Is Wall Street Wasting Money on Chuck Schumer?


As the man who, according to a lengthy piece in the Times last December, "helped save financial institutions billions of dollars in higher taxes or fees" over the years, it makes sense that Chuck Schumer would receive nearly twice as many campaign contributions from the financial industry this year than any other member of Congress. But are Wall Streeters basing their contributions on pre-crisis Schumer?

Schumer ... has offered scads of proposals that the industry doesn’t like on issues from corporate governance to derivatives to the creation of a new consumer watchdog for the financial world ...

Quite a few financial insiders express frustration with Schumer, feeling he’s thrown the industry under the bus now that it’s politically popular to do so.

Oh, stop your whining, Wall Street. Yeah, populism is hot right now, but come on, this is Chuck Schumer we're talking about here. You guys are tight! Even the most traumatic economic crisis in 70 years couldn't change that.

Wall Street money rains on Chuck Schumer [Politico]