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Politically Connected Bank Gets a Dodd-Frank Waiver - Emigrant Bank Obama Bundler

Bloomberg News reports that Emigrant Bank in New York will be the sole recipient of a Dodd-Frank exemption. The bank asked legislators on the House Financial Services Committee to change the language of the financial regulations slightly, exempting Emigrant from having to comply and saving the bank $300 million.

What the Bloomberg article does not mention, however, is that Howard Milstein, the owner of the bank, is an Obama bundler. He bundled between $100,000 and $200,000 for the president's campaign in 2008. He has also given $34,000 of his own money in political contributions to members of both parties, but mostly to Democrats.