Bankers, Bailout, Obama
First, let’s take a moment to congratulate The New Orleans Saints and the city of New Orleans. That was thrilling to watch.
Ok, on to the perplexing state of our nation. Did you know that the chief executive of JP Morgan Chase is a good buddy of Barack Obama? Isn’t that fascinating?
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.
I am flabbergasted. I thought he didn’t like bankers?
No wait!
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.
Let me assure the bankers and the democrats that Mr. Obama will stop attacking Wall Street “fat cats”. They need the money. It will stop. Take a chill.
But this article in the NY Times today is the intellectual equivalent of finding out that John Edwards had a love child. Instead of the sex tapes with the mistress, we get hanky-panky with the bankers. Sure, I imagine this was all part of the public record, but how odd that a President who has spent considerable energy bashing business leaders and bankers, hangs out with them in his free time.
Wall Street fund-raisers for the Democrats say they are feeling under attack from all sides. The president is lashing out at their “arrogance and greed.” Republican friends are saying “I told you so.” And contributors are wishing they had their money back.
Huh. To tell you the truth, I’m not opinionated about this mess. I don’t understand finance at all and know what I don’t know. But, to a casual observers of the Obama campaign and first year in office, it is astonishing to me that the financial people didn’t perceive his hostility. It wasn’t a secret. I wonder what they were thinking?
- Aggie

