As axis of power shifts, Wall Street goes to D.C.

[IDemo]

Finance firms increasingly look south in wake of federal foray into economy

By David Cho, Steven Mufson and Tomoeh Murakami Tse
updated 2:59 a.m. MT, Sun., Sept . 13, 2009

WASHINGTON - J.P. Morgan Chase for the first time convened its board in Washington this summer, calling the directors to a meeting at the downtown Hay-Adams hotel, then dispatching them to Capitol Hill for meet-and-greets.

Last month, a firm run by the billionaire investor Wilbur Ross hired the head of Washington's top mortgage regulator to pick through the wreckage of the housing bust looking for bargains.

And the world's largest bond fund, Pimco, which has traditionally assessed the risk of any new investment according to five financial criteria, recently added one more: the impact of any change in federal policy.

As financial firms navigate a life more closely connected to government aid and oversight than ever before, they increasingly turn to Washington, closing a chasm that was previously far greater than the 228 miles separating the nation's political and financial capitals.

http://www.msnbc.msn.com/id/32822956/ns/business-washington_post/

[Hawkowl]

1. The pretense is gone

Wall Street finds in this era of computers that they need to be within walking distance to supervise their political lackeys, i.e; Senators and Congressman.

Our we officially the fascist states of America yet?