It seems dozens of wealthy Wall Streeters that donated to Obama in 2008 are now realigning and donating to Mitt Romney. Many may just be hedging their bets as Obama is still raising plenty from Wall Street. In June he reportedly gathered $2.4 million at one event in a New York restaurant.
According to a review of fundraising data, 67 people who work in the financial sector and live in the New York City metro area gave to Obama in 2008 and the former Massachusetts governor in 2011.
This select group from Credit Suisse, the Blackstone Group, the Stanwich Group and Goldman Sachs has since donated more than $147,000 to Romney. Supposedly these reversals come as a result of Obama’s “tough” rhetoric while pushing to pass the Dodd-Frank banking laws.
One aspect of this that is little hard to stomach given the fast pace of recovery on Wall Street compared to main street is the executives expressed feelings of “betrayal” by Obama.
"Everybody I speak to is on the same boat -- disappointment," said one Wall Street executive who requested anonymity
They seem more fragile and easily offended than one might expect of hardened business execs.
And there is this heartrending remark
"It's not healthy for rich people to feel maligned,"
“There’s class warfare, but it’s my class, the rich class, that’s making war, and we’re winning.”
So enjoy the upcoming Labor Day holiday and please be gentle with the wealthy. After all we have been warned that it isn’t healthy for the rich to feel maligned! Be thoughtful and try to keep in mind the burden it must be for the top 400 wealthiest people in this country to own more than the bottom half combined.
FairPoint has Reached an Agreement with its Bank Lenders that will Restructure its Costs and Balance Sheet
As a leading provider of a full range of communications services, FairPoint Communications provides local and long distance voice, data service, Internet, television and broadband services. FairPoint operates 32 local exchange companies in 18 states with 1.7 million access lines. Like many companies, FairPoint has been impacted by the recent turmoil in the financial markets. As we have shared with many of our stakeholders, we have been working with our bank lenders to reduce our debt. We are pleased to announce FairPoint has succeeded in reaching a pre-arranged deal with our bank lenders that will reduce our debt in excess of $1.7 billion. We have entered Chapter 11 to implement this deal and restructure our costs and balance sheet. This is good news and we are confident that FairPoint will emerge as a much healthier and more viable company structured for future growth and profitability.
The International Brotherhood of Electrical Workers (IBEW) and Communication Workers of America (CWA) announced Friday that FairPoint was on the brink of bankruptcy.
As the unions have consistently maintained, FairPoint's problems were caused primarily by its crushing debt and an organizational chaos that adversely affected revenues and operations. Despite waging an all out campaign to oppose the sale, thousands of former Verizon workers have spent the last year-and-a-half working to make their new company succeed.
250-1
55-1
