New York Democrats face alienation from Wall Street backers

04/16/2010 | Reuters

New York Democrats, who have long been champions of Wall Street, are being targeted by a lobbying campaign aimed at minimizing the reach of regulatory reform legislation being considered by the Senate. Sen. Charles Schumer, D-N.Y., is in the most precarious position, as he is trying to secure a possible leadership position in the Senate while not alienating constituents. "Here's the bottom line. Wall Street did a lot of wrong things that led to terrible, terrible problems for average people," Schumer said. "That didn't happen because of some proposed legislation. That happened because there weren't safeguards on Wall Street."

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