Wall Street Politics

Wall Street Fat Cats Gone Wild and Rogue

There are several interesting headlines up today connecting a few dots between Wall Street, the third estate, and politicians.  The New York Post (yes I know) indicates that Jamie Dimon may have bolted from the Obama stable to the Romney Ranch. This is a curious continuation of the meme passed around last year that uber sensitive shadow bankers have had their feelings hurt over a few speeches given by the President who uses populist rhetoric to shore up support.  I just have never managed to buy that some one like Dimon could get his feathers in a ruffle over a little name calling.   It’s probably pay back for the Dodd-Frank Law which is a watery version of its original intent, but still more toothy than the FIRE contingent would like to see.  How long will it take before the Health Insurance Industry and Bankers manage to fee and co-payment us all into the poor house?  What role does Dimon see that Romney could play in that?  That’s a more germane question to me.

While Dimon’s spokesperson declined to comment, a JP Morgan insider tells us that Dimon has not attended an Obama fund-raiser and has not made any contributions to his campaign during this election cycle. And Dimon has met privately with many of the Republican presidential candidates.

Political insiders are buzzing that a defection would signal further Wall Street hostility toward Obama, who famously called them “fat cat” bankers in 2009. Dimon responded, “I don’t think the president of the United States should paint everyone with the same brush.”

One insider said, “There is not a person on Wall Street, with the exception of the genetic Democrats, who would get anywhere near supporting Obama. The hostility to the administration is huge. Dimon will continue to look bipartisan, then work behind the scenes to get a Republican elected.”

Again, I think this right wing meme about hurt feelings is just that.  The bottom line here is they want people that will neuter Dodd-Frank and the rules that control excessive fees and such.  They would also like to capture the new agency set up by Elizabeth Warren.  My belief is this group is after Warren already with bizarre stories on her TARP role.  Politico appears to be doing some of the right wing smear jobs for Wall Street interests. BTW, did you know that more referrals to Politico come via Drudge than Google?  Check this out.

Minx put this link to one of Greenwald’s better pieces downthread on the morning reads.  I thought it so good that I’d add it to this post because it really shows how the Wall Street interests are driving media coverage as well as other things. It has to do with the tepid media coverage of the Wall Street Protests. He relates the prog coverage to earning credentials through hippy bashing.

Nor is it surprising that much of the most vocal criticisms of the Wall Street protests has come from some self-identified progressives, who one might think would be instinctively sympathetic to the substantive message of the protesters.  In an excellent analysis entitled “Why Establishment Media & the Power Elite Loathe Occupy Wall Street,” Kevin Gosztola chronicles how many of the most scornful criticisms have come from Democratic partisans who — like the politicians to whom they devote their fealty — feign populist opposition to Wall Street for political gain.

Some of this anti-protest posturing is just the all-too-familiar New-Republic-ish eagerness to prove one’s own Seriousness by castigating anyone to the left of, say, Dianne Feinstein or John Kerry; for such individuals, multi-term, pro-Iraq-War Democratic Senator-plutocrats define the outermost left-wing limit of respectability.  Also at play is the jingoistic notion that street protests are valid in Those Bad Countries but not in free, democratic America.

A siginificant aspect of this progressive disdain is grounded in the belief that the only valid form of political activism is support for Democratic Party candidates, and a corresponding desire to undermine anything that distracts from that goal.  Indeed, the loyalists of both parties have an interest in marginalizing anything that might serve as a vehicle for activism outside of fealty to one of the two parties (Fox News‘ firing of Glenn Beck was almost certainly motivated by his frequent deviation from the GOP party-line orthodoxy which Fox exists to foster).

The very idea that one can effectively battle Wall Street’s corruption and control by working for the Democratic Party is absurd on its face: Wall Street’s favorite candidate in 2008 was Barack Obama, whose administration — led by a Wall Street White House Chief of Staff and Wall-Street-subservient Treasury Secretary and filled to the brim with Goldman Sachs officials — is now working hard to protect bankers from meaningful accountability (and though he’s behind Wall Street’s own Mitt Romney in the Wall Street cash sweepstakes this year, Obama is still doing well); one of Wall Street’s most faithful servants is Chuck Schumer, the money man of the Democratic Party; and the second-ranking Senate Democrat acknowledged — when Democrats controlled the Congress — that the owners of Congress are bankers.  There are individuals who impressively rail against the crony capitalism and corporatism that sustains Wall Street’s power, but they’re no match for the party apparatus that remains fully owned and controlled by it.

It’s important to remember that we’re unlikely to get anything but corporation approved coverage of things from corporate-owned media outlets.  Their stock, their financing, and as a result, their decisions are likely to be highly colored by keeping their funds and jobs.  This could also explain why the police appear to have marching orders to capture any independent media types near the protests with cameras.

Although I’m not a Marxist, it still gives me no end of fascination that the Marxist view that the monied and banking interests would take down capitalism by influencing institutions through financial control of those institutions seems to be happening.  In deed every one from democratically elected politicians, to industry CEOs that actually produce products or services, to the press now seem beholden to their mortgage holders and influenced by their potential funding veto.  I’m still thinking we should just be honest about this and see that each journalist, politician, and CEO basically put their souls up to the highest bidders when they seek the fantastic amount of money it takes to be a power broker these days.  Every one owes their underwriters something in return and the middle and working class and their interests appear to be serving as collateral in the quest to leverage power and wealth.

8 Comments on “Wall Street Politics”

  1. Woman Voter says:

    How long will it take before the Health Insurance Industry and Bankers manage to fee and co-payment us all into the poor house?


    The Kaiser Foundation report clearly states albeit with a younger figure (age) that the health cost is now at $15,000. and that premiums soared past salaries and are in essence beyond the reach of those below 60K. My premiums skyrocketed in 2010 by 83%, then another increase in 2011 of 11% and I am now at the highest copay with a copay for hospitalization in the thousands.

    Health Care Now just sent an email state that another One Million people are now uninsured in 2011! A friend’s son was recently laid off and was given a report of all those targeted for lay offs in his company, and I quickly made an observation, all except two (age 29 and 30) were all over 35, with most being in their forties. As you recall Obama blocked Single Payer, he blocked the Public Option and then the last bone he waved in front of us the Medicare Buy In was taken off the table too…we got NOTHING. Not many people know that it is perfectly legal to lay off workers if they are costing you too much in health premiums (people in their forties) and the worker has no recourse. Most people also don’t know that the 45 and over group are at higher risk of death upon losing their health coverage and albeit Obama wasn’t yelling “Let them DIE”, his actions in taking the Medicare Buy In off the table spoke volumes.

    I called my congress people today about the Kaiser Foundation survey and asked if they represent their constituents or Obama? As to the GOP, they are equally to blame because he did what they wanted, and now the Tea Party people feel free to yell “Let ’em DIE” out in the open. Are we a super power, when our citizens don’t have Universal Heath Care like other Western countries?

    I support the Occupy Wall Street protesters, because finally the voice of concern is yelling to be heard, we won’t simply die in silence…

  2. bostonboomer says:

    It’s so funny that Obama praised Jamie Dimon to the skies many times. Did he really believe he’d get loyalty from the Wall St. psychopaths?

    As for Politico, it’s a useful source, but there’s no question it’s a right wing outlet. It was started by several Republican writers who left the Washington Post.

  3. Peggy Sue says:

    Yes, indeedy: Marx proven correct. Who would have thunk it? I think Wall St realizes it’s wrung out all it’s going to get from Obama [his star has burned out], so now it’s time to install the ‘real’ corporate party and push the Republicans back into the power seat–as if they haven’t done enough damage.

    I agree with Woman Voter–the Occupy Wall St. protest is a promising sign, whether it produces any concrete results or not. It’s the beginning of a push back and that’s why the corporate-owned media would rather ignore it. I read today that the movement has spread to Boston and Las Vegas in addition to San Francisco and Chicago. Plus from what I picked up on the blogs, the ‘occupy’ movement is being repeated in other countries because the complaints are similar: the working class is being strangled by the insatiable greed of corporate and financial interests and governments are working for the monied class, not ordinary citizens. Dylan Ratigan has a movement: Get the Money out of Politics.

    Promising. Dare I say, hopeful?

  4. paper doll says:

    great post

    “Jamie Dimon may have bolted from the Obama stable to the Romney Ranch. ”

    This is very significant….you know the old saying “follow the money” in this case, follow the bankers” .

    Obama Inc does not care about the American people or the Dem base. But if they start hemorrhaging bankers…you will see a code blue coming from 1600 PA Ave.

    Follow the bankers.

    Maybe the top 1% have indeed decided to dump Obie??

    People will need to camouflage thier camera if they are going to the protests to flim …the NYC cops were burned by the personal filming….it won’t be as easy to do it again . They will pepper spray lens as well as people

    • The Rock says:

      Obama Inc does not care about the American people or the Dem base. But if they start hemorrhaging bankers…you will see a code blue coming from 1600 PA Ave.

      How right you are!! If a few more high profile ones dump bumbles, then the not so public ones might start leaving in droves. How stupid is the DNC to wait until all the money has defected to the GOP before acting, i.e. SETTING UP A PRIMARY CHALLENGER!


      Hillary 2012

  5. Peggy Sue says:

    Well, I received another fundraising request for $3 and up–this time from Michelle [we’re on a first name basis, dontcha know]. :0) They must be really, really worried about not making their quarterly marker tomorrow. This is one of these send money and maybe qualify for a dinner with Barack.

    Ugh! What an appetite killer. The way the letter was worded made me laugh:

    “Not everyone knows how to prepare for a dinner like this. As someone who’s eaten countless meals with my husband, I want to tell you the one thing to do if you’re selected to join him…

    Just relax. Barack wants this dinner to be fun, and he really loves getting to know supporters like you.”

    So personal since I’m not a supporter but filled out a Dem survey letting them know exactly what I thought. They obviously did not read it.

  6. jacksmith says:


    ( http://my.firedoglake.com/iflizwerequeen/2011/05/16/how-about-a-little-truth-about-what-the-majority-want-for-health-care/ )

    ( Gov. Peter Shumlin: Real Healthcare reform — http://www.youtube.com/watch?v=8yFUbkVCsZ4 )

    ( Health Care Budget Deficit Calculator — http://www.cepr.net/calculators/hc/hc-calculator.html )

    ( Briefing: Dean Baker on Boosting the Economy by Saving Healthcare http://t.co/fmVz8nM )


    As you all know. Had congress passed a single-payer or government-run robust Public Option CHOICE! available to everyone on day one, our economy and jobs would have taken off like a rocket. And still will. Single-payer would be best. But a government-run robust Public Option CHOICE! that can lead to a single-payer system is the least you can accept. It’s not about competing with for-profit healthcare and for-profit health insurance. It’s about replacing it with Universal Healthcare Assurance. Everyone knows this now.

    The message from the midterm elections was clear. The American people want real healthcare reform. They want that individual mandate requiring them to buy private health insurance abolished. And they want a government-run robust public option CHOICE! available to everyone on day one. And they want it now.

    They want Drug re-importation, and abolishment, or strong restrictions on patents for biologic and prescription drugs. And government controlled and negotiated drug and medical cost. They want back control of their healthcare system from the Medical Industrial Complex. And they want it NOW!


    For-profit health insurance is extremely unethical, and morally repugnant. It’s as morally repugnant as slavery was. And few if any decent Americans are going to allow them-self to be compelled to support such an unethical and immoral crime against humanity.

    This is a matter of National and Global security. There can be NO MORE EXCUSES.

    Further, we want that corrupt, undemocratic filibuster abolished. Whats the point of an election if one corrupt member of congress can block the will of the people, and any legislation the majority wants. And do it in secret. Give me a break people.

    Also, unemployment healthcare benefits are critically needed. But they should be provided through the Medicare program at cost, less the 65% government premium subsidy provided now to private for profit health insurance.

    Congress should stop wasting hundreds of millions of dollars of taxpayer money on private for profit health insurance subsidies. Subsidies that cost the taxpayer 10x as much or more than Medicare does. Private for profit health insurance plans cost more. But provide dangerous and poorer quality patient care.



    This is what the American people are shouting at you. Both parties have just enough power now to do what the American people want. GET! IT! DONE! NOW!

    If congress does not abolish the individual mandate. And establish a government-run public option CHOICE! before the end of 2011. EVERY! member of congress up for reelection in 2012 will face strong progressive pro public option, and anti-individual mandate replacement candidates.

    Strong progressive pro “PUBLIC OPTION” CHOICE! and anti-individual mandate volunteer candidates should begin now. And start the process of replacing any and all members of congress that obstruct, or fail to add a government-run robust PUBLIC OPTION CHOICE! before the end of 2011.

    We need two or three very strong progressive volunteer candidates for every member of congress that will be up for reelection in 2012. You should be fully prepared to politically EVISCERATE EVERY INCUMBENT that fails or obstructs “THE PUBLIC OPTION”. And you should be willing to step aside and support the strongest pro “PUBLIC OPTION” candidate if the need arises.

    ASSUME CONGRESS WILL FAIL and SELLOUT again. So start preparing now to CUT THEIR POLITICAL THROATS. You can always step aside if they succeed. But only if they succeed. We didn’t have much time to prepare before these past midterm elections. So the American people had to use a political shotgun approach. But by 2012 you will have a scalpel.

    Congress could have passed a robust government-run public option during it’s lame duck session. They knew what the American people wanted. They already had several bills on record. And the house had already passed a public option. Departing members could have left with a truly great accomplishment. And the rest of you could have solidified your job before the 2012 elections.

    President Obama, you promised the American people a strong public option available to everyone. And the American people overwhelmingly supported you for it. Maybe it just wasn’t possible before. But it is now.

    Knock heads. Threaten people. Or do whatever you have to. We will support you. But get us that robust public option CHOICE! available to everyone on day one before the end of 2011. Or We The People Of The United States will make the past midterm election look like a cake walk in 2012. And it will include you.

    We still have a healthcare crisis in America. With hundreds of thousands dieing needlessly every year in America. And a for profit medical industrial complex that threatens the security and health of the entire world. They have already attacked the world with H1N1 killing thousands, and injuring millions. And more attacks are planned for profit, and to feed their greed.

    Spread the word people.

    Progressives, prepare the American peoples scalpels. It’s time to remove some politically diseased tissues.

    God Bless You my fellow human beings. I’m proud to be one of you. You did good.

    See you on the battle field.


    jacksmith – WorkingClass 🙂