Representative Barney Frank co-authored last year's legislation that was intended to bring Wall Street to its knees, but that didn't stop SIFMA from hosting a New York dinner in his honor.   SIFMA, one of Wall Street’s most vocal advocates on the Dodd-Frank financial regulatory law, hosted a Wall Street fund-raiser for the Massachusetts Democrat.  While some bankers saw the event as a striking display of chutzpah, even by Wall Street standards, others weren't about to miss the chance to hobnob with one of the nation’s top financial cops.

Who's Who in Attendance.   JPMorgan Chase, Goldman Sachs,  Morgan Stanley all had officials at the event.  Among those attending were Brent Taylor, senior deputy general counsel at UBS, SIFMA EVP Randy Snook, and former Goldman Sachs lobbyist Marti Thomas. 

Mr. Frank, a 16-term congressman, arrived fashionably late, escorted by guards.  He's long been an unapologetic critic of Wall Street, but that didn't cramp his hard-edged political style and sarcastic wit.  He has supported efforts to delay new restrictions on debit card fees, the scorn of bankers big and small - which was not lost on his audience of donors, some of whom praised Mr. Frank’s recent efforts before entering the fund-raiser.  Still, banks complain that the Dodd-Frank law threatens to cost the industry several billion dollars.

All told, the event raised about $4 million - after all, he's a natural target for donations from bankers and the like.  Nevertheless, Mr. Frank says campaign contributions do not influence his policy decisions. The congressman’s spokesman told Marketplace on Tuesday: “If Wall Street is trying to buy influence with him, it has been a dramatic failure.”   [NYT Dealbook, 6/8/11]