Campaign contributions can be hard find if a candidate doesn’t fall in line. It seems that the banking industry is “paying back” President Obama for his non-pandering ways. That is, some large businesses and banking institutions are shifting their campaign contributions to the Romney camp or Republicans in general. I would say, small wonder.
The once “bailed out” have shifted their dollar vote to the buy-um and sell-um camp of venture capitalism. One can only guess it’s because Obama was able to squeeze in some legislation that big business and the banking industry feel is too restrictive. These being the same folks, that if it were not for bail outs would have bankrupted the nation. Remembering they were Too Big to Fail.
It’s not hard to see why many large institutions like Goldman Sachs have some overt perturbations about the Dodd-Frank Wall Street Reform and Consumer Protection Act. They might just have to actually do some work instead of just “rolling the bones” on iffy investments or vague financial instruments. Is the fear that some oversight on Hedge Fund managers or the ether of the Derivatives Market might stifle growth, or just stop enriching money managers on the backs of working class Americans?
Also not hard to see is why AT&T has shifted the lion’s share of support to the conservative camp. Could it be that AT&T has gotten its collective panties in a wad because the Obama administration didn’t bend to the merger god’s by rejecting the proposed wedding of AT&T with T-Mobile? It’s a sure bet that neither of them are getting a Virgin.
All too often the nexus between business and government neglect to offer relief or protection for the greatest majority of consumers. Lenders including credit card issuers stack the deck against the borrower. Legal mumbo-jumbo on credit agreements baffle the card holder and require a team of attorneys to decipher. Mr. Romney and many in the private sector as well as the congress have vowed to repeal Dodd-Frank if elected. Keeping in mind, not only is Mr. Romney beholding to Bain Capital but to institutions like Goldman which financed many of Bain IPO’s as well as his personal finances. Dodd-Frank attempts to offer, albeit imperfect, protection for the consumer and the economy from a repeat of the banking industry implosion.
It was greed soaked brokers, and the banking industry itself that ushered the deepest economic collapse since the Great Depression.