The Washington Post reports, about the firm managed (until this morning) by former Democratic US Senator and New Jersey Gov. John Corzine:
The bankrupt financial company MF Global, now under federal investigation for possibly misusing clients’ money, is one of the top sources of contributions for President Obama’s reelection, complicating the campaign’s effort to turn public anger at Wall Street into a political advantage.
Employees of the company have given $108,650 to Obama’s campaign and the Democratic National Committee, according to federal records. MF Global’s chairman and chief executive, former New Jersey governor Jon Corzine, has raised at least $500,000 for the campaign and the DNC as a “bundler,” or volunteer fundraiser.
Blue Wall Street is a major force in the Democratic Party; indeed, the Democrats couldn’t survive without it. This is not just because of the campaign contributions, pleasant as those are. It is also about ideas and policy: Blue Wall Street understands how Democratic aspirations (like mass home ownership) can be achieved through the financial markets — for a while at least. It will be Blue Wall Street that floats the bond issues that keep debt-bedraggled cities and states functioning. And in New York, it is Blue Wall Street that pays the taxes and provides the jobs that keep Gotham from Detroit style decay.
The Democrats can bark at Blue Wall Street, but they cannot really bite. A few little puppy nips, perhaps, but any efforts by the Democrats to throw Wall Street under the bus will fail. Blue Wall Street is the bus, and it refuses to roll over itself.