JONATHAN CHAIT OCTOBER 12, 2010
Remember last Spring, when many conservatives were claiming the financial regualtory bill was a big Wall Street sop? Wall Street has a funny way of showing its gratitude:
A shift in the flow of Wall Street money toward Republicans earlier this year has become a torrent in the final weeks of the campaign, according to lobbyists and business executives doling out the cash.
“Our target ratio for the 2010 cycle is 80-20 Republican,” said Karen Klugh, spokeswoman for the American Financial Services Association. ...
The financial industry’s turn on the administration and its allies in Congress sheds light on the tattered relationships left in the aftermath of the economic meltdown and the government’s response to it. The vilification of bankers, what one bank lobbyist called the “show trials” of congressional hearings and especially the outcome of financial regulatory reform has prompted an all-out effort to wrest Congress from Democratic control, several financial industry insiders told POLITICO.
Obviously a part of this is that the industry wants to curry favor with whichever party controls Congress, and Republicans are expected to be that party. But Wall Street is also reflected a genuine belief that the Dodd-Frank bill was -- gasp! -- bad for Wall Street. Not as bad as it could or should have been, by a long shot. But Wall Street wants what Republicans are promising: less regulation and lower taxes for the very rich.