Sunday, December 14, 2008

Wall Street Water Carrier

Pay attention to Democratic Congressperson's position on carried interest taxation. The New York Times highlighted Senator Chuck Schumer's close ties to Wall Street and his efforts to maintain investment managers' preferred tax status.

It also stated his key role in the $700 billion Wall Street bailout. Financial firms ponied up $135,000 in campaign donations in support of Chuck's determined leadership.

Senator Schumer drives a hard bargain, much like the President elect's Chief of Staff, Rahm Emanuel. Both take "no", as the first step to "yes". Both are legendary for maxing out donations from wealthy supporters. A close friend calls Schumer a "jackhammer," Emanuel is known as "the hammer."

Rahm worked for an investment bank between the Clinton White House and his service in Congress. Will he join Chuck as Wall Street's water carrier? Stay tuned...

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