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Wall Street Cools to Dems Despite Bailout

Financial regulation tough talk hurting donations

By Kevin Spak, Newser Staff

Posted Oct 20, 2009 6:10 AM CDT

(Newser) – Some gratitude: Wall Street’s top firms will largely sit out Barack Obama’s lavish Democratic Party fundraiser in New York tonight, with Goldman Sachs, JPMorgan and Citigroup sending a scant half-dozen representatives or fewer. Some Democratic fundraisers and executives tell the New York Times that bailout banks are afraid of a backlash if they’re seen cutting $30,400 checks to Democrats.

But others say Wall Street is outright miffed about Obama’s tough talk about their bonuses and anti-regulatory lobbying. “The investment community feels very put-upon,” says one event chairman. “They feel there is no reason why they shouldn’t earn $1 million to $200 million a year, and they don’t want to be held responsible for the global financial meltdown.” This year, Wall Street donors have accounted for just 3% of Democratic fundraising, compared to 6% last year.

Mariah Dahl of Ithaca, N.Y., a student at the University at Albany, protests against a bail out of Wall Street firms during a rally in Albany, N.Y., Wednesday, Oct. 1, 2008. (AP Photo/Mike Groll)

President Barack Obama speaks at a Democratic National Committee fundraiser in San Francisco, Thursday, Oct. 15, 2009. (AP Photo/Gerald Herbert)

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Wall Street Cools to Dems Despite Bailout

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SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

Obama Is Fundraiser in Chief

He's held more events than the last five guys

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Obama Romancing 'Fat-Cat' Donors

And, simultaneously, not-so-rich ones

Empty Seats Abound at Obama's Fundraiser

Event draws 980, one protester

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OTHER STORIES ON OUR RADAR

Barack Obama • Wall Street • fundraiser • banking industry • fundraising

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

Obama Is Fundraiser in Chief

He's held more events than the last five guys

Obama's Risky Soft Spot: Ivy league White Guys

Frank Rich: They're preventing him from going after Wall Street

Obama Romancing 'Fat-Cat' Donors

And, simultaneously, not-so-rich ones

Empty Seats Abound at Obama's Fundraiser

Event draws 980, one protester

About Us

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Newser By Users

Community

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What is Newser?