Categorized | General Interest

A Tiff Among The Elites

A bit amusing. The bankrollers of the Republican Party (and the Democratic Party as well) are pissed…at the Republican Party. They were made for each other.

Via The Wall Street Journal (subscription):

Wall Street is mobilizing to beat back an unexpected threat: a bank tax championed by a Republican lawmaker.

Bank of America, Citigroup, Goldman Sachs Group Inc., JP Morgan Chase and other big banks are marshaling opposition on Capitol Hill to kill a proposal by House Ways and Means Committee Chairman Dave Camp (R., Mich.) to tax the nation’s largest financial firms, according to people familiar with the efforts. The companies are curtailing financing for GOP lawmakers and warning of an economic hit, these people say.

The proposal has galvanized Wall Street in a way largely unseen since the financial crisis. While banks have pushed back on postcrisis regulation, they rarely act as one, since the rules affect firms differently. This time, banks large and small are coordinating on the resistance.

“This is a fairly large effort,” said one industry lobbyist. “Most of the offices we’re talking to are saying they’re opposed, and some are willing to make their views known.” The Financial Services Forum is spearheading much of the lobbying efforts.

I particularly love this very revealing quote:

“It’s troubling on a number of fronts,” said James Ballentine, chief lobbyist at the American Bankers Association. “It seems to be for revenue purposes alone. The message has caught many members by surprise.” [emphasis added]

As if raising revenue from these guys is such a bad thing…to fund roads they drive on, for example.

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