BRB aka EFF aka SP-RG, pictured above as her latest persona, the BBB, outside of Chuck Schumer’s office on Friday.
Her dispatch to DB: “Here I am in front of Senator Schumer’s offices Friday morning to protest his whining to Treasury Secretary Jacob Lew to scrap CFTC rules that would regulate cross border derivatives since he (and several other senators claim) the megabanks would get “confused.” (those poor sad banks!) And unfortunately, all that whining worked. Now Gary Gensler bowed to pressure from Lew and European Officials to negotiate a compromise within the rules. All this political maneuvering to save TBTF bank profit is making me sick! What is this frustrated butterfly supposed to do — whose ass do I need to kick — because I’M READY !!!”
If anyone has any ideas, do share. In the meantime: Read more »
Earlier today, Politico ran a story titled “Can Chuck Schumer win back Wall St. for Democrats?” Apparently the New York Senator recently “embarked on a fence-mending campaign with senior Wall Street executives, many of whom have grown furious with the Democratic party,” in a charm offensive that has included “holding private dinners [including one put on by Pershing Square manager Bill Ackman], organizing high-end fundraisers for Democratic candidates and quietly pressing for super PAC donations.” According to Politico, “the outreach appears to be working: Hedge fund and private-equity executives have held six different fundraisers for Democratic challengers and senators at Schumer’s request, sources say.” Some financial services employees, however, are not so easy. Take Cliff Asness for example. The AQR manager happened to read the piece and here’s what he had to say about it: Read more »
As you may have heard, earlier this afternoon, Facebook priced its initial public offering at $38/share, valuing co-founder Eduardo Saverin’s stake at approximately $2.9 billion. Since Saverin conveniently renounced his US citizenship last week, he will avoid paying millions in capital gains taxes and hang on to an estimated $67-$100 million that would have otherwise gone to the government, news that did not sit right with Chuck Schumer. Did the Senator from New York call the guy a “piece of shit miscreant“? No. Did he send him an email that included the line, “fuck with me and you will have a huge asshole“? No (not that we know of…). But Schumer was inspired to draft legislation aimed at tax-dodging ex-pats like Saverin and to let the kid know he makes him sick. Read more »
House Speaker John Boehner’s appearance before Wall Street leaders tonight challenges him to provide reassurance that Congress will raise the U.S. debt limit without undercutting Republican demands for spending controls…”The stakes are high for Speaker Boehner,” Senator Chuck Schumer told reporters on a conference call today. He called on Boehner to provide “unwavering reassurance” to the credit markets that House Republicans won’t allow the U.S. to default on its obligations. “The markets do not want to hear more threats,” Schumer said. “The time for brinkmanship is over. There is a lot on the line.” [Bloomberg]
As we have previously discussed, the renaming of the NYSE, post Deutsche Börse merger, is a delicate dance in which lots of people must be made happy. Though the Germans will own 60 percent of the company, many in New York are preemptively apoplectic over the notion of DB getting top billing. Chuck Schumer, for instance, has stated that he will handcuff himself to Maria Bartiromo’s desk in the event his town doesn’t come first (a threat NYSE chief exec Duncan Niederauer took seriously, by stating “DB NYSE” will not be an option). What to do? Hire a special task force and give everyone who wants it an opportunity to put in his/her two cents. Read more »
Senator Chuck Schumer just appeared on CNBC to discuss the Deutsche Boerse and NYSE Euronext deal. His thoughts? He likes it, assuming the New York name comes first, otherwise he’s going to handcuff himself to Maria Bartiromo’s desk until it happens. Read more »
That’s basically the contention of Washington Examiner columnist Timothy Carney, who pins his thesis on a former Schumer staffer who went on to lobby for the hedge fund and private equity industries.
Three years ago, Sen. Chuck Schumer, D-N.Y., leaned on hedge funds to lobby more. The funds soon hired his banking staffer as a lobbyist. She began raising money for Schumer. Now he’s championing financial regulation that would benefit these hedge funds. “Racket” might be the right word here.