How Wall St. execs bankrolled GOP victory - Politics - msnbc.com An excerpt: "Bitterly opposed to President Barack Obama’s economic and regulatory policies — including proposals to increase taxes on some of their profits — top Wall Street hedge fund moguls were unusually energized during last year’s election. They held multiple fundraisers and coordinated strategy to direct what appear to be unprecedented sums into the coffers of GOP and allied political committees, according to industry and GOP fundraising sources. Many substantial donations from the hedge fund executives escaped public notice either because they were made late in the campaign (and therefore weren’t reported until after the election) or were funneled through third-party groups, obscure “joint fundraising committees” and newly created political nonprofits that are not required to disclose donors. The net effect has been to give the hedge funds important new allies at a time they are fending off regulations mandated by the Dodd-Frank financial reform bill and an aggressive Justice Department investigation into insider trading. A prime example is Rep. Scott Garrett, a little known Republican from northern New Jersey who this week is slated to become the new chairman of the House Financial Services subcommittee on capital markets, a key panel that has direct oversight of the industry. A staunch foe of the regulation of Wall Street, Garrett has threatened to cut funding for the Securities and Exchange Commission and roll back some provisions of Dodd-Frank." (emphasis added) Gee, it's nice to know there's so much opposition to the type of regulation that would have prevented the catastrophically devastating financial crisis in which we are still mired. A classic case of "I'll do whatever I can to protect my massive profits, even if the result of my actions is a continuation of the screwing over the rest of the world."