Labor & Employment Law

The Primary Shocker You Haven?t Heard About

By Mike Hall

You would think a candidate for Congress in the district that’s home to Wall Street and many of the giant financial movers, shakers and insiders–who say we?ve been way too hard on our 21st Century Gordon Gecko wannabes–would put on a decent showing?

You would be very, very wrong.  Reshma Saujani, a former hedge funder, darling of New York City Mayor Michael Bloomberg and backed by lots of Wall Street money, lost by a shocking 81 percent to 19 percent vote to Rep. Carolyn Maloney in the Democratic primary for Congress yesterday.

Suajani’s signature line? We should ?extend a hand, not a fist? to the financial industry that nearly destroyed the nations? economy in a free-for-all greed-fest. The overwhelming rejection of her forgive-and-forget plea shows that even in the land of  big bonuses and stock options, there is huge popular support for Wall Street reform.

Maloney, a strong supporter of reining in Wall Street?s reckless practices with the reform bill President Obama signed in July, says:

I am honored and humbled by the overwhelming show of support from voters from every corner of the district.

It certainly looks like Wall Street reform resonates with voters and that any effort to weaken the new rules is not going to get anyone elected.

For a more detailed look at what Saujani?s overwhelming defeat means for Bloomberg?s presidential aspirations, read Jane Hamsher?s post on Firedoglake.

Full post as published by AFL-CIO NOW BLOG on September 15, 2010 (boomark / email).