MEDIA ROOTS- It’s not very comforting to know that Wall Street lobbyists have been paying off members of the very committee in charge of finding $1.5 trillion worth of deficit measures. Can’t count much on “shared sacrifice” from the banks with bribery like this taking place on the hill.
Abby
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TRUTHOUT– Wall Street has given $41 million in campaign contributions to the members of the Congressional “supercommittee” charged with finding $1.5 trillion worth of deficit reduction measures, according to a report released today by two watchdog groups.
The finance, insurance and real estate sector spent $3.7 billion on lobbying and campaign contributions from 1999 to 2008, according to the report, and the 12 members of the bipartisan Joint Select Committee on Deficit Reduction have all reaped the benefits.
Congressional veterans Sen. John Kerry (D-Massachusetts) and Sen. Max Baucus (D-Montana) top the list, having each received about $6 million in contributions from the financial sector during the course of their careers in Washington. The top GOP recipient on the committee, Sen. Jon Kyl (R-Arizona), has received $5.2 million from the sector.
Donations from the political action committees and executives of Bank of America, JPMorgan Chase and Wells Fargo – banks that received $95 billion in federal bailout funds – account for one-fifth of the $4.3 million in campaign cash donated by commercial banking interests to the 12 supercommittee members.
The report also identifies 27 former or current aides to supercommittee members who have worked as lobbyists for the financial industry. Manny Rossman, for example, was Kyl’s chief of staff before landing a position at the Breaux Lott Leadership Group, where his clients include Citigroup, Goldman Sachs and Prudential Financial.
“Wall Street bought the deregulation that led to our economic collapse and the American public has paid the price,” said Nick Nyhart, president and CEO of Public Campaign, the group that co-authored the report. “The supercommittee should not give Wall Street and big banks another free ride because of their campaign cash.”
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© 2011 Truthout
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