Current Events > Finally, a political party Morgan Stanley bankers can get behind

(+) Yeah! (+)

https://www.bloomberg.com/news/features/2018-07-02/a-morgan-stanley-star-wants-you-to-back-his-political-movement

Eric Grossman doesnt look like he would want to do anything drastic. The top lawyer at Morgan Stanley is a 51-year-old homeowner in the New York suburbs with twin sons and a seat on the firms management committee. Hes another man in a power suit in a midtown Manhattan bank.

He also wants to topple Americas two-party system.

Grossman is trying to build a new partycalled the Serve America Movement, or SAMeven though third wheels in American politics tend to have the lasting power of the Free Soilers and the Anti-Masons. His quixotic goal hasnt deterred donors that include fellow members of Morgan Stanleys operating committee, the banks head of government relations, its top independent board member, and the last chief executive officer, John Mack.

Dont expect this crusade for unity to turn into the next Womens March, Tea Party, or even a semi-memorable hashtag. At least so far, this is what resistance to President Donald Trump looks like on Wall Street. Even though tax cuts and reduced regulation have made big banks and corporations some of this eras big winners, many of their executives squirm when the president abandons global agreements and threatens trade wars. These people also tend to resent and even dread the Democratic Partys progressive wing, as if its out to get them personally. That opens a space for SAMs unlikely, ambitious and well-moneyed cry for something else.

Perhaps its a fear of arrogance that people are like, Wow you cant say that, you cant say youre going to be a party, said Richard Bennett, a partner at investment firm B-FORE Capital who contributed $140,000 to SAM. Im like, why not? What else are we going to do? Thats the only thing thats going to fix it.

SAM stands against divisiveness, but what it stands for isn't obvious. One Morgan Stanley executive who donated admitted he doesnt know anything about it, he just wanted to help a friends pet cause.

SAMs upbeat website, with no specifics on immigration, reproductive rights, or the health-care system, cant clear up big questions. The principles are so broad and cheerfulapplying Americas innovative spirit, a strong, clear-eyed, values-based leader, and the vitality of local communitiesthat they have the ring of taglines for a Silicon Valley startup that hasnt put out a product yet.

This inoffensive flavor makes sense for a political project backed by executives from Morgan Stanley, a big bank with a particularly understated political style. At JPMorgan Chase & Co., by contrast, CEO Jamie Dimon devoted pages of this years annual letter to praising Trumps tax cuts while warning against isolationism. And Goldman Sachs Group Inc. has perfected a pipeline to Washington, sending executives Gary Cohn and Dina Powell for stints in Trumps White House.

The financial types backing SAM have taken stock of the American landscape and decided the overarching crisis isnt guns, opioids, climate change or the treatment of immigrantsits divisiveness. SAM thinks it has a shot at winning by preaching unity, and it is in vogue to make public pleas for politeness. Some elected officials have had more to say about White House press secretary Sarah Huckabee Sanders being asked to leave a Virginia restaurant than the poisoned water in Flint, Michigan.
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Grossman and his professional peers have sent more than $1.3 million to SAM, according to filings. Donations so far include $50,000 from investment-management head Dan Simkowitz and $10,000 each from Mack, director Tom Glocer, and former litigation co-head Jim Cusick...And contributions have popped up from outside Morgan Stanley. The biggest amount, more than $900,000, came from former tobacco executive Charles Wall.

I'm dying
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its literally no worse than the dems or repubs...
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Antifar posted...

I'm dying

You are more easily amused than a cat. What the hell is wrong with you? A guy who has a job tries to get into politics. And? You don't see a lot of homeless trying to do it, do you?
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The financial types backing SAM have taken stock of the American landscape and decided the overarching crisis isnt guns, opioids, climate change or the treatment of immigrantsits divisiveness. SAM thinks it has a shot at winning by preaching unity, and it is in vogue to make public pleas for politeness.

Civility.
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Finally, a political party to represent Wall Street!

Antifar posted...

SAM stands against divisiveness, but what it stands for isn't obvious. One Morgan Stanley executive who donated admitted he doesnt know anything about it, he just wanted to help a friends pet cause.

SAM sounds like a party I can stand behind. Where can I donate?
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