The Patriot Post Wall Street Rethinks Democrat Support Previously a sure source of campaign cash for Democrats, Wall Street political dollars are making a U-turn. According to the Center for Responsive Politics, 2008 saw the record-breaking sum of $89 million flow from the securities and investment industry to Democrats. Now, the New York Times reports one-time Democrat supporters are writing checks to the other side in protest of the president's regulatory rampage.
"The expectation in Washington is that 'We can kick you around, and you are still going to give us money,'" noted one Wall Street leader. "We are not going to play that game anymore." Democrat Thomas R. Nides -- an executive at Morgan Stanley, chairman of the Securities and Financial Markets Association and self-proclaimed Obama fan -- was more blunt: "[E]ven if you are a big fan, when you are the piÃ±ata at the party, it doesn't really feel good."
Indeed, since taking office, Obama has put a bull's-eye on Wall Street banks, calling for salary caps, proposing "proprietary trading" limits, and recommending a "financial crisis responsibility fee" (a.k.a. tax) on the largest banks. Graciously, though, the president said recently that he doesn't "begrudge" multi-million dollar bonuses for Wall Street Execs Jamie Dimon or Lloyd Blankfein, both of whom are big Democrat donors.
Despite private loyalties and past contributions, when it comes to drawing dough from Wall Street executives, Democrats are beginning to find roadblocks where once the path was clear.