President Obama had a famous falling-out with Wall Street after Democrats passed the sweeping financial reform bill, Dodd-Frank, and Obama bruised some egos with tough language about “fat-cat bankers” hurting the economy.
Still, more than three years after he was sworn in, no top bankers are in jail, financial-fraud prosecutions are down by one count, and now JPMorgan Chase just lost a staggering $2 billion on the type of risky credit default swaps that helped drag the country into this financial hole in the first place. CNN’s Jack Cafferty writes:
“[V]oters will hold up the president against his record - and ask how this could happen again. In light of the mess at JP Morgan, it will be nearly impossible for Obama to run as the president who got tough on Wall Street.”
And conservatives are highlighting Obama’s ties to Wall Street. Moe Lane at Red State:
“Now, I personally don’t actually have an issue with Wall Street donating money to candidates. But Barack Obama does – or at least that he said that he did, only that turned out to be a lie. In other words, it’s all about the hypocrisy: if you don’t think that campaign contributions from unpopular corporations are a form of communication, and you campaign on that, then do not take campaign contributions from those unpopular corporations.”
4 ways the JPMorgan mess could hurt Obama