Research

If the Obama-Dodd financial regulatory reform bill is supposed to put the hammer down on Wall Street, why are big Wall Street firms like Goldman Sachs endorsing many of the provisions in the Obama-Dodd financial regulation reform bill? Let’s start with all of the money from big banks that helped build the current Congressional Democrat majority and Obama’s election to the White House. Since 2005:

• Obama took in over $24 million from financial services companies
• The DNC took in over $30 million from financial services companies
• The DCCC took in over $19 million from financial services companies
• The DSCC took in over $35.6 million from financial services companies
• Senate Majority Leader Harry Reid (D-NV) took in over $1.4 million from financial services companies
• Senate Banking Committee Chairman Chris Dodd (D-CT) took in over $1.8 million from financial services companies

(And for Dodd, that wasn’t all: he received sweetheart mortgage discounts from Countrywide, despite denying it earlier.)

What did they get in exchange? Obama and Dodd are set to establish:

• Unlimited authority for the Treasury and FDIC to bailout preferred creditors (i.e. unions) of failed institutions.
• And new powers for the Federal Reserve that allow them to bail out any institution they see fit.

No wonder so many of Democrats’ Wall Street donors are in favor of this permanent bailout.