September 28, 2009
Dems making bank from financial services industry.

Posted at 9:39 am, in: Regulation
Tags: Blanche Lincoln, Chris Dodd, Chuck Schumer, Harry Reid, Kirsten Gillibrand, Michael Bennet, Richard Shelby

I just wanted to highlight this in advance of all of the attacks on Republicans for being in the pockets of the “special interest groups” when it comes time for Congress to reform the financial services industry:

Wall Street has showered nearly $11 million on the Senate since the beginning of the year, and more than 15 percent of it has gone to a single senator: Democrat Chuck Schumer of New York.

Schumer’s $1.65 million take from the financial services industry is nearly twice that of any other senator’s — and more than five times what the industry gave to any single Republican senator.

While the industry has scaled back its political spending in the wake of last year’s economic collapse, data from the Center for Responsive Politics show that it’s still investing heavily in the Senate, where it’s likely to have its best shot at stopping — or at least shaping — the crackdown on Wall Street that President Barack Obama has proposed.

And it’s clearly looking to Democrats to do it.

Of the $10.6 million the industry has given to sitting senators this year, more than $7.7 million has gone to Democrats. Schumer got his $1.65 million; his New York colleague Kirsten Gillibrand took in $886,000; Senate Majority Leader Harry Reid of Nevada received $814,000; Senate Banking Committee Chairman Chris Dodd of Connecticut scored $603,000; Colorado freshman Michael Bennet got $401,000; and Agriculture Committee Chairman Blanche Lincoln of Arkansas— who will have a big say on the derivatives portion of regulatory reform — got $336,000.

“Democrats are holding the reins in Washington now with a Democratic-run White House and Congress,” said one financial services lobbyist. “It only makes sense that donors want to put their money into the coffers of those who are driving the agenda.”

Among Republicans, the biggest recipient of financial-industry money so far this year is Richard Shelby of Alabama. But although he’s the ranking Republican on the Banking Committee — ground zero for the regulatory reform bill in the Senate — he’s received just $313,000 from the industry this year.

It only makes sense! That’s right because in our corrupt system where politicians can all be bought legally, it does only make sense that the financial services industry would target the party in power in order to influence the final “reform” legislation that is produced. Note to the American public: This means that it will be their interests represented, not yours. And, we all know they wouldn’t waste their money if they didn’t think that it was going to work.

This isn’t to put all of the blame on Democrats. Republicans get donations, too. But, when they go to pass whatever monstrosity they label reform, I want everyone to remember whose interests will be represented and that it’s the Democrats who are being paid to favor the financial services industry and to look out for their best interests. So, when they propose legislation that hurts the people, or is just bad policy, and they try to blame those evil, greedy Republicans, we can all remember who is really in the pockets of the financial services industry: those greedy politicians, both Democrat and Republican, but mostly those Democrats!