Financial services give large sums to Bush

[onehandle]

Jan. 31, 2004  |  WASHINGTON (AP) -- The financial services industry is giving big to President Bush's re-election effort.

Workers at five financial services companies contributed more than $1 million of the record $132.7 million Bush raised last year for his campaign, according to reviews of Bush's 2003 campaign finance reports by The Associated Press and nonpartisan Political Money Line.

All have executives who rank among Bush's "rangers," campaign volunteers who raise at least $200,000 each for Bush, or who are "pioneers," collecting at least $100,000 for the Republican.

Employees of Merrill Lynch individually gave at least $360,000. Workers at PricewaterhouseCoopers contributed at least $310,000; UBS, at least $230,000; and Goldman Sachs and MBNA, at least $220,000.

http://www.salon.com/news/wire/2004/01/31/bush/index.html

[rolodomo]

1. This is really shaking my confidence in Wall St.

It is a conflict of interest. How do you spin the financial news when the choice is between calling it straight (bad for Bush) or putting a "recovery" spin on it (good for Bush). It was not very long ago when the last wave of conflict of interest ran rampant in the financial services companies. Fortunes were lost. Geez, do these financial services companies actively seek it?! It seems like what passes for financial analysis these days have the tinge of propaganda.

[colonel odis]

2. it's interesting, too, that the dow has gone up

yet jobs are lost and companies shutting down ever day.

what's that all about?

also, given how much people lost in the market between 2001-2003, wall street should be kissing main street's butt. it was all that individual investor money going into the market in the late 90s that made a lot of those jerks rich.

i'm out of the market and doubt seriously i'll ever go back in again. not because of its safety or anything like that. i just don't like doing business with those creeps. let a few million people pull their money out and see what they have to say.

[SquireJons]

3. The Stock-market nothing but a Con

Unless you're an institutional investor, that is.

Here's how it works.The average person has a few thousand extra dollars a year that they can invest. The market tells them that the best way to grow that money is in stocks. So average people put their money in and the market goes up. Then people see it's working for them, and they invest more and more when suddenly... the market drops 30% wiping out the gains for the average person, and devastating many. Then the average person, who actually will need that money to live on when they retire sell their stocks low back to institutional investors because they can't afford to be wiped out. After a long enough period to squeeze as much money from the middle class as possible, the whole cycle starts over again. It's all being manipulated, and it's designed to steal money from the middle class. The only way to make real money in the market is to get lucky or have insider information. Meanwhile, the multi-billion dollar funds and multi-millionaires just get richer and richer, but not from real company growth, but from fleecing the public. I've seen it - because I used to be married to it. Oh and btw, they don't pay taxes either.

Now here's what we should do:

The market desperately wants the Dim Son to get re-elected, therefor it won't crash between now and the election. In fact it will go up thereby giving bush something to crow about. So the middle class investor can use that against the Wall Street Fat Cat Con Artists. We should flood the market with investments between now and September - with the sure knowledge that the administration and Wall Street will whip it up and up, thinking that this is so cool for them, when suddenly...

... all the middle class investors sell their stock high in September, a full three months before the next planned crash/swindle. Institutional investors will desperately try to prop up the market, since a large fall in the index would be terrible for bush, and therefor terrible for their predatory interests. They will buy high in hopes of saving shrubs behind. The middle class will finally take the predators to the cleaners - sticking them with their own over priced and over hyped stocks. And for good measure, it will stall the market (if not depress it) which will make shrub look even worse only two months before the election.

Who's with me?

[mike1963]

4. Sounds good to me. I'll just use that $124 from the tas cut and buy some

...oh wait, I spent it on groceries. Drat.

[catzies]

5. I prefer to call it another name.

The Casino.

And you're right about the small investors. Remember, the House always wins. ;)

[leesa]

6. Imagine that. And what little favors have they purchased?

All these crooks are spending lots of dough for future favors from the First Cheerleader. It would be a shame if he ended up in jail instead of playing President again.