Schumer Stands Firm, Antagonizes Wall Street


Over the past twenty years, Chuck Schumer has received $7.7 million in campaign contributions from the securities and investment sector, more than any other non-presidential politician. So it’s no wonder his supportive stance for the Senate’s financial regulation bill has many on Wall Street outraged and accusing him of turning against them. But rather than try to appease his big donors, Schumer is taking a publicly defiant position, holding a Washington press conference yesterday to re-affirm his principles, and contributing a firm opinion column to the New York Post — a paper whose own editorial board had criticized his position. “In a situation like this, I believe you have to trust your internal gyroscope, resist pressure from both sides and find the proper ground,” he writes. “Polling data show New Yorkers, both Republicans and Democrats, agree with this approach.” Not that anyone ever doubted that for Chuck Schumer “polling data” and “internal gyroscopes” are the same thing.

Saving Wall Street from Itself [NYP]
NY Dems Antagonizing Their Backers on Wall Street [WP]