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Wall Street Lobbyists Are Reportedly Targeting Elizabeth Warren’s Run For Senate

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The potential face-off between United States Consumer Financial Protection Bureau special adviser Elizabeth Warren and Massachusetts’ Sen. Scott Brown (R) has captured the attention of Wall Street. According to a report by Politico, banking lobbyists have already begun discussing Warren’s run and strategizing just how to take on the woman Time magazine called a “new sheriffs of Wall Street” and whose impassioned comments regarding “class warfare” were recently the topic of a popular, much-distributed video.

So far, it seems the chatter on the Hill is being shaped by a desire not to make it seem as if there’s an all-out “attack,” per se, on Warren, as such a move which would ultimately serve to further energize her base and win her sympathy points.

And Wall Street’s focus on Warren could also help Brown be seen as something other than the “lesser of two evils” where support from the banking world is concerned:

All of this could be welcome news for Brown. Even though he’s the fourth-largest recipient of banking, insurance and real estate industry donations in Congress, not everyone in the banking world is enamored with him, since he cast votes to reduce debit card swipe fees and approve financial reforms.

“Better a friend with whom you sometimes disagree but can always talk to, than an antagonist who is always coming at you, guns blazing,” said the former Hill aide.

And the industry seems willing to forgive Brown.

“Although many people associated with the financial industry disagreed with his vote on Dodd Frank, most feel that Sen. Brown’s involvement in the bill was balanced, thoughtful and driven by policy considerations rather than politics,” said Sam Geduldig, a financial services lobbyist at Clark, Lytle & Geduldig. “I believe the same people view Professor Warren’s contribution to the debate to be less so.”

But Democratic strategists aren’t exactly sitting idle, and they evidently intend to use Brown’s ties to the (increasingly publicly-maligned) banking industry against him. Meanwhile, Brown’s camp is touting several of his past decisions — like his votes to reduce debit card swipe fees, for instance, –as evidence that he shouldn’t be seen as being inherently tied with the industry’s interests.

h/t Politico

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  • http://twitter.com/Good_Lt Good Lt.

    If Elizabeth Warren is too stupid to realize that the business owners she demonizes constantly also pay taxes and lots of them, then she has no place serving in the US Senate.

  • Michelle

    Meanwhile, Brown’s camp is touting several of his past decisions — like
    his votes to reduce debit card swipe fees, for instance, –as evidence
    that he shouldn’t be seen as being inherently tied with the industry’s
    interests.

    So who is to blame?

    Bank of America announced Thursday it will charge its debit card
    users a $5 monthly fee beginning in early 2012, provoking fury from a
    senior Democrat.

    The bank, the largest in the nation by assets, blamed its decision on
    the so-called Durbin Amendment, a provision of the Dodd-Frank financial
    reform law put into place by Democrats in 2010 that set limits on the
    fees banks could charge retailers for swiping their debit cards.

  • Irish189

    Hmm Wall Street lobbyists don’t like Warren, must be a slow news day

  • Ralph

    Her rhetoric is way past its expiration date.  They’ld have us believe that they’re not a part of the mess, but it’s just a good-cop/ bad-cop scam that is being worked on us by those who are profiting from America’s demise.

  • Michelle

    Liberals have a habit of not thinking things through to the end result.  If they behead the rich, who is going to create jobs and pay the taxes? 

  • Michelle

    Liberals have a habit of not thinking things through to the end result.  If they behead the rich, who is going to create jobs and pay the taxes? 

  • http://mediamatters.org/ Leedog

    It’s the middle-class that creates jobs through their consumption of products!! I could own 500 companies, but if no one can afford my products, how long would I be business??

  • caconservative

    Listen closely to what this woman espouses and you will hear the typical, share the wealth socialist hypocrisy. The holes in her opinion are glaring.  

  • Anonymous

    So, it’s the fault of the Democrats that Bank of America decided to blindside their customers?  Talk about putting the carriage before the horse…

    Sure, never mind that BofA makes billions in profits every year or that the bank was directly involved in the malicious behavior that led to our current economic crisis.  These poor job creators clearly make so little money that a 5 cent decrease in debit swipe fees that the mean ol’ government implemented to protect small businesses from being shorn like sheep requires that they make ALL of their customers pay 5 dollars a month to use their debit card.

  • Sean

    It’s sad that there doesn’t seem to be such a thing as a thoughtful conservative anymore – just those who regurgitate Roger Ailes’ talking points. There is zero proof … ZERO! … that giving tax breaks to corporations and rich individuals incentivises them in any way to create jobs. Cleaning up the cesspool that is our banking industry isn’t the difference between capitalism and socialism and if you conservatives could figure out how to, once again, think for yourselves as opposed to letting Fox News do your thinking for you, you’d realize that.

  • Anonymous

    Bank of America charges $5 a month checking, try ING instead. Fantastic free checking account and they’ll give you $50 bucks to sign up. See, the free market does work.

  • Anonymous

    Elizabeth Warren is the best qualified to run for the US Senate seat and
    all the nay sayers are absolutely wrong! They spew the same lies the Toxic
    Enigmatic Anarchist(TEA) party spews thinking people will believe them!
    Constantly calling names and not discussing real issues or problems! The Durbin Rule, part of the Frank-Dodd Act, provide
    guidelines and restrictions put into place
    resulting from the recession of 2007 and 2008!
    There were major corporate and accounting scandals like Enron and
    Worldcom which cost investors billions. The Frank Dodd Act
    provided a sweeping overhaul of America’s
    financial regulatory system to consolidate agencies, regulate financial markets,
    implement consumer protection, provide financial crisis tools for the FDIC and
    improving accounting processes and tightening credit rating regulations.
    Now the
    Troubled Economic
    Antagonist(TEA) party want to undo previously passed and signed
    legislation that reigned in the excesses of the past! Call your
    Senator and Representative and tell them “Do
    not water down these Acts!”

  • Anonymous

    The bankers and corporations are afraid of her.  They love their Ponzi schemes and they don’t want that to change.  

  • Anonymous

    Yes, it’s the fault of the Democrats. It’s called unintended consequences when you pass a law that tells a company they have to charge smaller fees. So where do you think they will make up that money?

  • http://www.facebook.com/people/Marcia-Hayes/100001270554182 Marcia Hayes

    The “rich” including the Koch brothers made record profits – then layed off thousands of workers.   The richest (top 1 %) Americans now  control almost 50% of the nations wealth.  This increase in wealth is the highest since just before the great depression.   The rich are not creating jobs and they are not paying their share of taxes. 

  • http://www.facebook.com/people/Caroline-M-Corman/1790826629 Caroline M. Corman

    This woman just states the truth.  None of the freakin’ banksters are in jail for fraud and robbery.  Why is that?
    Could it be that their bought and paid for Con-gressman are more frightened of them than their constituents?
    Bribery should be a crime.

  • Lochrenpam

    You knew it was just a matter of time before the “big bucks’ of Wall Street were going after Elizabeth Warren. Of course they dont want her in government anywhere….. This should be a wake up call for Americans… If the corporate groups, who think they run this country, want to make sure she is not elected. WE, the people of the United States, need to make sure she WINS… If you cannot vote in the Massachusetts election people… send your contributions to Elizabeth Warren, so she can get elected against all that money that will be thrown to Brown, who should GOOO…

  • Anonymous

    Because BofA is hurting for money?

    The point is that they are so flushed with profits from a multitude of other avenues of revenue that they can afford to take in a little less revenue so small businesses can worry less about debit card fees.  Especially considering that this current economic downturn is partly their fault and that they owe us, the taxpayers, their very solvency as an institution.

  • http://www.facebook.com/profile.php?id=1497076194 Travis Pierson

    When Ben & Jerry’s ice cream really started taking off, the founders realized they weren’t capable of running a major, multinational company and began looking for a CEO who could take their brand to the next level. Being good leftists who were opposed to there being such a huge income gap between the wages of CEOs and the average worker, they set the CEO’s salary at only 7x the average wage they were paying at the time. Nobody with any experience running a company that size would take the job for that wage, but they stuck to their guns and finally found someone who would do the job for the salary they offered. He nearly killed the company and put all those workers in the unemployment line. The owners finally relented and offered a salary commensurate with the demands of the job and got someone competent and capable of managing the company and now their brand is ubiquitous. I still don’t buy it because the owners are kooks, but they did learn a lesson about being successful in business. 

  • http://www.facebook.com/profile.php?id=1497076194 Travis Pierson

    This should surprise no one. The left is engaging in class warfare and wants redistribute wealth regardless of the potential damage to the US and world economies. I think it will be a very long time before Wall Street or any non-crony corporation endorses another Democrat as long as they maintain such a level of anti-business rhetoric. 

  • Dog, Bob Dog

    Scott Brown’s war-chest courtesy of Wall Street and the banking industry currently stands at 11.9 million and shows no signs of slowing anytime soon.  Elizabeth Warren’s is $915,000 and cannot possibly compete monetarily with the Brown/Wall Street juggernaut.  Citizens United has created an untapped source of wealth for republicans and the American people be damned.  If you don’t know why people are marching on Wall Street, here’s your sign.

  • Anonymous

    Small businesses pass those fees onto the consumer. By the way, Walmart and Home Depot are not small businesses.

    Retailers had an agreement with the CC companies on what the fees would be. All  agreed to without government interference. Then the lobbyists rode into town when businesses found out how much they were losing. Little Dick Durbin’s former spokes person is a lobbyist for Walmart.

  • Anonymous

    “Small businesses pass those fees onto the consumer.”

    Not necessarily.  The most common way that small businesses deal with swipe charges is to require a minimum purchase amount.  However, that doesn’t do much good because many consumers will just be more likely to take their business to a chain store, which is much less likely to have minimum purchase requirements.

    “By the way, Walmart and Home Depot are not small businesses.”

    Never said they were.

    “Retailers had an agreement with the CC companies on what the fees would be. ”

    I was unaware that small business owners had an agreement with the banks in regards to debit card fees.  My understanding was that it was chain retailers making such an agreement.Regardless, this doesn’t change the fact that BofA is not wanting for cash.  They’re using this debit card swipe fee decrease as an excuse to further nickel and dime their customers.

  • Anonymous

    I see the cutthroat GOP, corporate sharks are circling Elizabeth Warren.  They are terrified she may win, so the smear campaign begins.  The question you GOP robotonics need to ask is, why are they so afraid of this woman?  Maybe because she knows the truth. . . hmmmm

  • CarmanK

    The rich go richer because of favored legislation, shipping jobs overseas and bilking american concsumers. The rich haven’t paid their fair share of taxes to run the country since 2001. The TPARTY NATIONALISTS WANT TO revisit the days of the DEPRESSION in order to appease their consciences about the fact that they really don’t want democracy. What they want is a reduced federalism that frees them up to poison our air and water. They want to steal our children’s future by shortchanging democracy in favor of oligarcy. They want to restore state’s rights in direct conflict with the US constitution so that “like minded peoples can come together” and little fiefdoms arise, while the state legislatures yield to their personal demands.  Re: Art Pope in NC, Kochs in Kansas and the guy who controls and committs industrial homicide in the name of Massey Energy. Ronald Reagan demonized the poor, so that ordinary people could justify the starvation of children, the elderly and the disable. The republicans elected Super Thief in Chief Rick Scott, gov of FL. So republicans approve of stealing millions from Medicare.  The rich just add the fuel to the fire, there are plenty of TPARTY PATRIOTS who will  do their bidding. Against all that  is moral and decent, the TPARTY NATIONALISTS would rather let their fellow americans die as they indicated on tv than show mercy. The TPARTY NATIONALISTS give more value to the rich to add another gold brick to their sidewalks, than to feed a a child. I will never, ever forget the kid on 60 minutes who was put on the streets because his family was poor, who went to school on a bus in FL during the day, and went to bed hungry at night. He said what you do,” is try to convince yourself you are not hungry and hope you will fall asleep fast, so the pain will go away”. “Suffer not the little children”, in the bible but not practiced in the BIBLE BELT.

  • Jerry Baustian

    I find it interesting that you mention Charles and David Koch. You have no idea how much profit Koch Industries earned, because as a private firm it does not have to file quarterly or annual reports. So if you think Koch earned such huge profits, how did you obtain your information?

    On the other hand, it’s pretty easy to tell whether Koch is hiring or firing, and it appears that Koch has been growing and adding workers steadily over the last several decades.

    If you want the rich to pay a fair share, then reform the tax code… don’t just shuffle the rates but leave all the deductions and credits and tax expenditures in place, like Obama wants to do. One good place to start the discussion would be with Herman Cain’s 9-9-9 proposal; it’s not necessarily the best plan, but it’s far better than what we have now. And it would generate revenue from the idle rich and not just the productive entrepreneurs, like Obama wants to do.

  • Jerry Baustian

    Fool. Typical left-wing fool. My dad would say that you do not have the brains to come in out of the rain.

  • CarmanK

    The only fool here, is the one that closes their minds eye to the future of this country and what could happen if the republican wrong headed fiscal policies continue to drive this nation into a ditch and impoverish many more. TRICKLE DOWN DIDN’t work for the many, UNWISE trade policies did not enhance the lives of millions; they took away jobs lots of jobs. It is interesting that the right wing economist: Lou DOBBS used to be a champion of the MIDDLE CLASS until he went to FOX. He regularly had segments about BUSH’s wrong headed economic policies that were shrinking the middle class. He warned us this was going to happen. The strength of a country is in its people. Any economist worth his weight will tell you the value of a nation is its work force. Jefferson said, public education was the great equalizer and the real hope to preserve the american democracy. DEMOCRACIES DIE when the Economic Royalists take over running a country to benefit themselves at the expense of others. That’s why the role of govt is to curtail the greed and arrogance of ‘OULD BE KINGS” AND PROTECT THE commong good.Elizabeth WARREN is an intelligent, competent champion of the MIDDLE CLASS and she will prevail, because ELIZABATH WARREN’s value system is in balance and in sync with the people that make up the US of AMERICA.

  • Jerry Baustian

    Elizabeth Warren is a hardcore Marxist, and Marxists are no friends of the middle class.

    A common goal of nearly everyone in the middle class is to accumulate wealth — to work, to save, to invest, to build something using our own personal resources. Warren, Obama, and other Marxists are opposed to the accumulation of wealth by ANYONE; that is why they want confiscatory tax rates on the middle class, even as they blather about “millionaires and billionaires”.

  • Frizzymstarbaby2

    The 99% ers…..They need to take their money out of the banks and insurance companies, and mortgage brokers, and start their own businesses.  They need to boycott all businesses that send jobs overseas and will not hire or invest in America.  Then America will be by the people, of the people,  and for the people.  Amen.     frizzymstarbaby2

  • Frizzymstarbaby2

    The 99% ers…..They need to take their money out of the banks and insurance companies, and mortgage brokers, and start their own businesses.  They need to boycott all businesses that send jobs overseas and will not hire or invest in America.  Then America will be by the people, of the people,  and for the people.  Amen.     frizzymstarbaby2

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