Karma has 20/20 vision and the Democrats may receive a big dose of karma courtesy of the Big Wall Street Banks thanks too Elizabeth Warren’s demonization of the industry and her calls for them to be broken up.
Reuters is reporting that “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.”
Threats were not made at the meeting but some of the banks are having conversations with each other about holding back donations. Right now it was left to each bank to make their own decision irregardless of what another bank decides.
In the end it’s not much money but:
The amount of money at stake, a maximum of $15,000 per bank, means the gesture is symbolic rather than material
Moreover, banks’ hostility toward Warren, who is not a presidential candidate, will not have a direct impact on the presumed Democratic front runner in the White House race, Hillary Clinton. That’s because their fund-raising groups focus on congressional races rather than the presidential election
Still, political strategists say Clinton could struggle to raise money among Wall Street financiers who worry that Democrats are becoming less business friendly.
One of the hardest thing to understand is why any bank would believe “eat the rich” via tax policies of the Democrats could be considered “business friendly.
Citigroup has decided to withhold donations for now to the Democratic Senatorial Campaign Committee over concerns that Senate Democrats could give Warren and lawmakers who share her views more power, sources inside the bank told Reuters.
(…) Citi spokeswoman Molly Meiners declined to comment specifically on the Warren issue, saying the bank’s fund-raising political action committee (PAC) “contributes to candidates and parties across the political spectrum that share our desire for pro-business policies that promote economic growth.”
JPMorgan representatives have met Democratic Party officials to emphasize the connection between its annual contribution and the need for a friendlier attitude toward the banks, a source familiar with JPMorgan’s donations said. In past years, the bank has given its donation in one lump sum but this year has so far donated only a third of the amount, the source said.
Goldman, which already made its $15,000 donation for the year, took part in the Washington meeting between the four banks to talk about anti-big bank rhetoric of some Democratic lawmakers like Warren but has not had any discussions about withholding money, a source close to the bank said.
“We will continue working cooperatively with members of Congress, regulators and the industry to foster constructive discussions around policy questions,” said Andrew Williams, a Goldman spokesman.
Bank of America is not coordinating with other banks on when and how much to give, according to a source familiar with the bank’s thinking. It has not yet sent in its check.
“Our decision to contribute will be driven more by the fact that many members of both parties understand the important role we play in driving the real economy and serving customers across the country,” said a spokesman, Larry Di Rita.
JPMorgan spokesman Andrew Gray said the bank had “always believed in the importance of engaging constructively with our public officials.”
It is not known what Ms. Warren feels about Native American-owned banks, after all she is 100% fake Cherokee.