commentary on Politics and a little bit of everything else

Bloomberg vs Schumer on the Wall Street Financial Bill…..

A rift as big as Wall Street is dividing the two most powerful politicians in New York -- Mayor Michael Bloomberg, left, and Sen. Chuck Schumer.

[ Bloomberg and Schumer ]

This one is a no brainer……

Mike Bloomberg the Mayor of the City of New York…and the Owner and Founder of the Bloomberg Business Network is damn well going to fight for Wall Street

on this one….He ain’t gonna be Mayor for ever…..and the Bill could affect his bottom line….

Chuck Schumer has got to make his bones…..

Even though he represents all the Wall Street types that live in New York City …..and has received campaign money from them…..

He could become the next Majority Leader of the Senate…..and a tough line on Wall Street isn’t gonna hurt him at all when the count the votes if Reid doesn’t get reelected and he Democrats still own the Senate……

Besides …Bloomberg has be picking on his girl Gillibrand…his President Obama and him over the last year…..

Tennessee Sen. Bob Corker, who has been a central GOP negotiator on the Wall Street bill, said he’s had only one meeting with Schumer — and that was on the issue of proxy access, which would give shareholders more power to nominate directors to serve on a corporate board, a task delegated to him by Dodd.

Corker said his scores of other meetings have been with Dodd and Sens. Richard Shelby (R-Ala.), Judd Gregg (R-N.H.), Mark Warner (D-Va.) and Jack Reed (D-R.I.).

Corker said Schumer “hasn’t been that visible in these negotiations.”

But Democrats insist that Schumer has been working behind the scenes to shape the bill — although even some of them admit privately to being surprised that Schumer has not been trying to make the bill more palatable to the banks or Wall Street’s interests.

“Otherwise, it’d hurt him with the caucus,” said one senior Democratic aide. “He’s trying to thread the needle.”

Indeed, with polls showing Reid losing soundly in November, Schumer could very well be in a race for majority leader in the fall — and if he sided with Bloomberg and the banks, he could be tarred by many of the more liberal Democrats eager to crack down on Wall Street.

Schumer’s chief opponent for the majority leader job, Illinois Sen. Dick Durbin, also has ties to financial interests — with the Chicago Mercantile Exchange based in his home state. But the CME could stand to gain big if the bill results in an enormous increase in trading volume — giving Durbin even more latitude to rail against Wall Street.

Durbin said his party’s interests haven’t conflicted yet with his home state’s interests.


Even though Bloomberg and Schumer still get along — and the senator’s wife, Iris Weinshall, recently kibitzed with the mayor at City Hall — the two haven’t had one of their one-on-one dinners in months.

The race for Clinton’s old seat has been a sore spot.

Schumer supporters say Bloomberg political operatives Kevin Sheekey and Brad Tusk actively encouraged ex-Tennessee Rep. Harold Ford Jr. to run and backed the strategy of labeling Gillibrand a Schumer puppet.

But the tension between Schumer and Bloomberg stretches back to the mayor’s successful reelection bid last fall. At the time, Senate Majority Leader Harry Reid (D-Nev.) wanted to lend support to Bloomberg’s reelection campaign, but Schumer — who supported Democrat Bill Thompson — intervened and urged him not to, according to people familiar with the matter.

That Bloomberg griped with McConnell is telling; the GOP leader has been chilly toward Schumer since 2008, when Schumer’s DSCC steered attacks toward him for his support of the wildly unpopular Wall Street bailout bill.

But now faced with a bill that will arguably have more effect on New York City than any other piece of legislation this Congress, Schumer is taking a low-profile role — despite serving in Democratic leadership and on the Senate Banking Committee, which has jurisdiction over the issue.


April 21, 2010 - Posted by | Blogs, Breaking News, Counterpoints, Government, Law, Media, Men, PoliticalDog Calls, Politics, The Economy, Updates | , , , ,


  1. It would be a very successful move to have Schummer be the head speaker for the Democrats in the Senate

    Comment by Timothy Peter Leal | April 21, 2010 | Reply

  2. Succesful?

    Comment by jamesb101 | April 21, 2010 | Reply

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