happen because of stricter regulation and Obama is good for that part of their business that is still viable.

Yes, he'd like to raise some taxes on the wealthiest, but this is about bruised feelings more than anything. Their monstrous egos can't stomach being publicly spanked by Obama for the most egregious offenses. They'd rather see the world end before Obama got re-elected. A more self-destructive group of people you will not find.

And, fyi Wall St., throwing 1% money haymakers and thinking it won't be used effectively against you in November is pretty fucking dumb.

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Response to SunsetDreams (Original post)

Tue Feb 14, 2012, 07:05 PM

7. But why??

 

What exactly has Obama done to impede these avaricious scumballs from making record profits? If he was half the socialist these swine think he is, they'd all be sucking Dickensian gruel in some prison camp somewhere.

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Response to Bad_Ronald (Reply #7)

Tue Feb 14, 2012, 07:08 PM

8. Welcome to DU! Enjoy your stay?

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Response to Tarheel_Dem (Reply #8)

Tue Feb 14, 2012, 07:12 PM

9. Yes, so far, so good.

 

Although, there are a lot of strange people that seem to post here. I think I just might fit in.

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Response to Bad_Ronald (Reply #7)

Tue Feb 14, 2012, 07:15 PM

10. Watch 'Trading Places'

I would expect there is a unspoken racial component with this. Even though Obama has been Wall Street friendly, he has not been friendly enough.

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Response to SunsetDreams (Original post)

Tue Feb 14, 2012, 07:34 PM

11. Ends Too Big to Fail bailouts --- worth repeating 1000 times.

 

Ends Too Big to Fail bailouts.

Ends Too Big to Fail bailouts.

aka - the Death Panel for big banks.

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Response to banned from Kos (Reply #11)

Tue Feb 14, 2012, 09:03 PM

13. "Death Panel for big banks"

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Response to SunsetDreams (Original post)

Fri Feb 17, 2012, 04:56 PM

15. .

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