This is how it works. Politicians need money to run a campaign to get elected to office.
If a politician doesn’t do what the big donors want, the donor will withhold campaign donations – not only from you, but from your colleagues as well.
According to Reuters, big Wall Street banks are so upset with U.S. Democratic Senator Elizabeth Warren’s call for them to be broken up that some have discussed withholding campaign donations to Senate Democrats in “symbolic” protest, sources familiar with the discussions said.
That’s right – they didn’t say “withholding donations to Senator Warren.”
They said “withholding donations to Senate Democrats.” People who may not even be connected to Senator Warren, but are simply in the same party.
It is a ruthless move – typical of American politics.
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, sources familiar with the discussions said this week.
Are these the same Wall Street banks that made dangerous investments during the 2000’s, allowing people to take out mortgages, knowing that many would not be able to pay it back?
Reuters called it a “symbolic” move, because the amount of money banks can contribute directly to a Senator’s campaign is limited to $15,000.
However, Reuters ignored the fact that organizations can donate money to third-party organizations that then contribute to a campaign.
“Bank officials said the idea of withholding donations was not discussed at a meeting of the four banks in Washington but it has been raised in one-on-one conversations between representatives of some of them,” states Reuters. They said there was no agreement on coordinating any action, and each bank is making its own decision.
Are these the same Wall Street that later asked for government bailouts?