At the Democratic debate this month, Hillary Clinton came with a comprehensive regulatory plan that would be tough on Wall Street. When she talked about her record, she gave her critics a chance to mock her for using words that sounded too cozy and lenient with the crooks that crashed the global economy in 2008.
Excerpt from Debate Transcript
"I represented Wall Street, as a Senator from New York, and I went to Wall Street in December of 2007, before the big crash that we had. And I basically said, "Cut it out! Quit foreclosing on homes! Quit engaging in these kinds of speculative behaviors."
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About six weeks before the December 2007 meeting Clinton mentioned,
the New York Times reported on the individual contributions from Wall Street employees to Clinton's campaign during the most recent Quarter. The Federal Election Commission confirmed the dollar amounts.
In the latest quarter, Ms. Clinton tapped into a gusher of donations for her presidential campaign from employees at the major investment banks. According to an analysis by Bloomberg, she picked up $748,896 from workers at Wall Street firms from July to September, which is more than the combined amount raised by Barack Obama, Rudolph Giuliani and Mitt Romney from those sources. It is also a switch from the second quarter, when Mr. Obama was the top Wall Street fundraiser, pulling in $739,579 to Clinton’s $424,545. |
The December 2007 meeting took place at the NASDAQ Market Site.
Atdnext posted a piece about it here at Daily Kos on December 5, 2007. It links onward to various press reports and other information.
Clinton repeated her call for a voluntary agreement that would call for a moratorium of at least 90 days on foreclosures of subprime, owner-occupied homes; a freeze on the monthly rate on subprime adjustable rate mortgages, with the freeze lasting at least five years or until the mortgages have been converted into affordable, fixed-rate loans; and an agreement by the industry to provide status reports on the number of mortgages it is modifying. |
On July 26, 2008, the Senate passed the
Foreclosure Prevention Act of 2008 by
72 to 13. Senator Clinton voted in favor as did Senator Sanders. President Bush signed it into law.