The ways of Wall Street regulation are strange. Executives love to excoriate the tough regulators and any politician not seen as sufficiently pro-Wall Street.

But beyond the rhetoric, the picture is a bit complicated. While many argue that Wall Street tends to be conservative or liberal, that's not really the point. Nor is it about Democrats vs. Republicans. The fact is that Wall Street is all about opportunism. When it comes to politics and regulation, it's all about influence and backing a winner. So while many would assume that Barney Frank--the half-eponymous author of the massive financial reform bill now roiling the waters--would be persona "non grata" on Wall Street, nothing could be farther from the truth.

As Frank's appearance at a SIFMA fundraiser made clear, he's a rock star on Wall Street. Not everyone loves him of course, but he is a star nonetheless. Unsurprisingly, the regulatory A-list turned out to hob-nob with Frank. The financial contributions were flowing. He's in a good spot. His Congressional seat is very secure and he can afford to be principled when it comes to Wall Street regulation.

Frank has long maintained that contributions do not affect his policy making. He can point to Dodd-Frank as evidence of that. In his most recent campaign, which raised roughly $4 million, Frank received $356,316 in contributions from financial services firms, notes the New York Times.

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