Wall Street

Incoming House Financial Services Chair Saw Dramatic Increase in Wall Street Cash in 2012

Texas Congressman Jeb Hensarling (R) is expected to become the next chairman of the House Financial Services Committee and, as Slate reported this week, he’ll spend that chairmanship trying to “gut the Dodd-Frank financial reforms.” Hensarling's 66 percent increase in fundraising this cycle

Paul Ryan raising money with billionaire who said the wealthy have "insufficient influence" in politics

Republican Vice Presidential Nominee Rep. Paul Ryan is scheduled to attend a fundraiser on Friday in Chicago co-chaired by hedge fund billionaire Ken Griffin.

Earlier this year, Griffin  told the Chicago Tribune that the ultra-wealthy “actually have an insufficient influence” in our political system.

Mitt Romney's Big NYC Fundraiser

Republican presidential nominee Mitt Romney will return to New York City on Friday for a “seated breakfast” fundraiser at the Hilton New York, according to an invitation obtained by the Sunlight Foundation.

The event boasts over 100 co-chairs, including Wall Street executives, some of the country’s wealthiest Americans, and major donors to the Romney-aligned super PAC, Restore Our Future (some fit into more than one of these categories).
Here are a few standouts:

JPMorgan Donors Fueled Eric Cantor's Leadership PAC Fundraising in May

The House Financial Services Committee heard testimony today from JPMorgan Chase CEO Jamie Dimon over the bank’s recent $2 billion loss and more broadly on financial regulations.

While he doesn’t serve on the committee, House Majority Leader Eric Cantor (R-Va.), is generally outspoken about Congressional issues. On this, though, he’s stayed quiet. A look at his recent fundraising report might provide a clue as to why.

Will Spencer Bachus Use Kid Gloves on JPMorgan’s CEO Jamie Dimon?

Talking Points Memo’s Brian Beutler described last week’s Senate Banking Committee hearing with JPMorgan CEO Jamie Dimon this way:

“[W]ith some notable exceptions, the senators themselves turned the cross-examination into a coronation, and exposed the extent to which elected officials still feel compelled to genuflect to powerful financial interests.

Scott Brown Worked to Weaken Wall Street Reform While Taking Wall Street Cash

The Boston Globe reported Monday that while Sen. Scott Brown (R-Mass.) has bragged about his “deciding vote” to pass financial reform, he began working to weaken the legislation as soon as it passed. According to the Globe, “E-mails between Brown’s legislative director and US Treasury Department officials show that Brown advocated for a loose interpretation of the law so that banks could more easily engage in high-risk investments."

Campaign 2012: All Big Money, All the Time

While much of today's focus will center on the recall election in Wisconsin, the 2012 presidential race is sounding a familiar theme: money, money, money. Soon to be Republican presidential nominee, Mitt Romney, is heading to Texas to raise campaign cash from his chief constiuency, millionaires and billionaires.

Mitt Romney: Bank of America Protesters Don't "Understand" How The Economy Works

I attended The Michigan Summit in Lansing today and got to listen to a Michigander talk about going to last week’s Bank of America protest in Charlotte. The man, probably in his early 50s, talked about how he struggled to pay his mortgage and how it felt to stand up to Bank of America president Brian Moynihan at a shareholder meeting.

Romney super PAC donor: Income inequality shows our "economy is working"

A $1 million donor to the super PAC backing presidential candidate Mitt Romney is writing a book that “aggressively argues that the enormous and growing income inequality in the United States is not a sign that the system is rigged. On the contrary, Conard writes, it is a sign that our economy is working. And if we had a little more of it, then everyone, particularly the 99 percent, would be better off."

Tea Party Congressmen Accept Cash From Bailed-Out Bankers

After the 2010 election, Public Campaign Action Fund looked at the Wall Street campaign cash behind all of the new “Tea Party” members of Congress. In our report, released just days before these new members were sworn in, we wrote: