Temptation by New Order

Posted over 2 years ago

I think we've been pretty clear at Down With Tyranny that we don't like the temptation legislators who take immense sums of money from special interests in annual "donations"-- and then vote on the very bills those special interests consider downright existential-- face. The Financial/Insurance/Real Estate sector has invested more in Congressional campaigns than any other sector in the economy-- and they've profited grandly. Between their lobbying efforts ($3,560,882,343 since 1998) and their direct donations to members of Congress ($2,237,819,188 since 1990), they've spent a bundle-- but they've gotten in back in spades and... well, everyone wins, right? Sure-- except the general public, which foots the bill when everything goes bust, as it did after the spate of bankster-inspired deregulations over the last few decades. The entire economy tanked, the banksters' unborn great grandchildren will be living like lords and ladies for generations to come and the actual Lords and Ladies in our own House of Lords are not doing badly themselves, regardless of how utterly mediocre many of them are. Of the 23 members on the Senate Banking Committee, <i>all</i> of whom [except Herb Kohl] justify taking gigantic donations from the banksters, 7 have gotten over $3 million, far more than your average Lord.

Chris Dodd (D-CT)- $13,563,456

Chuck Schumer (D-NY)- $12,909,246

Kay Bailey Hutchison (R-TX)- $4,695,388

Richard Shelby (R-AL)- $4,428,842

Evan Bayh (D-IN)- $4,053,616

Bob Menendez (D-NJ)- $3,939,922

Tim Johnson (D-SD)- $3,050,066

But what about when the temptation is even more direct-- like when the member of a committee charged with writing legislation owns stock in the exact same companies the legislation impacts? Yesterday's Hill reported that something like half the members of the Banking Committee "had holdings in financial institutions that have taken funds from the Troubled Asset Relief Program (TARP)." They wrote that legislation and the value of their personal portfolios depended on the health of the institutions they used our money to bail out. Among the Lords who own stocks in companies that were bailed out with taxpayer dollars are Chuck Schumer, Tim Johnson. Herb Kohl, David Diapers Vitter, Kay Bailey Hutchison, Mike Johanns, Mel Martinez, Bob Corker, Bob Bennett, Mark Warner, and Chris Dodd. Anyone think that might be like a super-duper conflict of interest?

Anyone a fan of New Order? "Temptation" originally came out in 1982 as a stand alone single and five years later was released on Substance, a singles compilation. The song was also used in Trainspotting.

Comments (0)

Comment on this Post

Login using email and password below.

Forgot Password?

OR login using Facebook Connect

Connect

Don't have an account?
Join MOG. It's Free!

© 2006-2012 Mog Inc. All Rights Reserved