An eye-opening and disappointing story NYT article regarding Schumer's ties to finance industry

[Phoebe Loosinhouse]

http://www.nytimes.com/2008/12/14/business/14schumer.html?em

The Reckoning
A Champion of Wall Street Reaps Benefits
By ERIC LIPTON and RAYMOND HERNANDEZ
Published: December 13, 2008

skip

Senator Schumer plays an unrivaled role in Washington as beneficiary, advocate and overseer of an industry that is his hometown’s most important business.

skip

But in building support, he has embraced the industry’s free-market, deregulatory agenda more than almost any other Democrat in Congress, even backing some measures now blamed for contributing to the financial crisis.

skip
But Mr. Schumer, a member of the Banking and Finance Committees, repeatedly took other steps to protect industry players from government oversight and tougher rules, a review of his record shows. Over the years, he has also helped save financial institutions billions of dollars in higher taxes or fees.

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.

As much as I would like to blame Bush and the Republicans solely for the current debacle, some of our guys were right in there too providing easier access to the henhouse for the foxes. The whole article is well worth reading. Schumer is now reduced to "who knew?"

[kirby]

1. I know I've posted here many many times...

That Schumer and Dodd have been the enablers of Wall Street. Normally all I hear is crickets.

[Robbien]

7. Schumer is the major promoter behind the Dem party pushing right-wing Dem capitalistic candidates

Almost every time a new populist/progressive candidate ran, Schumer either tried to force that candidate to drop out or set up a DLC/New Dem/Blue Dog candidate to run against him and threw all the DSCC money behind the capitalist.

[roguevalley]

11. I haven't liked schumer for a long, long time. nothing he does

surprises me, the treacherous dork.

[moondust]

13. I knew it.

And posted more than once that Schumer should be recused from the bailout discussions because he is basically Wall Street's agent. Of course he could always just say he was representing his constituents.

[pleah]

2. K&R

[bdamomma]

3. I do not trust Schumer at all, he's part of hierarchy too.

[KharmaTrain]

4. Money Is Non-Partisan

Yes, Democrats had their fingers in the Wall Street games and messes...virtually anyone who could did. Until a year ago, the bubbles and booms were still going strong and millions of people were using the markets to build up savings and retirement. Not everyone who owns stock is a millionaire...and that as long as the markets stayed on the upside, many made money including a lot of New York voters.

It's so easy in retrospect to pick out names and cast blame. The GOOP blames Barney Frank...and I've seen some DU'ers as well. Now, if those actions put extra money in retirement accounts and went back into new jobs or opportunities, Schumer would be a hero here, not a goat.

The problem was this economic system spent over 25 years with little to no regulation...and it wasn't the responsibility of a Senator to make that happen, that's an Executive responsibility. I'm no Schumer fan, but for many years, the biggest issue for a majority of voters was making money and they didn't care how they got it...politicians just go where the votes are.

[John Q. Citizen]

6. Yes, expecting leadership from leaders is a fools game. Why do you suppose the Dems kept bush in

office instead of attempting to remove him?

He makes them look good is why.

Without bush in there to act as a lightning rod, we might hold our own accountable. Couldn't have that.

[CheCheCheCheYerBooty]

5. Always, always

follow the money. This guy Madoff amy be bigger trouble than we thought.

[progressoid]

8. Clearly, these problems had some help from Democrats.

Schumer is one of them.

[Hidden Stillness]

9. It is the Only Way to Explain Some of Their Behavior

There really is no way to avoid facing these things, and it is the only way to explain perplexing-Congressional-vote-after-perplexing-Congressional-vote. You have people who seem to be liberals, who explain populist jobs issues very well, who pretend an admiration for Franklin and Eleanor Roosevelt, etc.--then who do these outrageous, inexplicable votes that deregulate the credit card industry or give money to investment speculators and don't hold them to any rules or laws (when they should actually be in prison). It is not ideology with some of these people--it is just financial ties to specific corporations.

Joe Biden, who is so good as to write and sponsor the Violence Against Women Act, gave us deregulation of credit cards, no oversight of abuses, and the Bankruptcy Bill. Chris Dodd, who gives us a deep understanding of history, (the Nuremberg trials), and a brave lonely filibuster against Republicans not that long ago, has ties by way of a very suspect mortgage arrangement with Countrywide, and forces the horrific, multi-trillion dollar giveaway to investment brokers, to no end and with no good results! Even good ones will do these bizarre individual acts, and Schumer, of course, is a complete phony. Ever wonder why they can "never" manage to get around to passing laws that would get the corporate money out of politics--they JUMPED on that Wall Street bailout, though.

[Laelth]

10. Obama needs to find a cabinet position for Schumer, quickly.

Obama has already cut off one head of the DLC by making Emanuel Chief of Staff. Now if we could only get Schumer out of the Senate, the DLC would lose another key head. I like having DLC people in positions where Obama can fire them at will if they don't do his bidding. Schumer is gonna be a pain in our collective backsides if he stays in the Senate.

:dem:

-Laelth

[SoCalDem]

15. Make him Secretary of Chairs..

he can count & set up the chairs...all in nice, tidy rows for all the meetings..

[Laelth]

16. Fitting of his abilities, I admit.

So far, Obama has been able to offer juicy enough posts to get DLC big-wigs to bite. I'm afraid "Secretary of Chairs" might not be exciting enough for Schumer.

;)

The United States is a LIBERAL Country.

:dem:

-Laelth

[Wilms]

12. k&r n/t

[SoCalDem]

14. When banks finance your elections, they play the tune, and you dance for them

Lobbying is evil..It should be illegal except for non-profits..