Wall Street Is Still Giving to President

Wall Street Is Still Giving to President

Posted in the Minneapolis Forum

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Jimmy

Minneapolis, MN

#1 Jul 3, 2012
BY PETER NICHOLAS AND DANIEL LIPPMAN

President Barack Obama called Wall Street executives "fat cats,'' criticized their bonuses and tried to raise their taxes. The financial-services industry, in turn, has directed a stream of complaints toward the administration, fueling perceptions of a rift between the president and a key 2008 donor group.

But, defying expectations, the securities and investment industry has remained an important part of the Obama fundraising effort. Mr. Obama and the Democratic National Committee raised more than $14 million from the securities and investment industry through the end of April, according to the nonpartisan Center for Responsive Politics.

http://online.wsj.com/article/SB1000142405270...

Wall Street is loaded with progressive democratic liberals. Check this guy out.

James "Jamie" Dimon (born March 13, 1956) is an American business executive. He is the current chairman, president and chief executive officer of JPMorgan Chase, one of the Big Four banks of the United States, and has served as a Class A director of the Board of Directors of the New York Federal Reserve since January 2007.

Dimon is a Democrat and worked in Barack Obama's adopted hometown of Chicago.

After Obama won the 2008 presidential election, there was speculation that Dimon would serve in the Obama Administration as Secretary of the Treasury. Obama eventually named the president of the Federal Reserve Bank of New York, Timothy Geithner, to the position.[31]

Following the acquisition of Washington Mutual by JPMorgan Chase, Obama commented on Dimon's handling of the real-estate crash, credit crisis, and the banking collapse affecting corporations nationwide, including major financial institutions like Bank of America, Citibank, and Wachovia:


Obama: "You know, keep in mind, though there are a lot of banks that are actually pretty well managed, JPMorgan being a good example, Jamie Dimon, the CEO there, I don't think should be punished for doing a pretty good job managing an enormous portfolio."

Dimon is influential in the Obama White House with close ties to some there, including former Chief of Staff Rahm Emanuel. Dimon is one of three CEOs—along with Lloyd Blankfein and Vikram Pandit—said by the Associated Press to have liberal access to Treasury Secretary Timothy Geithner.

http://en.wikipedia.org/wiki/Jamie_Dimon
Seattle Slew

Kent, WA

#2 Jul 3, 2012
he captains of Wall Street have picked a presidential candidate for 2012 and it is Republican Mitt Romney, rather than Democratic President Barack Obama, campaign donation records show.


The records released Tuesday by the U.S. Federal Election Commission illustrate a basic shift in political giving at the presidential level by the nation's financial elite.

After a fling with Obama - the charismatic Democrat embraced four years ago during the severe credit crisis that erupted under President George W. Bush - Wall Street is backing Romney in a return to its largely Republican inclinations.

RECOMMENDED: 10 things to know about Mitt Romney

Romney's six largest campaign contribution sources in 2011 were executives, family members and affiliated political action committees of Goldman Sachs, JPMorgan Chase, Morgan Stanley, Credit Suisse, Citigroup and Bank of America, according to the Center for Responsive Politics, a Washington, D.C.-based group that monitors campaign finances.

The center said that the leaders of the six Wall Street giants -- which were rescued from ruin by U.S. taxpayers about three years ago -- have given $1.8 million to the Romney campaign.

As for Obama, Goldman Sachs was the sole major financial firm ranked among his top 20 contribution sources for 2011, with gifts of just $64,000 compared with $496,000 to Romney.

As they line up behind Romney, banks and investment firms are being joined by a new generation of hedge fund and private equity managers with deep pockets.

They are backing the candidate who comes from their ranks -- Romney, a former private equity executive.

"The financial industry has preferred Romney from the beginning when he started his campaign," said Viveca Novak, spokesperson for the center. "He is of their world. They believe he understands them. So, not suprising they would favor him."

Since: Apr 12

Hugo, MN

#3 Jul 3, 2012
President Barack Obama recently called Mitt Romney an “outsourcing pioneer”—a title once bestowed on General Electric and its CEO Jeffrey Immelt, key Obama allies.
Business insiders reacted with surprise in 2011 when Immelt discussed a new push to hire Americans to run call centers locally.“Offshore Outsourcing Pioneer GE to Hire 1,100 American IT Workers,” read the headline from CIO magazine.
“To those who know their IT outsourcing history, GE and offshoring are practically synonymous.”
The month before GE’s hiring spree, the company transferred its Wisconsin-based x-ray division to China, displacing 150 American workers, while bringing on 65 engineers overseas. That outsourcing occurred while Immelt was heading Obama’s Jobs Council.
GE became the third-largest company in the world under Immelt’s leadership; cost cutting through outsourcing and expanding to overseas markets has helped fuel its growth over the past decade. When Obama chose Immelt to chair his Jobs Council in 2011, the Huffington Post reported: As the administration struggles to prod businesses to create jobs at home, GE has been busy sending them abroad. Since Immelt took over in 2001, GE has shed 34,000 jobs in the U.S., according to its most recent annual filing with the Securities and Exchange Commission. But it’s added 25,000 jobs overseas.
At the end of 2009, GE employed 36,000 more people abroad than it did in the U.S. In 2000, it was nearly the opposite.
GE is not the only Obama ally to ship jobs overseas during the recession. General Motors announced its intention to begin importing cars bound for the U.S. from factories in China and Mexico just months after Obama spearheaded a $50 billion bailout of the company despite public opposition to the plan.
In a confidential 12-page presentation to members of Congress, obtained by The Detroit News on Friday, GM said it will boost U.S. sales of vehicles built in those four countries by 98 percent — or about 365,000 vehicles — while shrinking production in Canada, Australia and European countries by about 130,000 vehicles.
GM also disclosed it will start importing vehicles made in China in 2011, reaching 51,546 vehicles in 2014. Imports from South Korea to the United States will jump from 36,967 vehicles in 2010 to 157,126 in 2014. Obama has trumpeted the GM bailout on the campaign trail and blasted Romney for once saying that he would have let the car company go bankrupt. Obama’s assistance to the company did not end with the bailout; the administration later granted the automaker a $45 billion tax write-off that allowed it to pay no income tax, despite taking in a record-$7.6 billion profit in 2011. That came one year after GE paid no income tax on $5.1 billion in domestic profits—35 percent of its worldwide profit of $14.2 billion.

Since: Apr 12

Hugo, MN

#4 Jul 3, 2012
President Barack Obama’s second-largest fundraiser owns a large stake in America’s number one outsourcer.
John Rogers, CEO of investment giant Ariel Capital Management, has raised more than $1.5 million for Obama’s reelection campaign. Rogers’s firm also owns a $48.6 million stake in Accenture, the nation’s “best” outsourcer, according to the International Association of Outsourcing Professionals.
Rogers is now looking to break new ground in the world of outsourcing, in order to enhance his company’s $21 billion portfolio. In an interview with Forbes, Rogers expressed his desire to blaze the trail from moving call centers and factories overseas to outsourcing “day-to-day activities” including pest control, landscaping, and secretarial functions.
“We’re making a very big bet right now on outsourcing,” he said.“People have generally soured on the idea, and many companies are trading at discounts to their private-market values. But we don’t think that view accurately reflects the powerful secular growth we’re going to see as companies and individuals outsource more of their day-to-day activities.”
Outsourcing has taken center stage on the campaign trail after Obama blasted Republican nominee Mitt Romney as an “outsourcer in chief” for Bain Capital’s investments in companies that moved jobs overseas.
Obama’s largest bundler, DreamWorks CEO Jeffrey Katzenberg, bundled $2 million for the campaign and co-hosted a $10 million Hollywood fundraiser in May. Vice President Joe Biden was involved in Katzenberg’s efforts to create jobs overseas via expansion of studio and distribution operations in China—efforts that have since landed DreamWorks at the center of an SEC corruption investigation.
Other outsourcing champions have the president’s ear when it comes to jobs policy.
The president appointed General Electric CEO Jeffrey Immelt to lead the White House Jobs Council. GE became the third-largest company in the world under his watch, as the company shed more than 34,000 American jobs, while adding 25,000 foreign workers to its payroll.
GE did not stop outsourcing after Immelt assumed his post. In July 2011, the company moved its Wisconsin-based x-ray division to China, displacing 150 workers and creating 65 new foreign jobs.
Romney countered the Obama campaign’s attacks by accusing the president’s poor economic policies of speeding up outsourcing. His campaign “pointed [reporters] to an April 26 Wall Street Journal story headlined ‘U.S. Firms Add Jobs, but Mostly Overseas’ in an attempt to put the Obama campaign on the defensive,” according to NPR.
The green energy agenda at the center of the stimulus and energy loan programs have helped to shift billions in American capital, as well as hundreds of jobs, to overseas companies. The Obama team has even bragged about the jobs from such loans.
The “clean energy initiatives” featured in the ad include three taxpayer-guaranteed loans to Spanish clean energy conglomerate Abengoa worth $2.78 billion to create 195 permanent jobs—more than $14 million per job—as well as a $529 million loan guarantee to Fisker Automotive, a fledgling company that manufactures $100,000 electric cars in Finland and is now teetering on bankruptcy. The DOE also awarded nearly $6 billion in taxpayer-guaranteed loans to the Ford Motor Company, which is rapidly expanding its operations outside of the United States.
Ford is not the only motor company that has used taxpayer dollars to expand its overseas operations. GM moved forward with plans to build cars with cheap labor in China and Mexico and import them to the United States for sale in 2009 after Obama awarded the company $50 billion in taxpayer dollars. The administration later granted the company $45 billionin tax breaks that allowed the company to pay no income tax in 2011, despite taking in a record $7.6 billion profit.

Since: Apr 12

Hugo, MN

#5 Jul 3, 2012
Obama's failed green energy companies using YOUR money!

Abound Solar: FAIL
Solar Trust of America: FAIL
Bright Source: FAIL
Solyndra: FAIL
LSP Energy: FAIL
Energy Conversion Devices: FAIL
Abound Solar: FAIL
SunPower: FAIL
Beacon Power: FAIL
Ecotality: FAIL
A123 Solar: FAIL
UniSolar: FAIL
Azure Dynamics: FAIL
Evergreen Solar: FAIL
Ener1: FAIL
Seattle Slew

Kent, WA

#6 Jul 3, 2012
Republican voters are a remarkable, resilient breed and oblivions to reality.
You can sell them on wars that only create deficits and even tax cuts to spur the deficit along.
You can hear them cheering when their leaders say deficits don’t matter. Yet blaming the poor guy that inherited them and complaining he isn’t cleaning up their parties mess fast enough.(You missed a spot).
They even support fewer regulations on Wall Street even though Wall Street’s actions caused a worldwide financial meltdown that has just about crippled commerce.
You can see them mouthing the words, job creators that Luntz™ manufactured, to mask the fact that they export more than they create locally.$12 million, 2000/2008 exported.
You can even have them cheering on the looters of the economy.(HEROES of the FREE MARKET) united.
They even want to pay for the destruction with their pay packets, giving up the rights and benefits their precedents fought to achieve and secure for them, just so long as the people that actually drained the world of money and off shored it in tax havens are given tax breaks, shielded from punishment and rewarded with tax cuts.
They just have to be sold on the idea that socialism is identical to communism, that the POTUS is not one of them for 1 obvious reason, Democrats are working against the nation by wanting to bring law and order into Wall Street and by wanting to see every citizen has affordable health cover because somewhere in the constitution caring and compassion are unconstitutional and theft should be rewarded and supported, even if it happens to them.
Austerity will bring real change alright, the nation will go through pain induced convulsions, be ripped apart, corporations will use the media to rile up the right wing base and real socialism will enter the America equation, because the media will deflect and serve the corporations and the rich and the thinking dispossessed will turn on the media and the looters.
It won’t be like Europe as the second biggest arsenal in the world is held by private US citizens and too many have been driven unhinged by propaganda so it’s going to be a bloody decade soon after austerity really stars to bight.
I don’t know how many times I’ve read about the second Amendment solution here and those that have stated it are in full support of the people that drove the nation off the cliff and want to free up wholesale looting on a grand scale by Wall Street, they want to fight for the right to give up their benefits, freedom, lives and all for the sake of becoming poorer

Since: Sep 11

Rogers, MN

#7 Jul 3, 2012
Trolls wrote:
Obama's failed green energy companies using YOUR money!
Abound Solar: FAIL
Solar Trust of America: FAIL
Bright Source: FAIL
Solyndra: FAIL
LSP Energy: FAIL
Energy Conversion Devices: FAIL
Abound Solar: FAIL
SunPower: FAIL
Beacon Power: FAIL
Ecotality: FAIL
A123 Solar: FAIL
UniSolar: FAIL
Azure Dynamics: FAIL
Evergreen Solar: FAIL
Ener1: FAIL
They really hate it when you point out that it takes big corporate money to buy an election these days. It doesn't matter which party you prefer, they all have huge corporate donors in their contacts lists.
Seattle Slew

Kent, WA

#9 Jul 3, 2012
On Thursday, Mitt Romney campaigned at the headquarters of Solyndra — the first renewable energy company to receive a federal loan under the stimulus — and reiterated his debunked claims that its bankruptcy symbolized the corruption and cronyism of the Obama administration. But just one day later, a solar panel developer “that landed a state loan from Mitt Romney when he was Massachusetts governor” went belly up, the Boston Herald reports, creating an inconvenient storyline for the GOP presidential nominee.

The company, Konarka Technologies,“filed for Chapter 7 bankruptcy protection and will cease operations, lay off its 85 workers and liquidate”:

“Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations,” CEO Howard Berke said in a statement.“This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the United States.”

The demise of Konarka could become a hot topic on the campaign trail because Romney personally doled out a $1.5 million renewable energy subsidy to the Lowell startup in 2003, shortly after taking office on Beacon Hill.

Konarka is the second Massachusetts solar company, along with Evergreen Solar and Beacon Power, to receive taxpayer dollars under Romney’s tenure and subsequently declare bankruptcy.

Romney, meanwhile, routinely dismisses the nation’s 3.1 million clean energy jobs, even as clean energy is booming in Massachusetts. The industry has created 64,000 jobs across the energy efficiency and renewable energy sectors.
Snowman

Minneapolis, MN

#10 Jul 10, 2012
Obama for sale..

SS is toast..
Seattle Slew

Kent, WA

#11 Jul 10, 2012
Poor name changer, you should change your reality, not just walk away from your lies....

JTY

Since: Sep 08

Olathe, KS

#12 Jul 10, 2012
Seattle Slew wrote:
Romney, meanwhile, routinely dismisses the nation’s 3.1 million clean energy jobs, even as clean energy is booming in Massachusetts. The industry has created 64,000 jobs across the energy efficiency and renewable energy sectors.
There are not 3.1 million clean energy jobs. There are 3.1 million "environmentally friendly jobs". Those include bus drivers, people working at thrift stores, organic farmers, recyclers, ect. There are actual only about 600,000 green energy jobs, but that would be far less than the 5,000,000 Obama promised would be created with the nearly $100 billion his admin has spent on them, so he needed to pad those numbers.

P.S. http://money.cnn.com/2012/03/29/news/economy/...
Seattle Slew

Kent, WA

#13 Jul 10, 2012
I love it when you make your non-points, by trying to redefine... Jobs were made, have a NUT DAY !
Fred

Kansas City, MO

#14 Jul 10, 2012
Seattle Slew wrote:
I love it when you make your non-points, by trying to redefine... Jobs were made, have a NUT DAY !
Another brilliant post by the brain dead Sludge. Crony Capitalism is the signature of the Obama Administration.

Give me $500,000,000 and I will create a few jobs too before I retire to a Caribbean island just like Obama's friends did.
Seattle Slew

Kent, WA

#15 Jul 10, 2012
Romney's six largest campaign contribution sources in 2011 were executives, family members and affiliated political action committees of Goldman Sachs, JPMorgan Chase, Morgan Stanley, Credit Suisse, Citigroup and Bank of America, according to the Center for Responsive Politics, a Washington, D.C.-based group that monitors campaign finances.

The center said that the leaders of the six Wall Street giants -- which were rescued from ruin by U.S. taxpayers about three years ago -- have given $1.8 million to the Romney campaign.

As for Obama, Goldman Sachs was the sole major financial firm ranked among his top 20 contribution sources for 2011, with gifts of just $64,000 compared with $496,000 to Romney.

As they line up behind Romney, banks and investment firms are being joined by a new generation of hedge fund and private equity managers with deep pockets.

They are backing the candidate who comes from their ranks -- Romney, a former private equity executive.

"The financial industry has preferred Romney from the beginning when he started his campaign," said Viveca Novak, spokesperson for the center. "He is of their world. They believe he understands them. So, not suprising they would favor him."

JTY

Since: Sep 08

Olathe, KS

#16 Jul 10, 2012
Seattle Slew wrote:
I love it when you make your non-points, by trying to redefine... Jobs were made, have a NUT DAY !
Correcting erroneous information that you posted is a non-point? It is the left that is incorrectly labeling those jobs as green energy jobs. Do you consider the 106,000 thrift store workers to be in the green energy field? How about 160,000 bus drivers? How about organic farmers?
Amused Slew

Kent, WA

#17 Jul 10, 2012
If you don't "understand" recycling is green, it's beyond me....

JTY

Since: Sep 08

Olathe, KS

#18 Jul 10, 2012
Amused Slew wrote:
If you don't "understand" recycling is green, it's beyond me....
It's a green ENERGY job? That is what your original post said it was.
Seattle Slew

Kent, WA

#19 Jul 10, 2012
Funny, you're hating on jobs.... let's define reality... it WILL matter, right ??? Funny, YOU accepted 2 DIFFERENT teacher's pays... LMAOROTFu~!

JTY

Since: Sep 08

Minneapolis, MN

#20 Jul 10, 2012
Seattle Slew wrote:
Funny, you're hating on jobs.... let's define reality... it WILL matter, right ??? Funny, YOU accepted 2 DIFFERENT teacher's pays... LMAOROTFu~!
I am hating on jobs because I posted that you are giving bad information? Tell us how 106,000 thrift store workers are clean energy jobs? Heck tell us how Obama can count already existing thrift store workers as part of his green job pledge?
Amused Slew

Kent, WA

#21 Jul 10, 2012
Thrift stores recycle products, rather than building them from scratch...I see why you ask, you're the dimmest bulb in the chandelier, boi... LMAOROTFu~! Now, I want you to explain 2 different estimates for a single pay, 1,2,4 boi ... COME ON...

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