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Despite War on Wall Street, Bankers Back Obama

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  • Description

    Democratic strategist Doug Schoen on the financial sector’s backing of the president.

  • Duration 5:12
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Sort despite president Obama's war on Wall Street and on sabbatical advance the wealthy bankers and businessmen are still giving to his campaign.

Just last night he raised two million in Manhattan at an event hosted by a senior executive from blacks so.

That is a successful private equity phone Democrat strategist dog -- is here.

-- -- If I had no idea -- and look is the question.

He gives it gets a fundraising at the home of the Blackstone -- that's private equity.

They pony up two million dollars in one -- always want from -- mean that's giving the money now.

At that precisely the same moment President Obama launches a vicious and against private equity right they still given the moment right.

When -- -- -- -- -- what I would call political credit default insurance group.

Strong at -- heck yeah that's what I think -- strategy.

Bottom line carried interest is at risk the 15% lower tax rate on the compensation that.

Private equity guys get look at that what a good jump in for a second just to justice for in this one out.

If you run a hedge funds right you make money from that hedge fund you'll maximum tax rate is 15%.

Because the money from the hedge fund is not considered ordinary income it's a kind of a capital -- that's absolute -- that without -- -- percent.

Sexually right and with issues.

Relating to Dodd-Frank and the Volcker Rule all being in play with Jaime diamonds two billion dollar loss.

What Wall Street is trying to do is literally hedge their bets because bottom line if they don't support the president and he's reelected.

They will almost certainly face a more onerous burden so -- buying policy only think -- now well they're buying protection.

And the Europe politician and a diplomat they -- buying policies there well influencing the policies that we might disagree with you.

Is because there's no certainty in this world it's not like you put your money -- down and you get a result they're just.

Going to be able to ante up so that they are at the table when the inevitable tax raising bills and they're coming.

Go forward and with Obama having at least a 50% chance to be reelected they've got to cover their base I think is a lousy bet.

Because the president get the money he wants from Hollywood.

Well and that's the point it may be a lousy bet they're gonna probably be heavily on and Mitt Romney's camp but they've got to cover their democratic -- While the other element here are any of these guys night in loses some way to use ways to kill that they have that a lot of these limousine -- -- -- you know.

Maybe they ran over a kid in the Bronx one day and they kept going up you know -- really.

Of the Olympics joke on us and honest capsule a lot of really feel like gallium unsold fabulously wealthy Asia and nobody else has -- -- and that's not I want our senate is set up donating my time at the wires today I could just give -- Obama a couple of hundred travel nonstop you know you.

-- get did a couple of million is because it's a hedging strategy a couple of 100000 dollars is.

Instead those smaller percentage -- yeah yeah it did the big money comes because Wall Street knows every industry in fairness.

Knows that unless they ante up there -- risk.

Given what was in the journal the weekend -- just you just ditched walking that set a pretty nice that they're percent he sent them let -- give because they feel guilty sums through the in leaks the super rich always left of center.

Because they got a ton -- money and then guilty about it.

Well there pioneer of -- -- -- He's right -- you know he's -- well if you look at restore our future Mitt Romney's super -- they're planning a very rich people.

Who are.

Not infused with liberal white -- given that capitalists -- -- -- the money comes from and they want everybody else to be able to make it just like -- precisely my point of capital is being capitalists hedge their -- some -- -- some the last Def all the rich liberals or is it any facts and creating a new class of permanently wealthy people who just don't allow little bits and pieces -- crumbs from the table to the poor people so that -- always have this rich elites and what the right wing is trying to do is literally overwhelmed those people.

And of George Soros is giving two million this year rest assured there's going to be 500 million.

From a variety of Republican super products that you got it all wrong all over again no I don't think -- rolling wants to do is to create a real meritocracy otherwise known as free market capitalism when you move up the income chain real fast and you move down real fast that it's America well I think America is a social safety net it's not deregulation.

And tax decreases without a plan so far Stewart and you'd agree with me I think at this.

Neither sides put forward a real plan for economic growth and you'll still -- clearly and I think you agree with -- -- -- moving to the laugh actually no actually I'm not dragon in cobalt saw recently off fewer if you agree with Bowles Simpson.

Neither candidate is talking about some of its what you would use it as a basis to -- -- why I want -- tax reform run lower rates float fewer loopholes long Tom entitlement reform.

You -- on this.

A 100% excellent but it's obvious that's been -- few of these fundraisers -- he's -- forget to many of these different way -- -- -- feel that that there was a fun day.

And if you events.

FaceBook raises.

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