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originally posted by: TonyS
originally posted by: Spider879
(Reuters) - Big Wall Street banks are so upset with U.S. Democratic Senator Elizabeth Warren's call for them to be broken up that some have discussed withholding campaign donations to Senate Democrats in symbolic protest, sources familiar with the discussions said.
Representatives from Citigroup, JPMorgan, Goldman Sachs and Bank of America, have met to discuss ways to urge Democrats, including Warren and Ohio Senator Sherrod Brown, to soften their party's tone toward Wall Street, sources familiar with the discussions said this week.
Bank officials said the idea of withholding donations was not discussed at a meeting of the four banks in Washington but it has been raised in one-on-one conversations between representatives of some of them. However, there was no agreement on coordinating any action, and each bank is making its own decision, they said.
The amount of money at stake, a maximum of $15,000 per bank, means the gesture is symbolic rather than material
Moreover, banks' hostility toward Warren, who is not a presidential candidate, will not have a direct impact on the presumed Democratic front runner in the White House race, Hillary Clinton. That's because their fund-raising groups focus on congressional races rather than the presidential election
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This is exactly why in my not so humble opinion she should run for president,I wished she would change her mind,for even if Hilary end-up beating her, hopefully she and the corporatist Dems would get the message..which I doubt but there shouldn't be a coronation.
We don't get to have a say in who is coronated.
originally posted by: works4dhs
originally posted by: ugmold
a reply to: Spider879
Campaigns should be financed directly from the Taxpayers, everyone the same. As it is the cost is far higher when the Money Maggots are the backers, destroyers of the Republic.
Limit election/campaign spending if you will, but taxpayer-funded elections? bad idea. who determines how much tax $ gets spent?
maybe, maybe, a voluntary $1 thing, but no more.
originally posted by: Baddogma
Warren is a grounded, smart cookie with good focus on what needs change, with no special interests pulling her strings... which is what we need... and is why she won't run/win.
originally posted by: bigfatfurrytexan
a reply to: Spider879
Proof that donations buy favors. She will be pushed to the fringe of her party over this. Domations may still be made to the DNC....but the DNC wont fund warren.
A perfect higjlight for why we need campaign finance reform.
When the conversation turned to financial regulation and Dimon began complaining about all the burdensome rules his bank had to follow, I finally interrupted. I was polite, but definite. No, I didn’t think the biggest banks were overregulated. In fact, I couldn’t believe he was complaining about regulatory constraints less than a year after his bank had lost billions in the infamous London Whale high-risk trading episode. I said I thought the banks were still taking on too much risk and that they seemed to believe the taxpayers would bail them out -- again -- if something went wrong.
Our exchange heated up quickly. By the time we got to the Consumer Financial Protection Bureau, we weren’t quite shouting, but we were definitely raising our voices. At this point -- early in 2013 -- Rich Cordray was still serving as director of the consumer agency under a recess appointment; he hadn’t yet been confirmed by the Senate, which meant that the agency was vulnerable to legal challenges over its work. Dimon told me what he thought it would take to get Congress to confirm a director, terms that included gutting the agency’s power to regulate banks like his. By this point I was furious. Dodd-Frank had created default provisions that would automatically go into effect if there was no confirmed director, and his bank was almost certainly not in compliance with the those rules. I told him that if that happened, “I think you guys are breaking the law.”
Suddenly Dimon got quiet. He leaned back and slowly smiled. “So hit me with a fine. We can afford it.”