Wall Street turning against Obama, Dems

U.S. President Barack Obama delivers remarks at the Democratic National Committee winter meeting on February 6, 2010 in Washington. Top party officials and supporters gathered for the annual meeting to map out their agenda for the year. UPI/Brendan Hoffma

NEW YORK, Feb. 8 (UPI) -- One-time Wall Street supporters of U.S. President Barack Obama are turning against him as he pushes for new regulations, The New York Times reported Monday.

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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