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Wall Street Siding With Obama?

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  • Description

    FBN's Charlie Gasparino on Wall Street execs becoming increasingly vocal on the fiscal cliff.

  • Duration 4:31
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To tell Gasparino says President Obama must -- On fat cats to support his plan and the fiscal -- impasse and he's here with the latest behind the scenes meaning.

Between he Obama surrogate senior Wall Street executives.

About those talks on that this.

He -- this caught a lot of people by surprise it loses last week where.

Deputy secretary of state.

Tom -- went to the city held a series of meetings which senior Wall Street executives of two meetings I know about.

Is what Larry Fink over BlackRock casino BlackRock and -- this -- -- the old who.

You know Larry thank.

We can deal with that later and that.

And -- might not be my friend after the story but anyway James Gorman the CEO of Morgan Stanley.

Basically these were talks broad broad based books they were dinner meetings.

What are they talk about I can tell you I know they talked about the fiscal cliff and what we're Wall Street's stance in -- state -- interest -- about this story.

I think is that Wall Street has is becoming.

Increasingly vocal about these things you heard Blankfein speak up about it last week.

You -- warming came out sent that email to lead to brokers at Morgan Stanley urging them.

To force congress to do -- balance approach essentially stealing a line for President Obama.

With interest in about these issues is that it looks like Wall Street is trying is is now teaming up with the president despite the fact that they supported Mitt Romney.

They are now teaming up -- eating -- crawling back well it looks like they are forcing the airport forcing the issue.

And basically and basically supporting to president's position on this for higher taxes on those on the upper bracket we should point out.

Little bit of background on nights Tom -- was a senior executive at Morgan Stanley before in it but very big government democratic operative.

Was a senior executive at Morgan Stanley then.

Went to went to be essentially Hillary Clinton's number two it as secretary of state.

He's rumored is rumor but it's I think it's pretty good it's in the Wall Street Washington nexus so to speak that -- -- -- -- that -- Jack -- becomes.

Treasury Secretary which is highly likely I think if you read the tea leaves.

He gets Jack whose job is agreement is a chance he gets it as the chief to step so.

Interest -- meeting this guy is a key player in the Obama administration.

You know there's lots of talk about -- potentially nice coming back to Wall Street.

Let people tell me he's gonna he likes it down there and -- he likes working there and that he wants a higher position.

And you know to help our -- out -- -- -- in Washington except Washington -- right yes hair apparently despite Wall Street's opera they're two separate me.

But down down there and a it wouldn't be.

And and and these meetings are about keeping people I think in line we should point out that Larry -- is also kind of on that Treasury Secretary shortlist.

You know I I think it's this is -- news to lose so to speak that's what a lot of people -- -- Wall Street if he does.

Fairly good will hold your -- a budget negotiations which means.

And BC jam in most of the president's proposals on the Republicans throw it looks like he gets the job so that's where we are right now and I think it's really interesting.

Watching Wall Street kiss up to the president on this I mean there's nobody.

There is nobody no economic person I talked to really thinks that this is the time to raise marginal taxes even on the exit they need to speed the rich -- rich.

Which really aren't too rich if you live in new York and -- and and give us small and only raises enough revenue to run a government -- week -- -- -- so it's not like it really gets us any closer economically products to -- -- real sort of issue here is that if you.

If you think of fairness OK you're warm Buffett.

You make billions you will be taxed at this need to be taxed at the same personally to tax rate.

As a small business that makes 2050000 dollars a year and that's great -- and always ten people.

I mean it how is that fair when he's calling for parent has that's the source -- really an absurd things.

-- -- point the Wall Street and Washington.

Relationship house adding it flowing because to -- point 70.

Wall Street was backing rocking out I have to kind of -- -- -- got to deal -- -- -- -- -- -- -- it's really achieving because when you see the private meetings with them in these same guys I want to mention names.

Who are you don't just couple months ago we're calling -- Obama everything but a socialist.

Are now they're saying well you know he's the -- balanced approach course all this nonsense.

And it's really not a balanced budget and we should point out that -- that.

You know these Wall Street executives make.

Much more than -- -- 50000 a year and that's their base pay on -- -- -- bonuses you know answer and it's so true Altria -- desperate up thanks so much.

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