by Michael Krieger, Liberty Blitzkrieg:
As the financial crisis jolted the nation in September, Senator Charles E. Schumer was consumed. He traded telephone calls with bankers, then became one of the first officials to promote a Wall Street bailout. He spent hours in closed-door briefings and a weekend helping Congressional leaders nail down details of the $700 billion rescue package.
The next day, Mr. Schumer appeared at a breakfast fund-raiser in Midtown Manhattan for Senate Democrats. Addressing Henry R. Kravis, the buyout billionaire, and about 20 other finance industry executives, he warned that a bailout would be a hard sell on Capitol Hill. Then he offered some reassurance: The businessmen could count on the Democrats to help steer the nation through the financial turmoil.
“We are not going to be a bunch of crazy, anti-business liberals,” one executive said, summarizing Mr. Schumer’s remarks. “We are going to be effective, moderate advocates for sound economic policies, good responsible stewards you can trust.”
The message clearly resonated. The next week, executives at firms represented at the breakfast sent in more than $135,000 in campaign donations.
He succeeded in limiting efforts to regulate credit-rating agencies, for example, sponsored legislation that cut fees paid by Wall Street firms to finance government oversight, pushed to allow banks to have lower capital reserves and called for the revision of regulations to make corporations’ balance sheets more transparent.
At times in Congress, Mr. Schumer has teamed up with Republicans, like former Senator Phil Gramm of Texas, who aggressively promoted a free-market agenda. Mr. Schumer pushed for the Gramm-Leach-Bliley law, passed in November 1999, which knocked down the walls between investment banks and commercial banks and allowed financial supermarkets to flourish.The law also weakened regulatory oversight by fracturing it among different agencies.
– From The New York Times article: A Champion of Wall Street Reaps Benefits
Great way to start off the new year for the Democrats. New Senate Minority leader, and Wall Street mega-defender, Chuck Schumer just went on Rachel Maddow’s MSNBC show and warned Donald Trump that U.S. intelligence agencies could retaliate against him for disagreeing with their claims (based on no public evidence thus far) that Russia hacked the DNC/John Podesta and released it to Wikileaks with the intent of helping Trump win the election.
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