Modbert
Daydream Believer
- Sep 2, 2008
- 33,178
- 3,055
- 48
Why is this important? Well, Scott Garrett from NJ is going be the Chairman of the Capital Market Subcommittee on Financial Services regulating Dodd-Frank financial reform including hedge funds.
Source: Rachel Maddow Show
Now, what makes this interesting is the following:
Rep. Scott Garrett rakes in Wall St. cash - NorthJersey.com
As the video talks about in more detail, Garrett got $195,000 in a couple weeks from a single hedge fund. 96% of the money he raised for that one committee came from this one hedge fund.
Conclusion: Scott Garrett is clearly beholden to the hedge funds now, a group that he now oversees. Would you trust Scott Garrett to act in the American People's interests or the Hedge Fund managers interest?
Source: Rachel Maddow Show
Now, what makes this interesting is the following:
Rep. Scott Garrett rakes in Wall St. cash - NorthJersey.com
Twelve donors tied to one of the nation’s biggest hedge funds contributed more than $150,000 to a political committee in Georgia controlled by Rep. Scott Garrett, the North Jersey Republican likely to have increased power over financial regulations next year.
Two of the donors gave more than $35,000 each. That’s far above the limit of $2,400 per election that individuals could give to candidates, but the contributions were legal because the Garrett committee was a joint entity with several other political action committees, including the National Republican Congressional Committee, which has much higher limits.
"This is clearly to buy influence from a candidate," said Craig Holman, a lobbyist for campaign finance reform with the group Public Citizen. "A wealthy individual loves to throw $150,000 to the feet of an official who has oversight over his business. The purpose is not to make sure we have informed elections, the purpose is to buy influence."
Garrett was an advocate for hedge fund interests before the contributions, however.
During debate over the Wall Street overhaul, he criticized a provision that barred banks from running or investing in hedge funds, known as the Volcker Rule.
As the video talks about in more detail, Garrett got $195,000 in a couple weeks from a single hedge fund. 96% of the money he raised for that one committee came from this one hedge fund.
Conclusion: Scott Garrett is clearly beholden to the hedge funds now, a group that he now oversees. Would you trust Scott Garrett to act in the American People's interests or the Hedge Fund managers interest?