Utica Daily News - Local and national news for Utica, The Mohawk Valley and Central New York.: Wall Street turning against Obama, Dems

Wall Street turning against Obama, Dems
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UPI on 02/08/2010 09:01:00 am
 
The newspaper said some of the large firms whose leaders made big contributions
to his 2008 presidential election are now making contributions to Republican
opponents and are rebuffing pleas from the national Democratic House and Senate
campaign committees.
The Times reported the shift is taking place because Wall Street financial firms
aren't happy with Obama's proposals for tighter financial regulations to prevent
the kind of speculative bubbles -- fueled by the trading arms of Wall Street
banks -- that were blamed for the financial crisis.
Wall Street is experiencing "buyer's remorse" in backing Obama and the
Democratic Party in 2008 and are upset by the president's characterization of
bankers as "fat cats" responsible for the deep recession, the Times said.
"I understand the public outcry," BB&T chief executive Kelly King said. "We have
a 17 percent real unemployment rate, people are hurting, and they want to see
punishment. But the political rhetoric just incites more animosity and gets
people riled up."
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