- Posted August 7, 2013 by
Watertown, New York
This iReport is part of an assignment:
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- Obamacare, U.S. Foreign Policy, Immigration and Our Economy- Journalism’s First Responsibility Is To Tell UsThe Truth
- Labor's "Surrender Monkeys"-23,000 People Have Applied For 600 Low-Wage Positions
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- Democrats Hold Our Leadership Accountable, Republicans Don't
Once Democrat, Senator Chuck Schumer Courting Wall Street Money
Can D.I.N.O. Senator Chuck Schumer win back Wall St. for Democrats.
"One of New York’s top hedge fund managers got an unusual request from Sen. Chuck Schumer recently: Could he organize a private dinner so the senator could meet Wall Street executives from across the political spectrum?
“It was very candid,” Bill Ackman, the head of the multibillion-dollar hedge fund, Pershing Square Capital Management, said of the dinner.
Schumer in recent months has been on a fence-mending campaign with senior Wall Street executives, many of whom have grown furious with the Democratic Party. It’s a fence with a lot of holes: Leading Democrats have been bashing big banks for the better part of four years, and some magnates scoff at the idea of making up.
So the senator who wants to be seen as a friend to Wall Street has been engaged in an intense effort to rebuild trust with the industry that financed the 2006 and 2008 Democratic Senate campaigns. Schumer has been holding private dinners, organizing high-end fundraisers for Democratic candidates and quietly pressing for super PAC donations.
Some Wall Street executives say flatly they’ll never give campaign cash to Schumer again because of lingering resentment over the 2010 Dodd-Frank financial overhaul law. But others are coming around, reporting an uptick in bridge-building talks with Schumer in recent months.
Schumer’s charm offensive also highlights a political dilemma. He can’t publicly praise Wall Street, or it will upset the liberal base and reveal a divide with President Barack Obama as Schumer rises in the ranks of the Senate Democratic Caucus. But he can’t go too hard on a powerful hometown industry, or it may turn away from him.
Schumer’s delicate effort to woo Wall Street back is a microcosm of the larger Democratic problem: The party that has demonized greed on Wall Street still desperately needs its money to fund campaigns. And there are authentic ideological divisions among Democrats about how long and how hard to hit the financiers whom many voters see as the villains behind the 2008 financial crisis.
The outreach appears to be working: Hedge fund and private-equity executives have held six different fundraisers for Democratic challengers and senators at Schumer’s request, sources say."
Read more: http://www.politico.com/news/stories/0612/77559.html#ixzz2bKmVZ4Ge
Maybe Senator Schumer is afraid that some of the secrets Edward Snowden may release will expose the Democratic Party as being just as much' in bed with Wall St.' as is the other Party of Big Business that Democrats demonize as being on the side of Corporations over people.
Good cop, bad cop, Guys.
Go ahead, Snowden, blow Schumer and the Democra'ts cover.
Maybe Schumer should look for ways to publicly finance all elections.
Then he wouldn't have to make a deal with the Devils on Wall Street.
It's time for a Democratic Senate Primary in New York.