Big banks are so mad at Sen. Elizabeth Warren they're considering not giving money to Senate Democrats. Fred Katayama reports.
Some big banks are so steaming mad at Senator Elizabeth Warren they're considering not giving money to Senate Democrats. Warren is the darling of the liberals who rails against Wall Street, sponsoring a bill that would break up the megabanks. Now, sources say Citigroup has decided to withhold donations to the Democratic Senatorial Campaign Committee. Insiders at Citi say the bank is worried that Senate Democrats will give Warren and her cohorts more power. She lambasted Citi in December, mentioning it several times as an example of a bank that had gotten too big. Just this week, Reuters has learned that reps from Citi, Goldman Sachs, JPMorgan and Bank of America have met in Washington, discussing ways to urge Democrats to be kinder to Wall Street. As far as where the other banks stand, sources tell Reuters: - JPMorgan has donated one third of its usual annual amount to the Democratic Senatorial Campaign Committee. In the past, it had given it one lump sum. - BofA hasn't yet sent in its check. - Goldman hasn't had any discussions about withholding money. Granted, the maximum any bank is allowed to give is $15,000. That's a pittance for a bank like JPMorgan that boasts assets exceeding $2 trillion. But it's a symbolic way of expressing their anger over Warren, who's so popular among the left that many are urging her to run for the White House. And Hillary Clinton, beware. Political strategists say the banks' fury over Warren is so strong it could even make it hard for the Democratic front runner to get cash from Wall Street.