slouching toward reform

Kirsten Gillibrand’s ‘Chutzpah’ Not Appreciated by Wall Street

Greed, shamelessness, pursuit of winning at all costs. These are qualities that Wall Street traditionally admires. Unless they feel they are being directed against them. Politico reports today that some executives at certain big banks are taking umbrage at the fact that the very politicians who are trying to curtail their activities with the regulation reform bill are simultaneously inviting them to fund-raisers. Because obviously, this is a flagrant violation of How Things Work. Wall Street only pays politicians who do its will, everyone knows that, and to ignore that is, frankly, in bad taste. And where do politicians expect them to get money, if not by indulging in risky trading activities, hmmm? “I think at least in the short term there is going to be a great deal of frustration with people who were beating the hell out of us — then turning around and asking for money,” a nameless senior executive of a Wall Street bank huffed.

In particular:

One member coming in for special criticism: Sen. Kirsten Gillibrand (D-N.Y.), viewed as largely unwilling to publicly defend her home state’s top industry but who continues to make fundraising requests, according to Wall Street insiders. “Sometimes their chutzpah just has no bounds,” an executive said, referring to Gillibrand, who is on the ballot this fall. “People like her who didn’t stand up for us at all during the debate are certainly going to feel some pushback.”

Yes, that these wounded anonymous executives, at what are most likely banks that have been bailed out by taxpayers, cannot look past their own interests to see that their complaints actually make these politicians sound kind of awesome and ballsy, not to mention more effective than they actually are, is kind of staggering. But hey, you have to admire their chutzpah.

Democratic campaign committees losing big Wall Street donors [WP]
Wall St. plans payback for reg reform [Politico]

Kirsten Gillibrand’s ‘Chutzpah’ Not Appreciated by Wall Street