Why Wall Street's generous to New Democrats in House

[housewolf]

By David Lightman and Kevin G. Hall
McClatchy Newspapers

WASHINGTON — Members of the powerful New Democrat Coalition in the House of Representatives are among the top Democratic recipients of Wall Street campaign money this election cycle — and also among the most vocal advocates for weakening a plan to regulate complex financial instruments called "derivatives" that helped fuel the near-collapse of the economy in 2008.

A McClatchy review of campaign donations listed by the Center for Responsive Politics found that eight of the top 13 Democratic House recipients of Wall Street campaign cash are New Democrat Coalition members.

Read more: http://www.miamiherald.com/2010/06/18/1688815/why-wall-streets-generous-to-new.html#ixzz0rLEGxKTF
...

On Wednesday, 43 members of the New Democrat Coalition — a group of 69 business-friendly House Democrats — sent a letter to the top House-Senate negotiators arguing against the Senate provisions and in favor of the weaker House version.

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"The New Dems have been saying that they are working on behalf of the end-users at the same time that Wall Street has been stuffing their back pockets with cash," alleged Adam White, the director of research for White Knight Research and Trading in Atlanta, an independent research firm.

"This is what Wall Street money is all about," said Craig Holman, a legislative representative for Public Citizen, a consumer group. "The New Democrat Coalition is a powerful group, and Wall Street believes this is a way of influencing legislation."

Ten of the top 15 New Democrats receiving Wall Street money hail from states with huge ties to the financial sector. New York is home to Wall Street, and Illinois is home to the Chicago Mercantile Exchange, where commodities are traded.

more..

Read more: http://www.miamiherald.com/2010/06/18/1688815/why-wall-streets-generous-to-new.html#ixzz0rLEhH9Nb

[yurbud]

1. obvious but crucial to have it documented. ''New'' Democrats are really old corrupt ones.

[Sebastian Doyle]

2. Useless treasonous fucks

They can call themselves whatever they want, but they will never be Democrats.

[Vincardog]

3. hey can call themselves whatever they want, but they will never be Democrats. That is why WE have to

PRIMARY them out of OUR party.

AND GET RID OF THE GD BBV machines that help them maintain power.

[awoke_in_2003]

4. because the new guys come cheaper. nt

[depakid]

5. Not "business friendly" to small businesses or their customers