Some of the biggest banks aren’t feeling all the respect from Democratic Senators they think they deserve — and maybe they expect it after donating millions to canditates over the years.
The Too Big to Fail Mob of investment banks — Citigroup, JPMorgan, Goldman Sachs and Bank of America — are very upset that Senators Sherrod Brown and Elizabeth Warren are leading efforts to stave off amendments and other agreements that would weaken parts of the Dodd-Frank banking laws.
And this from the same Wall Street investment banking industry where total bonuses for 2014 were $28.5 billion. That is more than double the annual pay of more than 1 million workers earning minimum wages.
So upset were the banks that representatives from the Citigroup, JPMorgan, Goldman Sachs and Bank of America mob got together to make a plan:
“…discuss ways to urge Democrats, including Warren and Ohio Senator Sherrod Brown, to soften their party's tone toward Wall Street” [added emphasis]
Following the bankers’ strategy meeting unconfirmed reports surfaced that the four banks may not make as many donations to Democratic candidates as usual. Whew, a nice way to “soften” the tone.
Well, Senator Warren will have none of it from big banks. “They have taken their shot, but it will not work.” She wrote in a letter to supporters And she continued:
I’m not going to stop talking about the unprecedented grasp that Citigroup has on our government’s economic policymaking apparatus,” she added. “I’m not going to stop talking about the settlement agreements that JPMorgan makes with our Justice Department that are so weak; the bank celebrates by giving their executives a raise. And I’m not going to pretend the work of financial reform is done, when the so-called 'too big to fail' banks are even bigger now than they were in 2008.”
Pretty good tone, Senator, it reminded me of this:
We had to struggle with the old enemies of peace –business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering. They had begun to consider the Government of the United States as a mere appendage to their own affairs. We know now that Government by organized money is just as dangerous as Government by organized mob. [added emphasis]
That’s President Franklin Roosevelt from his Second New Deal announcement during his 1936 re-election campaign. That's a pretty good tone too.