Three years ago, Sen. Chuck Schumer, D-N.Y., leaned on hedge funds to lobby more. The funds soon hired his banking staffer as a lobbyist. She began raising money for Schumer. Now he's championing financial regulation that would benefit these hedge funds. "Racket" might be the right word here.Read the rest of the story for the details. It's all quite cozy. Schumer has a sweet thing going.
And remember. Chuck Schumer is set to be the top choice to replace Harry Reid as the lead Democrat in the Senate. With Harry Reid set for a shellacking in the upcoming election, Dick Durbin of Illinois and Schumer are the top competitors to replace him.
There is a sense within the White House that Durbin would be easier to work with, that Schumer would pose a problem on issues that could get him press back home, and that his Brooklyn bearing doesn't exactly play between the coasts. Still, one senior administration official offered a separate assessment that the members of the Senate would opt for the independence ensured by having Schumer at the helm.Just think of the racket he could run if he were majority leader.
"Chuck Schumer is the next majority leader," the senior administration official predicted. "He just works it."