Charles Schumer in Hopes and Prospects

On Budget & Economy: Broke records in contributions from Wall Street

Treasury's Geithner hinted that he would impose some controls on exotic financial instruments, but there has not been much action. Not much help in changing the world of finance could be expected from the Democratic Congress either. Charles Schumer broke records in obtaining contributions from Wall Street, helping the Democrats win Congress and increasing the industry's clout in the capital. He also "helped save financial institutions billions of dollars in higher taxes or fees. He succeeded in limiting efforts to regulate credit-rating agencies, sponsored legislation that cut fees paid by Wall Street firms to finance government oversight, pushed to allow banks to have lower capital reserves & called for the revision of regulations to make corporations' balance sheets more transparent," the last a move to which rational business groups would have no objection. His personal reward was to collect more campaign contributions from the financial industry than anyone in Congress except for John Kerry. Source: Hopes and Prospects, by Noam Chomsky, p.220-221 Jun 1, 2010

The above quotations are from Hopes and Prospects, by Noam Chomsky. Click here for other excerpts from Hopes and Prospects, by Noam Chomsky. Click here for other excerpts by Charles Schumer. Click here for a profile of Charles Schumer.
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Page last updated: Jul 19, 2011