New York senator Chuck Schumer, who sits on both the Finance Committee and the Banking Committee, has a reputation as a principal voice for Wall Street in Washington. New Yorker staff writer Jeffrey Toobin discusses why Mr. Schumer was nearly silent this summer, when his colleagues passed the most comprehensive overhaul of securities legislation in more than a generation. Jeffrey Toobin’s article, “The Senator and the Street” appears in the August 2nd issue of The New Yorker.
Guests:
Jeffrey Toobin
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Comments [7]
As a big fan of both Lopate and Toobin I was disappointed in the discussion of Schumer's famous war chest. If it is not used for his own campaign or for others, at the end of the day he keeps it - personally (eg Evan Bayh $11 million). Is it negligence or a "gentleman's agreement" not to mention the rewards that those in congress have so generously voted themselves?
I believe Senator Schumer voted for the recentbankruptcy law which might have been in the interest of the banks but was certainly not in the interest of his other constituents.
Always delighted to hear Jeffrey Toobin.
Leonard's discussions are consistently above and ahead of the curve.
Jeffrey keeps saying that Wall Street is "a major employer of New York."
Does he mean that it is the employer that contributes to a large (or the largest) part of NY's revenue? or does he mean that %wise a large number of NYers are employed by Wall Street? Or is it both?
If it's one or the other, this would generate a delicate question as to which the state would rather maintain: tax revenue or jobs...
we elect the leaders we deserve
I find the senator to be truly disingenuous when it suits him. While not related to finance, I was truly disturbed by his justification for voting for DOMA while in the House. He stated he didn't want any clergy person to be forced perform a marriage ceremony against their religious beliefs. I guess he didn't have to take Constitutional law in law school. Or maybe he just failed the class.
Rob -- you make a good point.
It's simple he is a rep for Wall Street and was worried about job losses in Finance.
Why is it a big deal for New York City reps looking out for Wall Street?
I mean farm state reps protect farm subsidies, coal and fossil fuel states look out for their interests, Michigan reps look out for the auto industry.
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