To find the real reason #Democrats didn’t close the loophole, follow the money. #WallStreet is one of the Democratic party’s biggest contributors. The Street donated $49.1 million to Democrats in 2010, according to the non-partisan Center for Responsive Politics. Hedge-fund managers alone accounted for $5.88 million of the total. Schumer and a few other influential Democrats were among the industry’s major beneficiaries. Wall Street has continued to be generous to Democrats (as well as to #Republicans). The Democrats’ unwillingness to close the carried-interest loophole when they could also goes some way to explaining why, almost six years after Wall Street’s near meltdown, the Obama administration has done so little to rein in the Street. Wall Street’s biggest banks are far bigger now than they were then, yet they still have no credible plan for winding down their operations if they get into trouble. #TheDoddFrankAct, designed to prevent another Wall Street failure, has been watered down so much it’s slush. There’s been no move to resurrect #theGlassSteagallAct separating investment banking from commercial #banking. Not a not a single Wall Street executive has been prosecuted for his involvement in the #frauds that caused the mess.
Posted on: Wed, 10 Dec 2014 05:18:16 +0000
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