Schumer Receives $1.65 Million From Wall Street

Politico reports that New York Sen. Chuck Schumer raised $1.65 million in contributions from the financial services industry -- nearly twice the amount of any other senator.

Data from the Center for Responsive Politics shows that despite scaling back contributions after last year's financial collapse, Wall Street firms are still investing in the Senate. Of the $10.6 million the industry gave to sitting senators this year, more than $7.7 million has gone to Democrats, defying the traditional notion that Republicans benefit most from Wall Street contributions.

From Politico:

Schumer spokesman Brian Fallon says his boss "calls the shots the way he sees them" -- regardless of who's giving him money.

"The financial services industry is a vital part of New York's economy, but he doesn't hesitate to go after the institutions when they are wrong, such as with credit cards, corporate governance and overdraft fees," Fallon said.

Schumer's fellow New York Senator Kirsten Gillibrand came in second with $886,000 in contributions from the industry. Majority Leader Harry Reid followed with $814,000, according to Politico.

In 2007, Wall Street's investments in Schumer paid off when the senator ran to the financial industry's defense, playing a key role in fighting off a tax hike on hedge fund and equity fund managers.

Comments

[research]

And credit default swaps are still legal, still backed by TARP.

[FrozenNorthObserver]

Ob*a*ma was Big Finances top recipient in 08 to the tune of $40 million. Might explain why 9 months later there has been virtually nothing done to reign in Wall St's excesses.
http://www.opensecrets.org/industries/recips.php?ind=F&cycle=2008&recipdetail=A&mem=Y&sortorder=U

[pomegrante]

he has always "looked" shady to me,no surprise.

[watchTVgetSTUPID]

Wall Street destroyed main street and the value of the dollar. Now watch the lobbyists turn the health reforn push into laws that force people and the government to pay insurance companies more than ever.

[cjt1957]

Needs to be in prison with Frank and Dodd....

[LightningJoe]

"...he doesn't hesitate to go after the institutions when they are wrong, such as with credit cards, corporate governance and overdraft fees"

How about exorbitant "bonuses" given for failing at corporate governance? How about the fricking obscene idea that corporations have "personhood" under the law, and that therefore every over-paid word of their "speech" is protected under the Constitution?

How about the "legalized" (read not-yet properly outlawed) hedge and derivitaves trades? What about them setting up low-income would-be homeowners as sellable pawns in an international ponzi scheme?

IF he had any serious scruples about the way "America does business," surely he could find some better targets than "overdraft fees."

[ChelseaC]

I knew he was on the take.................. Good grief...................

[BorseGermany]

The disconnect between the problems facing main street and Washington keep widening. For the past year we've heard nothing but talk of regulation, but zero action. What a joke.

good articles... http://www.iamned.com

meanwhile, the stock market is surging and everyone is too busy to counting their money to show any initiative

[Glocksf21]

corruption on both side of the aisle!

[ibsteve2u]

"...defying the traditional notion that Republicans benefit most from Wall Street contributions."

No shock, there; those Wall Street boyz are all about investing in the winners.

Now if they could go short on Senators, we might get a little more transparency in government - if from nowhere else, from Wall Street - as they ratted the Senator they were holding a short position on out to ensure his or her legislative power and electability evaporated.

[kikomnipotent]

Lobbyists in any business, financial or otherwise, act in much the same way the U.S. conducts its foreign policy. Invest in both sides, play them off of each other, and move the big money accordingly to whoever has the upper hand for the time being. The politicians, accepting large "donations" (paychecks & loans) from "contributors" (employers & lien holders) are simply high priced prostitutes, only they get paid to screw someone else.

[AlphaDoc]

Speaking as a NYer, I think it's time for Chuckie to retire.

[Lane4411]

Congress has been and will remain Wall Street's Slut

From Ritholtzdatcom

[GF646]

Three big cheers for Lobbyblog! What amazes me is that the millions of dollars given to Senators and members of the House cause no outrage in America. Our representative are being bought, paid for, signed, sealed, and delivered, and nobody seems to care. The corporate news media is a joke. They're either playing a role in the bribery or protecting their corporate bretheren. Does GE really want NBC and CNBC to discuss this problem? No way! What about Disney (ABC)? Whose side are the owners of the Times and the Post on? Isn't the bottom line how much profit they make?

Very sad.

[watchTVgetSTUPID]

Great picture. Looks like he is pocketing a check from Goldman Sachs with back scratching gratitude written on his face.

[zukervati]

LoL - or maybe the escrow check from the bank on the "sweetheart" mortgage deal he got from CountryWide!

[papasnow]

I suspect we've all become used to "our" politicians being offered bribes. The amazing part of this is simply the fact that he was soo arrogant as to accept it knowing the awareness of the public to this sort of blantant bribe. Politician= Political Whore. I suggest we all remember this on election day. Let's give him an opportunity to find another line of work. Sewer cleaning leaps to mind.

[purrmonsta]

With a massive number of his constituency are in the financial sector, it's not surprising that he would receive contributions from that sector. Duh.

[MacQ]

And the other 5 democrats who rounded out the list?