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Clio the Leo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 08:39 AM
Original message
"Wall Street, Obama Parting Ways"
Awwww...... poor them.

Wall Street, Obama Parting Ways

By Charles Gasparino

Wall Street’s love affair with President Obama is officially over — at least for now — with the CEOs of the biggest Wall Street firms, big banks and large financial institutions expressing their dismay over everything from the president’s anti-Wall Street rhetoric, his calls for new regulations on the financial industry and his initiatives that will lead to a takeover of the health-care system, people at the big firms tell FBN.

To be sure, after jumping on the Obama bandwagon during the 2008 presidential campaign in a major way, the relationship between Wall Street and Obama has been strained in recent months, particularly after the president referred to bankers as “fat cats” in a television interview in December and after Republican Scott Brown’s surprise victory to take over the Senate seat held by Democratic Party stalwart Teddy Kennedy in January, where the president immediately endorsed a plan to restrict certain types of lucrative trades.

Some of Wall Street’s most prominent executives, such as JPMorgan (JPM: 43.62, 0, 0%) CEO Jamie Dimon, Lloyd Blankfein, the CEO of Goldman Sachs (GS: 177.38, 0, 0%), and Larry Fink, the CEO of money management powerhouse BlackRock (BLK: 225.59, 0, 0%), are all prominent Democrats, and in Dimon’s case had advised the president directly on economic matters. Morgan Stanley (MS: 30.06, 0, 0%) chairman John Mack was once a supporter of former Republican president George Bush who crossed party lines and voted for Obama

But senior officials at the big firms say their relationships with the White House are now at a critical stage, with top executives openly saying that they doubt they will support the president as they did in 2008. During the presidential campaign Wall Street firms such as Goldman overwhelmingly supported the president despite his liberal voting record as a U.S. Senator over his Republican challenger John McCain. Goldman, for instance, gave four times more money to Obama than it did for McCain, according to campaign contribution filings.

“If the election was held today, Obama would lose the senior Wall Street executives who had considered themselves Liberal Democrats,” said one senior Wall Street executive who frequently meets with the CEOs of the top firms. “They thought they were voting for a moderate and now they think they’ve gotten something else."

Maybe the biggest surprise among the growing list of CEOs suffering buyer’s remorse is Dimon, according to people who know the CEO’s thinking. Dimon is a committed Democrat, and has a good personal relationship with the president’s chief of staff Rahm Emanuel. If asked in public about his views on Obama he would say he’s still supports the president. But in private consultations he has said he’s disappointed with several aspects of the president’s big government agenda, not to mention his open hostility toward Wall Street executives who needed to be bailed out by the government during the financial crisis and who are now paying themselves huge bonuses, people tell FBN. Dimon, unlike other Wall Street CEOs, steered his firm successfully through the financial crisis because he stayed clear of investing in toxic assets.

According to one Wall Street CEO who spoke on the condition of anonymity, the Obama as president is much different than Obama the candidate who wooed top executives in 2007 and 2008. “He came across as nothing short of a moderate,” said this CEO, who supported the president during the campaign. “On health care he always talked about the need to lower costs, never about a massive new entitlement. Federal spending, he always spoke about the need to level the playing field between the super rich and the poor, not massive income redistribution.”

http://www.foxbusiness.com/story/markets/industries/finance/wall-street-obama-parting-ways/
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Jennicut Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 08:46 AM
Response to Original message
1. Obama was a moderate and now he is too liberal for Dimon?
:rofl:

What do they expect after everything that has happened? Obama IS being a moderate. These guys are conservadems types.
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Clio the Leo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 08:49 AM
Response to Reply #1
3. And yet he was a "progressive before and is now too moderate" ...
.... according to some anyway. That part made me laugh too.
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Jennicut Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 09:05 AM
Response to Reply #3
6. Obama is an enigma!
No! LOL.
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vaberella Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 09:50 AM
Response to Reply #6
11. Nailed it. n/t
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Clio the Leo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 09:50 AM
Response to Reply #6
12. Now THAT is the truth!
And he's also an archetype. :)
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Jackpine Radical Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 08:47 AM
Response to Original message
2. Kinda shows you where the DLC looks for support.
Wall Street--Small Government Democrats. No regulation, keep the wars going, leave those poor health care insurers alone to make their miserable bonus pittances.
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sandnsea Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 08:49 AM
Response to Original message
4. People really hear what they want I guess
Because I always heard Obama talk about insurance exchanges and subsidies, and leveling the playing field by increasing the working class share of the pie. How did this guy think the field was going to be leveled, the rich would get more?
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fasttense Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 08:53 AM
Response to Original message
5. You really believe this? It's from FOX News. They never tell the truth
if they can tell a lie. Since when did DU start quoting FOX News?
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Tippy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 09:05 AM
Response to Reply #5
7. FOX in the hen house......Set traps....
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Phx_Dem Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 09:29 AM
Response to Original message
8. Great.
:hi:

See ya.
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RaleighNCDUer Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 09:36 AM
Response to Original message
9. “If the election was held today, Obama would lose the senior Wall Street executives who had
considered themselves Liberal Democrats,”

BOTH of them?!
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scheming daemons Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 09:47 AM
Response to Original message
10. The market has gone up 35% since Inauguration day.... investors love him
... ignore RW bitter journalists.

He's just sorry he bet against the administration and pulled his money out of Wall Street right before the market went from 6400 to 10700 in a year.
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troubledamerican Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 10:23 PM
Response to Original message
13. BUSH-LITE ain't enough. They want the full 666.
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Cha Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 10:26 PM
Response to Reply #13
14. Well they're shit out of luck...and President Obama
isn't bush lite.
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troubledamerican Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 10:36 PM
Response to Reply #14
16. Beg to differ
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Cha Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 10:59 PM
Response to Reply #16
17.  You're wrong..anybody can throw cheap shots on the
internet ..that doesn't take any brains at all.
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4lbs Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 10:31 PM
Response to Original message
15. Geez, even Faux Business bought into the RW lies about government takeover of the healthcare system
By the way, how can the CEO of a big corporate entity like Goldman Sachs, that is solely interested in making money any way they can, even screwing people over, ever be a Democrat? A true one anyway? Yet Dimon claims to be a Democrat. Yeah, ok.

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LeftyAndProud60 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 11:01 PM
Response to Original message
18. May possibly be the best news Obama has had written by FOX. NT
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