Washington News

Obama: JPMorgan Losses Demonstrate Need For Wall Street Reforms In an interview with ABC's "The View" that will air Tuesday, President Obama said JP Morgan Chase's $2 billion loss in high risk trading shows the need for the tighter rules on Wall Street passed by Congress two years ago. Coverage of the interview is generally positive, noting the President's use of the JPMorgan situation as proof of the need for the Wall Street reform rules he supports, as well as his claim that the situation demonstrates the differences between himself and Mitt Romney on the issue.
In a report on the President's interview with "The View," ABC World News reported, "There were important questions today, for example, on JPMorgan Chase, the bank which is under fire for a $2 billion trading loss and there are calls for tighter regulations." Obama was shown saying, "First of all, JPMorgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got. They still lost $2 billion and counting. Precisely because they were making bets in these derivative markets. We don't have all the details yet. It will be investigated. But this is why we passed Wall Street reforms. This is one of the best managed banks. You can have a bank that isn't as strong, isn't as profitable, making those same bets and we might have had to step in. That's exactly why Wall Street reform is so important."
The AP reported that the President also said JP Morgan's loss "illustrates the sharp differences between his view of government and that of Republican challenger Mitt Romney, who has called for less stringent regulations than those contained in the new law."
CNBC's The Kudlow Report showed Obama, on "The View" saying, "This is why we passed Wall Street reform." CNBC added, "But Mr. President, if you passed it, Dodd/Frank, which you fought for and got into law with the Democratic majority, why did this happen? That's the issue."
The Hill adds Obama "contended that JP Morgan's mistake proves the need for the law, which gives regulators the power to step in and wind down large ailing financial institutions." The Hill notes that the Administration "has sought to defend the financial overhaul from critiques from both the financial sector and Republicans."
JPMorgan Preparing For Scrutiny From Washington Politico reports JP Morgan is "Congress's line of site." Lawmakers in the House and Senate are calling for hearings on the company's $2 billion loss and "major trade groups that represent the industry aren't rushing to its defense, declining to comment when contacted by POLITICO." Politico calls the situation "a blow to JPMorgan, which built up a strong reputation in Washington after the Wall Street crisis, emerging relatively unscathed compared to competitors like Goldman Sachs." Politico adds, "Instead of looking to allies, JPMorgan CEO Jamie Dimon and the company's in-house lobbying team are the company's first line of defense. Their plan: lay off aggressive lobbying and hope the loss doesn't spur regulators to enforce the Dodd-Frank financial reform law more aggressively."
Drew Retires As JPMorgan's Chief Investment Officer On Monday, JPMorgan announced the retirement of Chief Investment Officer Ina Drew, who oversaw the unit responsible for the $2 billion loss. NBC Nightly News reported that Drew "is the first human casualty of JPMorgan $2 billion loss and she's not expected to be the last as the bank tries to get out of this investment that could cost the bank another billion dollars before it's all over."

Obama Touts Gay Marriage Stance At New York Fundraiser The Los Angeles Times reports during a visit to New York yesterday, President Obama spoke "at a glitzy" fundraising "event attended by actress Eva Longoria and after an introduction by Ricky Martin." Obama "added his recently revealed views on same-sex marriage to his typical stump speech," saying, "he believes all people are 'equal in terms of dignity and in terms of respect. ... We have never gone wrong when we've extended rights and responsibilities to everybody. That doesn't weaken families; that strengthens families."
The AP reports, "Democrats hope Obama's politically risky embrace of gay marriage will re-energize supporters who had been frustrated by his previous assertions that his views on the hot-button social issue were 'evolving.'" In his remarks, "Obama also called for repealing the Defense of Marriage Act."
In Interview, Obama Appears To Sidestep Question On DOMA In its lead story, ABC World News recapped the President's interview on The View, focusing largely on the problems at JPMorgan. Barbara Walters noted, however, that she also asked the President whether his Administration would actively pursue legal and legislative paths to ensuring that gay marriage becomes a reality across the nation. Obama was shown saying, "My Justice Department has said to the courts we don't think the Defense of Marriage Act is constitutional. This is something that historically had been determined at the state level. And part of my believing, ultimately, that civil unions weren't sufficient." Asked, "Will you personally fight to repeal that act?" Obama replied, "Well, look, Congress is clearly on notice that I think it's a bad idea."
Democratic Senate Candidates Distance Themselves From Obama On Gay Marriage The Wall Street Journal reports Obama's endorsement of gay marriage has many of his party's Senate candidates in conservative states distancing themselves from him on the issue. The GOP sees this as supporting their argument that Obama's policies are too liberal for Democrats to be elected in battleground states without repudiating the President.
NYTimes/CBS Poll: 67% Believe Obama's Gay Marriage Move "Mostly For Political Reasons" The New York Times reports on its front page, "Most Americans suspect that President Obama was motivated by politics, not policy, when he declared his support for same-sex marriage, according to a new poll released on Monday, suggesting the impact of his decision was undercut by the unplanned way it became public." The new NYTimes/CBS News poll found "sixty-seven percent...said they thought Mr. Obama made it 'mostly for political reasons,' while 24 percent said it was 'mostly because he thinks it is right.'"

In Commencement Speech, Obama Urges Female Graduates To Exert Leadership Virtually all media coverage of the President's remarks at Barnard College cast it as a campaign appeal to young female voters. As Politico reports, in his address Obama "even dropped in an oblique reference to his campaign slogan, 'Forward,'" telling the graduates, "We are dynamic, not static. We look forward, not back." Reports on Obama's speech, which was not mentioned on the network newscasts but generated coverage on major print media, note that the President invoked having been raised by a single mother, his hopes for his daughters, his female cabinet members and the Lilly Ledbetter law which, says the Washington Post , was "his administration's first legislative victory." Obama, the Post also reports, "used the speech to hone his message to women...in the wake of national debates over contraception and working mothers, drawing a sharp distinction between the president's beliefs and those of...Mitt Romney."
The speech, says the New York Times , "drew a not-so-subtle distinction with the views of Republicans, including....Romney." The New York Daily News reports, "Set against a presidential campaign where women's issues have become surprisingly prominent, Obama was greeted by squeals, cheers, standing ovations and a chant of 'O-ba-ma! O-ba-ma!'" The Daily News adds that "it was a far more excited crowd of graduates than...Romney faced when he spoke about faith and family" at Liberty University.
Milbank: "Entire Speech Full" Of "Cheap Applause" Lines Dana Milbank titles his Washington Post column "Barack Obama, The First Female President," and notes that "Obama was still early in his address when he acknowledged that his praise for the young generation of women is 'a cheap applause line when you're giving a commencement at Barnard.'" However, adds Milbank, "Obama was being modest. He didn't deliver a cheap applause line. He delivered an entire speech full of them."

Campaign News

New Obama Ad Targets Romney's Record At Bain Capital President Obama's campaign on Monday launched a new ad attacking Mitt Romney's former firm Bain Capital. The ad, which will run in five battleground states -- Iowa, Ohio, Pennsylvania, Virginia and Colorado – features the story of a Kansas City steel mill that Bain bought. The firm went bankrupt and 750 workers lost their jobs while Bain executives made significant profits. Much of the coverage of the new ad notes that it is part of an effort by the Obama campaign to challenge Romney's argument that his business experience has prepared him to be president.
NBC Nightly News reported, "The Obama campaign may have had" the JPMorgan "story in mind when it picked" Monday "to launch a new ad attacking Mitt Romney's former firm, the private equity giant, Bain Capital, as a middle class job killer." NBC (Todd) added, "What the campaign believes it says about Mitt Romney's leadership on the economy, that he'll be ruthless."
Fox News Channel's Special Report broadcast, "President Obama trying to paint Romney as bad for business." Brit Hume said, "The attack on Romney and Bain Capital was predictable and inevitable. ... Team Obama might seem in a weak position to make such charges in light of the President's forced closing of hundreds of auto dealerships in the Administration take over of GM and Chrysler" and the Solyndra bankruptcy.
CNBC's The Kudlow Report broadcast, "We begin tonight with yet another volley of attack ads from team Obama and team Romney, this time questioning Mitt Romney's role at Bain Capital, a topic beaten to death in the Republican primaries." CNBC (Harwood) added, "Now team Obama squarely back on economic concerns with this blistering ad. ... Team Obama has good reason to go after Mitt Romney on economics, because polls have shown that Americans give Romney more credit than Obama for having good ideas on the economy."
In its "Burns Haberman" blog, Politico calls the ad "brutal." The ad, which targets "Romney's involvement in the acquisition of GST Steel," shows "workers at a shuttered plant pinning Romney and Bain with the blame." Politico adds that the spot "directly contrasts the steelworkers' testimonials with Romney's words touting his business experience."

Ron Paul To Stop Actively Campaigning The CBS Evening News reported Rep. Ron Paul has told "supporters that he won't compete in any more Republican presidential primaries. He doesn't have the money. But he will continue to hunt for delegates at state conventions and Paul gave no indication that he will endorse Mitt Romney."
NBC Nightly News reported, "His campaign announced today he will not spend any more money in the remaining primaries, pretty much conceding the nomination to Romney. ... Staffers say they will continue to push his ideals all the way to the GOP convention."
USA Today adds Paul "been successful in shaking up the process of delegate allocation during several state party conventions," with Romney surrogates booed off stage by Paul supporters in Arizona and Oklahoma.
The Washington Post reports Paul said he would seek delegates "at state-level party conventions, where his dedicated fans could take over and elect their own." The paper adds that while "Paul has cast himself as a maverick outsider," he "actually excels most in the party's inside game: using his enthusiastic fan base to master the GOP's boring internal processes." The Post speculates the Paul's goal "is to have a show of his strength at the GOP convention and to spread his supporters through the party's internal leadership" to either influence the party platform or help "Paul's son and political heir, Sen. Rand Paul."

Romney Up In CBS Poll, Down In Gallup Tracker A CBS News /New York Times poll of 562 registered voters from May 11-13 (drawn from a pool of respondents to a similar poll in April) shows Mitt Romney leading Barack Obama 46%-43%. In the April sample, the same group had the race tied at 46% apiece. The poll doesn't show a significant gender gap – Romney leads 45%-43% among men, while Obama leads 49%-46% among women.
The CBS Evening News reported, "The economy is the top issue in the presidential race and...a CBS News/NYTimes poll finds that the race is very tight. Six months before the election, Mitt Romney leads President Obama among registered voters 46% to 43%. But that three-point difference is within the poll's margin of error."
At the bottom of a New York Times article on the poll's findings on gay marriage, the Times notes the presidential race numbers, and reports that last month "a Times/CBS News poll showed the two tied at 46 percent each." About 4 in 10 respondents said the candidates' position on gay marriage would affect their vote, and "twenty-six percent of respondents said they were less likely to support Mr. Obama as a result, while 16 percent said they were more likely to."
Obama Up 1 In Gallup Tracker The latest edition of the Gallup daily presidential tracking poll shows President Obama leading Mitt Romney 46%-45%, unchanged from the previous day. The poll surveyed about 3,050 registered voters from May 7-13.

New Poll Has Fischer Taking Lead In Nebraska GOP Primary A We Ask America automated poll of 1,109 likely Nebraska GOP primary voters taken May 13 shows state Sen. Deb Fischer leading the Senate primary field with 39%, followed by state Attorney General Jon Bruning with 34%, and state Treasurer Don Stenberg with 17%. A similar survey a week earlier shows Bruning leading Fischer 42%-26% with Stenberg at 23%. Voters go to the polls in the contest today.
The New York Times reported in its "The Caucus" blog that Fischer "appears to be gaining ground on Mr. Bruning, 43. Her momentum has not gone unnoticed at the National Republican Senatorial Committee, where aides have quietly started to argue that she would be a strong challenger to" the presumptive Democratic nominee, ex-Sen. Bob Kerrey, "in a presidential election year in which Republican turnout is likely to be strong in this deeply conservative state."

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