Lobbyists from the financial industry have paid hundreds of millions to Congress and the Obama administration. They have bought virtually all of the key congress members and senators on committees overseeing finances and banking.
Manhattan Institute senior fellow Nicole Gelinas says:
The too-big-to-fail financial industry has been good to elected officials and former elected officials of both parties over its 25-year life span
And economic historian Niall Ferguson says:
Guess which institutions are among the biggest lobbyists and campaign-finance contributors? Surprise! None other than the TBTFs [too big to fails].
No wonder two powerful congressmen said that banks run Congress.
No wonder two leading IMF officials, the former Vice President of the Dallas Federal Reserve, and the the head of the Federal Reserve Bank of Kansas City have all said that the United States is controlled by an oligarchy.
With the exception of a handful couple of Congress members who have the American people’s interest in mind, Congress is bought and paid for.
Note: A friend on the Hill made an important point to me by email.
Maxine Waters and Ron Paul get almost nothing [from the financial lobby. Sherman, Kucinich, Grayson and Kaptur are some other congress members who have not been bought and paid for].
The story isn’t just that a lot of members are bought and paid for, it’s that some aren’t.
Friday, October 9, 2009
Source: Washington’s Blog
Remember Obama’s promise during the campaign:
Barack Obama, speaking in Greenville, South Carolina on January 22, 2008:
“Washington lobbyists haven’t funded my campaign, they won’t run my White House, and they will not drown out the voices of working Americans when I am president”.
Obama was and still is a liar:
Seven of the Obama campaign’s top 14 donors consisted of officers and employees of the same Wall Street firms charged time and again with looting the public and newly implicated in originating and/or bundling fraudulently made mortgages. These latest frauds have left thousands of children in some of our largest minority communities coming home from school to see eviction notices and foreclosure signs nailed to their front doors. Those scars will last a lifetime.
These seven Wall Street firms are (in order of money given): Goldman Sachs, UBS AG, Lehman Brothers, JP Morgan Chase, Citigroup, Morgan Stanley and Credit Suisse. There is also a large hedge fund, Citadel Investment Group, which is a major source of fee income to Wall Street. There are five large corporate law firms that are also registered lobbyists; and one is a corporate law firm that is no longer a registered lobbyist but does legal work for Wall Street. The cumulative total of these 14 contributors through February 1, 2008, was $2,872,128, and we’re still in the primary season.
Source: Obama’s Money Cartel