Longtime NYC congresswoman faces strong bid by newcomer with competing Wall Street vision
NEW YORK – Nine-term New York City Congresswoman Carolyn Maloney may have a real fight on her hands.
She's being challenged by 34-year-old newcomer Reshma Saujani (RAYSH'-mah SAW'-jah-nee), even though Maloney's liberal, activist record is almost perfectly in sync with her strongly Democratic district.
Many voters in the wealthy district work in the financial industry and have resisted congressional efforts to reform Wall Street practices. Those efforts were often led by Maloney.
Saujani served as an attorney for three hedge funds, including the Fortress Investment Group, for which former Democratic presidential candidate John Edwards briefly served as an adviser.
Fortress invested heavily in lenders that offered subprime mortgages — higher-priced loans for borrowers considered greater risks. The meltdown of the subprime mortgage industry in 2007 helped fuel the collapse of the housing market.