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Friday, April 23, 2010

Schumer Quiet On New York's Corruption

Friend to Wall Street, Schumer Is Suddenly Quiet
The New York Times by CARL HULSE - April 23,2010

WASHINGTON, D.C. — Senator Charles E. Schumer of New York has long been known as one of Wall Street’s best friends on Capitol Hill, but there are apparently limits to that friendship. After years of being a go-to guy for the elite of high finance, Mr. Schumer has embraced new legislation that would put constraints on his hometown’s leading industry. The stance has put him at odds with Mayor Michael R. Bloomberg, caused consternation among his allies at the investment houses and led to suggestions that he was putting political ambition ahead of protecting New York’s interests. “There are some on Wall Street who want me to say Wall Street right or wrong, and I’m not going to do it,” Mr. Schumer said in interview on Thursday, a few hours after Democrats brought their overhaul of financial rules to the floor. “Clearly they did a lot of things wrong,” he said. “Too many Wall Street firms had no one looking over their shoulder, and they went off the deep end.” Mr. Schumer acknowledges that his evolution on the issue has not been without some anguish as he navigates gingerly between the financial patrons he has mined for millions in campaign donations for himself and his party, and constituents who were hurt by the economic collapse. Normally among the most visible and audible of Democrats, Mr. Schumer has taken an uncharacteristically low profile on the touchy subject, a strategy that somewhat boomeranged when it drew some tabloid heat in New York, as well as a criticism from Mr. Bloomberg. An outspoken defender of the financial industry, Mr. Bloomberg has opposed imposing new costs on or limiting the size of banks, in part out of concern that undercutting Wall Street’s profitability could eat into the city’s tax revenues. The mayor expected Mr. Schumer to join him in backing Wall Street, and when he did not, Mr. Bloomberg used private meetings, including one on April 12 with Senator Mitch McConnell of Kentucky, the Republican leader, to express frustration with Mr. Schumer’s position.

Mr. Schumer said he was caught off guard by reports of the friction since the mayor had not mentioned it to him, sparking an air-clearing phone conversation between the men on Wednesday. “He said, ‘I don’t want to get in a fight with this’ and I said neither do I, but you have to tell me — I may agree, I may disagree — which parts of this bill are good in your opinion, and which are detrimental to New York,” Mr. Schumer recounted. He said their respective staffs are now trying to identify the trouble spots. The mayor’s rebuke also stirred some resentment among other members of the New York Congressional delegation, who at a private meeting Thursday made their views known to a representative of the mayor’s office. Aides insist that Mr. Schumer and Mr. Bloomberg remain friendly and they expect no lasting repercussions from the dust-up. Mr. Schumer’s wife, Iris, served as a commissioner in the Bloomberg administration until 2007, and the couple is known to dine with Mr. Bloomberg and his companion, Diana L. Taylor. But with the legislation now heading toward a showdown in the Senate, Wall Street has been left to defend itself with little public help from Mr. Schumer, who has long been among the top recipients of campaign donations from the financial services industry.

Beyond his concerns with the substance of the issue, Mr. Schumer also has to balance pressure from a crucial constituency at home against national political trends. With Senator Harry Reid of Nevada, the majority leader, facing a tough re-election fight this year, Mr. Schumer is often mentioned by Democrats as a possible successor as party leader. In the current climate being seen as too close to Wall Street would not be an advantage. Mr. Schumer said any suggestion that a leadership contest was a driving factor in his thinking is “bunk,” saying he does not expect one since he anticipates Mr. Reid will win. “This is about doing the right thing for the country and doing the right thing for New York. Period,” he said. Mr. Schumer said he had used his influence as the third-ranking Democrat in the Senate and his senior membership on the Banking Committee to help draw up balanced legislation that seeks to correct flaws in the regulation of the financial industry while avoiding a legislative response that was punitive or vindictive. Colleagues give him credit for applying his expertise on what is a complicated subject. “He understands that world very well,” said Senator Christopher Dodd, Democrat of Connecticut and chairman of the Banking Committee. “He understands the importance of getting a structure in place that works. He knows these people, he knows these institutions and he understands the importance of reform.” “The last thing we want to do is put these people out of business,” Mr. Dodd said.

Even as Mr. Schumer has become a staunch supporter of the Democratic bill in his public comments on the issue he seems to prefer criticizing Republicans to criticizing Wall Street. While Mr. Reid, the majority leader, used a news conference Thursday to lash out at the “endless greed” on Wall Street, and the No. 2 Democrat, Richard J. Durbin of Illinois, said, “Wall Street and many big banks got away with murder,” Mr. Schumer took aim at Republicans, accusing them of spreading lies about the Democratic legislation. “It’s time for Republicans to step up to the plate and do the right thing,” he said. Mr. Schumer said he was comfortable with where he found himself on the Wall Street bill. “In instances when you have difficult terrain,” he said, “follow your internal gyroscope and have a thick skin for the criticisms and it will all work out.”
Michael Barbaro contributed reporting from New York.


Regret last vote for Schumer NEVER AGAIN said...

I think Chuckie has been a very big enabler in the corruption department. If you know Schumer and he's your friend, you'll get a free pass.

T Finnan said...

Honest Chuck spoke the truth about himself, “follow your internal gyroscope” Honest Chuck will give you value for your money. That's why Goldman Sachs pays, and Bernie Madoff paid; and when Democrats pay by making him their leader, Schumer's gyroscope knows where to point. With Honest Chuck, you get what you pay for. An Honest Used Car Salesman in the Senate.

Anonymous said...

If you voted for SCHUMER even once,you have no idea whats going on.
Schumer has been a crook since he was running for local office and shaking hands at the bus stops in Bklyn. You probably voted for OBAMA too. What do you think of his Communist agenda ?

Anonymous said...

Where is Francis Corrupt Nicolai? FYU Nicolai also helped the pimp of Bernadette E. Lupinetti, Esq. to rig child custody cases for children to be sexually exploited. That is why I think the AG protects Nicolai. I have a strong feeling these legal intestinal obstructions are running some sort of child porn and pedophilia ring out of the Supreme and Family Courts.

Anonymous said...

they are all doing it! if the Republicans knew all this was happening why wasn't it stopped......they are all doing it! the only loyalties are greed!

Anonymous said...

there were hearing held that the banks were going to fail and that woman was told to shut up
the FEDS told them two years before the collapse and that gave them time to steal as much as they could and shell it all off........


Anonymous said...

How much money has Chucky Schmucker taken from the Banks, Wall Street and the Lawyers? Will bet that he has gotten a MUCH BETTER OFFER! Chucky goes for the big bucks and he would sell his Mother out for the right price!

Anonymous said...

There is no question that ACS and the Family Courts are staffed with as of yet uncaught and unprosecuted child molesters. These people routinely rig child custody cases along with their pedophile forensic examiners to give full custody to prostitute, drug-addicted, alcoholic, violent, and mentally unstable mothers while alienating good fathers, to provide these innocent young children to the powerful, wealthy, influential pedophiles of New York City, who pay top dollar to indulge in New York's thriving sex industry (young and older females). The purchasers of this sick sex product are United Nations ambassadors, perverted CEOs and Law Firm partners, politicians, and other heartless and soulless bastards. Personally I think the NYPD, New York FBI, New York Attorney General's Office are all part of this child molester pedophile ring, and are all on the payroll, which I am sure is a very lucrative business.

Anonymous said...

to 12:33 I have to dissagree with you. I know many documented cases where custody has been rigged to give custody to the father with a long history of violence against the mother and children, mental illness, drug abuse, alcohol abuse, sexual predators, pedophiles, habitual law breaker offenders and more. Many documented cases the children are been used for child porn and pandering. The courts are been rigged to destroy good parents Mothers and Fathers while the children are left without a voice and in a life where the patterns of abuse will be learned and repeated. And yes the FBI, ICE, the AG office have refused to investigated in order to protect the judges and law guardians involved in this lucrative business. It is all about the money been made to sexually exploited children. Good Mothers and Fathers are been destroyed because the money spouse has the muscle and connections to do the pay off's and kick backs and their hatred for the good spouse is so big they are willing to pandered and put their own children as porn actors in order to make extra money to pay these legal whores or just to separated the children from the other parent as revenge. Do not be mistaken is all about making money and has nothing to do with gender these are narcissistic parents, mothers and fathers out for revenge. Of course these are all well documented allegations been blocked out of the courtroom in order to avoid prosecution and to obstruct justice.

Eliot Bernstein Iviewit said...

After his Academy rant on Gonzales being the scumbag he was, he pushed Mukasey in. Need I say more?

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See Video of Senator John L. Sampson's 1st Hearing on Court 'Ethics' Corruption

The first hearing, held in Albany on June 8, 2009 hearing is on two videos:

               Video of 1st Hearing on Court 'Ethics' Corruption
               The June 8, 2009 hearing is on two videos:
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