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Long IslandPoliticsSpin Cycle

Blakeman: Prez should be bullish on Wall St., not bear down

Wall Street had a rally earlier today -- for Republican Senate candidate Bruce Blakeman.

A newly minted group known as Restorewallstreet.com bills itself as non-partisan and dedicated to restoring public confidence in Wall Street “without compromising the values which have made our nation and its financial markets the greatest in the history of mankind,” according to Thomas Belesis, CEO of the securities firm John Thomas Financial.

In what was promoted as a “rally,” Blakeman came to the trading room of Belesis’s firm and addressed what appeared to be a captive audience of firm brokers, employees and some Wall Street execs. Blakeman railed against what he saw as too much intrusion by the Obama Administration into Wall Street.

“The hostility emanating form Washington, aimed at this industry, why is the financial industry being singled out?,” Blakeman asked rhetorically. “First you kill the goose, then you try to bring it back to life by the government owning and operating the goose. And you know what, the government owned and operated goose will not yield gold, it will yield something else.”

It was close to lunchtime and Blakeman didn’t come and say what that “something else” might be. But he did take aim at the White House plans to shift more taxes to financial institutions.

He also said banning regular depository banks from investing in hedge funds or private equity funds is wrong.

Well, on that last note, how do you spell Bernie Madoff? Some hedge funds lost millions in the giant Ponzi scheme. But in fairness, Belesis said his group favors good regulation but doesn’t want to see Wall Street unfairly targeted.
 

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