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Wall Street's Faith In Schumer Slips

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Sen. Charles Schumer has worked quietly but vigorously to shape financial regulatory reform legislation, a delicate exercise that has the New York City resident straddling the fence between his responsibilities as a Democratic Party leader and as a representative of Wall Street's interests.

Schumer's decision to support a strong, liberal-minded reform bill rather than rallying to Wall Street's defense has caused intense grumbling and hurt feelings in the New York-based financial services industry, long among the Senator's most loyal political and financial backers. Schumer's harshest detractors accuse him of taking Wall Street's campaign cash and then turning his back on the industry for the sake of career advancement in Washington, while those less impassioned offer a more balanced critique.

Read the whole story at Roll Call