Sen. Scott Brown (R-Mass.) likes to tout his credentials fighting Wall Street, but he's been doing awfully well lately raising money with the help of New York finance types, and Saturday he'll notch another such event.
An invitation shows that former Lehman Brothers bond trader Larry McDonald is rolling out the red carpet for Brown on Cape Cod, just a few days after New York Mayor Michael Bloomberg hosted Brown in the big Apple.
McDonald, who wrote the "A Colossal Failure of Common Sense" documenting Lehman's collapse, makes it very clear that he thinks Brown will be good for his industry.
"As a New Yorker, working in the finance industry, I think it's of paramount importance Scott is reelected," McDonald writes in his pitch, warning that "pendulum swings" after financial catastrophes often lead to a situation where "initiative choking regulation is the ultimate job killer."
"We need Scott Brown to help lead our country out of this financial quicksand," McDonald argues, saying that recent failures of the firms MF Global and Peregrine Financial aren't evidence that better regulation is needed, but instead "go a long way to prove we don't need more rules and regulation, we need effective regulators."
He's also clear where he wants Brown to focus his efforts. "Above all, I want Scott on the Senate Finance Committee next year, he's the right choice, not his opponent," McDonald writes.
Brown cast the key vote in passing the Dodd-Frank bill to tighten financial industry regulations -- a fact he cites often in his ads -- but recent reporting also suggests he worked hard to weaken regulation, as well, which McDonald apparently sees as slowing that regulatory "pendulum swing."
"I've spent a lot of time with Scott Brown discussing what's right and wrong about financial reform and Dodd Frank, he gets it, and has the right ideas to make the crucial improvements needed," McDonald says.
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