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Sat, 29 Dec 2012 13:00:00 GMT | By Kim Peterson, MSN Money
10 worst business moves of 2012

Wall Street supporting Scott Brown

Senator Scott Brown conceded the election for United States Senate to his challenger, democrat Elizabeth Warren, at his election results rally at the Boston Park Plaza Hotel in downtown Boston on election day, Nov. 6, 2012. (© Dina Rudick/The Boston Globe via Getty Images)
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Wall Street supporting Scott Brown

Big banks and financial companies poured millions into the campaign coffers of Sen. Scott Brown, R-Mass., who succeeded the late Sen. Ted Kennedy and was running for his first full term. Why the big donations? Because they wanted to see the defeat of Brown's opponent, Elizabeth Warren.

Warren has been gunning for more banking regulation for years. She pushed for a huge settlement from big banks as they were being investigated for improper foreclosure practices. She has described herself as the intellectual godmother of Occupy Wall Street, according to the Washington Post.

The securities and investments industry spent $3 million supporting Brown, according to OpenSecrets. The financial, insurance and real-estate sector gave him $6 million.

When you give money like that, you'd better make sure you give it to the winning candidate. Warren won, and now, in a nightmare scenario for banks, she's been named to the Senate Banking Committee.

* Bing: More on Elizabeth Warren

Have your say

Should new wireless companies Mobilicity, Wind Mobile and Public Mobile be allowed to fail?

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  1.  
    56 %
    Yes, the market will decide if they are competitive enough to survive.
    2,445 votes
  2.  
    35 %
    No, the playing field in the wireless market is not level. The government should help these companies.
    1,533 votes
  3.  
    9 %
    I don't know.
    415 votes
  4. Skip to results

Total Responses: 4,393
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