Tuesday, March 31, 2015

War on Warren: Big banks collude to withhold donations from Democrats

It has come to this: I am no longer surprised about the craven actions on Wall Street. Here is the story from Reuters.

(Reuters) - Big Wall Street banks are so upset with U.S. Democratic Senator Elizabeth Warren's call for them to be broken up that some have discussed withholding campaign donations to Senate Democrats in symbolic protest, sources familiar with the discussions said.

Representatives from Citigroup, JPMorgan, Goldman Sachs and Bank of America, have met to discuss ways to urge Democrats, including Warren and Ohio Senator Sherrod Brown, to soften their party's tone toward Wall Street, sources familiar with the discussions said this week.

Bank officials said the idea of withholding donations was not discussed at a meeting of the four banks in Washington but it has been raised in one-on-one conversations between representatives of some of them. However, there was no agreement on coordinating any action, and each bank is making its own decision, they said.

Charles Pierce, writing in Esquire magazine, lambasts those banks, their executives, and any Democrats not on board with Warren. Here is a sample.

My god, what a prodigious bluff. Also, my god, what towering arrogance? These guys own half the world and have enough money to buy the other half, and they're threatening the party still most likely to control the White House because they don't like the Senator Professor's tone? Her tone? Sherrod Brown's tone? These are guys who should be worried about the tone of the guard who's calling them down to breakfast at Danbury and they're concerned about the tenderness of their Savile Row'd fee-fees? Honkies, please.

Call this. Do it now. Tell them their money is no good here any more. Give these brigands the 86 the way any respectable saloonkeeper gives the heave to a chronic deadbeat who's run up an unpayable tab. Show the country in simple (and not necessarily civil) words what these people really are. Demonstrate, speech by speech, that they have no loyalty to the political entity that is the United States of America, that they are stateless gombeen bastards who would sell this country's democracy off like a subprime mortgage to put another ten bucks into their pockets. They are threatening the people whom they still should be thanking for saving them from themselves. And Senator Professor Warren is only their most conspicuous target. Don't kid yourselves, this is a message they're sending to every politician, up and down the line, national and local. Don't cross us. We own you. There is only one response for a democratic people to make to this ongoing gross obscenity.

This is a fight the Democratic party must have, if it's going to be worth a damn as a political entity. If some Democratic politicians line up on the wrong side, and they go down, so be it. The rest of the country has sacrificed enough for the plague-ridden benefits of its investor class.

(h/t Sherry Moreau)

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