Wall Street is sending Washington to sleep in the dog house for leaving them high and dry in the reform push.
A new article in POLITCO quotes a few Wall Street execs who all say that they’re annoyed at politicians for taking their money and then back-stabbing them in the reform process.
One senior exec is annoyed at Blanche Lincoln: “She told us she knew Congress had to be sensible in its approach to dealing with derivatives, and then she went and hit us with her amendment… It was pretty amazing.”
Another is annoyed at Kristen Gillibrand: “Sometimes their chutzpah just has no bounds… People like her who didn’t stand up for us at all during the debate are certainly going to feel some pushback.”
Another is annoyed at everyone: “I think at least in the short term there is going to be a great deal of frustration with people who were beating the hell out of us — then turning around and asking for money.”
Remember, the Washington-Wall Street nexus has produced tons of negative press over the years:
- Most recently, Kagan’s working for Goldman Sachs
- President Obama’s and Dimon’s bro love affair and divorce
- Everyone thinking Geithner is a banker
- Hank Paulson’s going from Goldman to the Treasury
- Neel Kashkari’s going from managing the TARP funds to working at PIMCO
And these all provide the reasons why it’s dumb to think this divorce is one-sided. The perceived or real connection between Wall Street-Washington isn’t good for either party involved.
Of course, giving politicians money seems to have worked pretty well for Wall Street. The financial reform bill isn’t that bad right now. And it will likely get watered down more before it’s passed by the Senate.