-Jane Hayashi-
On The Road – arrieve – Saudi Arabia, part 2
2 hours ago
Sunday, February 7, 2010
Wall Street Strikes Back
JPMorganChase has always been a strong supporter of the Democratic Party, and its chief executive Jamie Dimon is a good friend of President Obama's. Jamie Dimon is a frequent White House Guest, and a large donor to the Democratic Party. So it was somewhat expected that this trend would continue. It kind of did, Chase still contributed to some individual Democrats and state organizations. "But it has rebuffed solicitations from the National Democratic House and Senate campaign committees. Instead, it gave $30,000 to their Republican Counterparts." This change reflects the anger of Chase, and its attempt to challenge President Obama's tighter financial regulations proposals. The Republican party is rushing to capitalize on this current dissent from Wall Street. Even though some of the big shots in Wall Street may be Obama fans, they say that they are not going to stand for being bossed around. They will begin to withhold their money. It has become expected that they will donate, even if they are bossed around. But now these Wall Streeters are not going to play that game anymore. These people on wall street are saying that if Obama keeps taking stabs to punish or hurt them, they may have to rethink where their political allegiances lie.
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2 comments:
I don't know why Chase has a relationship with the Democrats, or Obama for that matter, at all. That's just not in big business nature, so I guess this was expected? Maybe it should have been expected ...
it is interesting to see this happening and I do wonder what effects this changing of allegiance and re-distributing of money will have on the democratic party. since the wealthy people of wall street make up only a small percentage of the electorate (everyone technically only gets one actual vote, despite the amount of money they donate), i don't think that this will have a huge effect on the democratic party. but saying it wont have a huge effect is not also saying it wont have any effect at all...so, i guess we'll see.
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