Sunday, March 29, 2015

Easily Offended







You have to feel sorry for executives in the securities industry.  Reuters reports

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.

Charles Peters wastes no tears, commenting

My god, what a prodigious bluff. Also, my god, what towering arrogance? These guys own half the world and have enough money to buy the other half, and they're threatening the party still most likely to control the White House because they don't like the Senator Professor's tone? Her tone? Sherrod Brown's tone? These are guys who should be worried about the tone of the guard who's calling them down to breakfast at Danbury and they're concerned about the tenderness of their Savile Row'd fee-fees? Honkies, please.

The whining on Wall Street comes on top of a report from a new Institute for Policy Studies report by Sarah Anderson that finds, according to Mother Jones (chart from Institute for Policy Studies)

The average bonus for one of New York City's 167,800 employees in the securities industry came out to $172,860—on top of an average salary of nearly $200,000. On the other side of the equation were about one million people working full time at the federal minimum wage of $7.25. 






There is a time to call someone's bluff, and Warren seems to understand that time is now.  In an e-mail sent to the Huffington Post, the Massachusetts senator typed

They want a showy way to tell Democrats across the country to be scared of speaking out, to be timid about standing up, and to stay away from fighting for what’s right.... I’m not going to stop talking about the unprecedented grasp that Citigroup has on our government’s economic policymaking apparatus ... And I’m not going to pretend the work of financial reform is done, when the so-called 'too big to fail' banks are even bigger now than they were in 2008.

Or as Peters recognizes

This is a fight the Democratic party must have, if it's going to be worth a damn as a political entity. If some Democratic politicians line up on the wrong side, and they go down, so be it. The rest of the country has sacrificed enough for the plague-ridden benefits of its investor class.





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