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Bribe? Wall Street firms donated $11.2 Million to members of debt ‘super committee

hvactec

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By Eric W. Dolan
Thursday, August 18th, 2011 -- 8:39 pm

The bipartisan "super committee" created by the debt ceiling deal is comprised of lawmakers who have received big bucks from special interest groups, according to a report by MapLight.

The committee is tasked with finding at least $1.2 trillion in deficit cuts over ten years.

In total, the twelve members appointed to the Joint Select Committee on Deficit Reduction got nearly $64.5 million from special interests groups over the past decade, with legal firms donating about $31.5 million and Wall Street firms donating about $11.2 million.

Of that $11.2 million, Goldman Sachs, Citigroup, Bank of America and JPMorgan Chase donated approximately $2 million combined.

The members appointed to the committee are Sens. Pat Toomey (R-PA), Jon Kyl (R-AZ), Rob Portman (R-OH), Patty Murray (D-WA), John Kerry (D-MA), and Max Baucus (D-MT) and Reps. Jeb Hensarling (R-TX), Fred Upton (R-MI), Dave Camp (R-MI), Chris Van Hollen (D-MD), Xavier Becerra (D-CA), and Jim Clyburn (D-SC).

Democratic and liberal groups donated the third most amount of money, with about $9.6 million in political contributions, and the health industry donated the fourth most, with about $9.3 million.

Club for Growth, a conservative free market group, donated more money than any other organization, contributing a combined $990,066 to the twelve lawmakers. The vast majority of that money went to Sen. Toomey.

Microsoft Corp. donated the second most, with $810,100.

The six Republicans on the committee have signed a pledge by Americans for Tax Reform to vote against any tax increases.

read more Wall Street firms donated $11.2 million to members of debt ‘super committee’ | The Raw Story
 

whitehall

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Wall Street ain't the enemy. Al Gore said "there is no controlling legal authority" when he was busted soliciting donations from foreign religious groups. Bubba Bill Clinton's bag man Charlie Trie was funding donations for the Clinton sleaze bag reelection. Clinton pardoned one of the FBI's most wanted and the most notorious corporate pirate in history at the time for a couple of bucks from his wife. Wall Street ain't the enemy. Too bad neo-socialists think so.
 
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rdean

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By Eric W. Dolan
Thursday, August 18th, 2011 -- 8:39 pm

The bipartisan "super committee" created by the debt ceiling deal is comprised of lawmakers who have received big bucks from special interest groups, according to a report by MapLight.

The committee is tasked with finding at least $1.2 trillion in deficit cuts over ten years.

In total, the twelve members appointed to the Joint Select Committee on Deficit Reduction got nearly $64.5 million from special interests groups over the past decade, with legal firms donating about $31.5 million and Wall Street firms donating about $11.2 million.

Of that $11.2 million, Goldman Sachs, Citigroup, Bank of America and JPMorgan Chase donated approximately $2 million combined.

The members appointed to the committee are Sens. Pat Toomey (R-PA), Jon Kyl (R-AZ), Rob Portman (R-OH), Patty Murray (D-WA), John Kerry (D-MA), and Max Baucus (D-MT) and Reps. Jeb Hensarling (R-TX), Fred Upton (R-MI), Dave Camp (R-MI), Chris Van Hollen (D-MD), Xavier Becerra (D-CA), and Jim Clyburn (D-SC).

Democratic and liberal groups donated the third most amount of money, with about $9.6 million in political contributions, and the health industry donated the fourth most, with about $9.3 million.

Club for Growth, a conservative free market group, donated more money than any other organization, contributing a combined $990,066 to the twelve lawmakers. The vast majority of that money went to Sen. Toomey.

Microsoft Corp. donated the second most, with $810,100.

The six Republicans on the committee have signed a pledge by Americans for Tax Reform to vote against any tax increases.

read more Wall Street firms donated $11.2 million to members of debt ‘super committee’ | The Raw Story

The companies or the people that work there? The CEO is way different than the secretary. It's not clear.

And for Republicans who say, "What's the difference?" think of it this way:

Would you want to get support from those wonderful CEO's and Board Members or from that dirty working Middle Class?
 

Annie

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Wall street and the banks have robbed us of trillions of dollars in our wealth the past few years...These people are transnationalist pieces of shit. Prison time should be handed out to them.

Wall Street Aristocracy Got $1.2T in Loans - Bloomberg

Wall Street Aristocracy Got $1.2T in Loans
By Bradley Keoun and Phil Kuntz - Aug 21, 2011

Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.

By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret.

Fed Chairman Ben S. Bernanke’s unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley (MS), got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress.

“These are all whopping numbers,” said Robert Litan, a former Justice Department official who in the 1990s served on a commission probing the causes of the savings and loan crisis. “You’re talking about the aristocracy of American finance going down the tubes without the federal money.” ...
 

editec

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Bribe? Wall Street firms donated $11.2 Million to members of debt ‘super committee

NONE dare call it bribery.
 

G.T.

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They own the Country (I thopught this was common knowledge?)
 

georgephillip

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Wall street and the banks have robbed us of trillions of dollars in our wealth the past few years...These people are transnationalist pieces of shit. Prison time should be handed out to them.

Wall Street Aristocracy Got $1.2T in Loans - Bloomberg

Wall Street Aristocracy Got $1.2T in Loans
By Bradley Keoun and Phil Kuntz - Aug 21, 2011

Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.

By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret.

Fed Chairman Ben S. Bernanke’s unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley (MS), got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress.

“These are all whopping numbers,” said Robert Litan, a former Justice Department official who in the 1990s served on a commission probing the causes of the savings and loan crisis. “You’re talking about the aristocracy of American finance going down the tubes without the federal money.” ...
Thanks for the great link.

This "Super Congress" should be seen as the last nail in the coffin of the US social contract. It seems to have been designed solely to protect member of the Lesser Congress from the revenge votes of 82% of this country opposed to cutting Social Security and Medicare benefits, and the 60% of Americans who believe our wars are responsible for the deficit.

"Super Congress" Designed for One Purpose | Common Dreams

This is the latest example of how insane it is to continue "choosing" between Democrat OR Republican in the voting booth and expecting any Hope or Change to result.

The Internet makes it doable to FLUSH hundreds of incumbents (Rs & Ds) from DC in a single news cycle.

That option could be the last hope for the US Republic.
 

Sallow

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We need to take "money" out of the electoral process.

Unfortunately conservatives thwart every effort to do so.

Even when some of them are the authors of the efforts.
 

editec

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It is impossible to take money OUT of politics.

What would work is to see to it that workers actually made enough money and could organize to offset the power of BIG CAPITAL.

But while we had that for a while, in the last 40 years (SInce Reagan and PATCO) we have moved in exactly the opposite direction.

And this economy is the END GAME of that erosion of middle class power.

SOME of us citizens think this is an organic process that resulted from national politics.

I do not not.

I think what we're going through right now is a LONG RANGE PLAN that has been in place and operating for at least 40 years.

It was NOT a secret conspiracy, it was done out in the open for all of us to see.

And now?

Now they're not even TRYING to pretend that they have our or this nation's best interests in mind, folks.
 
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georgephillip

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BIG CAPITAL funds both major political parties in this country.

Wouldn't Republicans AND Democrats have to vanish from the Page of Time before campaign finance reform becomes possible?

Big time capitalists are making it clear they no longer require US workers or consumers to fund their bonus pools. These capitalists depend on voters "choosing" between Republican OR Democrat in the voting booth.

Republicans AND Democrats are the low hanging fruit, imho.
 

Seawytch

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It's so comforting to know that Wall Street will be protected by the "Super" Congress...

[ame="http://www.youtube.com/watch?v=WQOWHmP6P5U"]I'm Super![/ame]
 

Full-Auto

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It's so comforting to know that Wall Street will be protected by the "Super" Congress...

I'm Super!

I feel much better. I have Peppermint Pork Patty representing my state.

Now I am sure it will cost twice as much. YEAH!
 

georgephillip

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The Pentagon wants to keep 25,000 troops in Afghanistan and 10,000 in Iraq indefinately, i.e., forever.

Zero out the troops in both countries and we cut $200 billion from our expected 2021 deficit.

That's one-sixth of the Super Committee's debt reduction goal; factor in another one trillion dollar cut from the base military budget over ten years, and we've reached half of the Super Committee's goal.

2/3rd of the debt reduction can come from just cutting the military budget and withdrawing our troops from countries they should never have entered in the first place.
 

MikeK

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I think what we're going through right now is a LONG RANGE PLAN that has been in place and operating for at least 40 years.

It was NOT a secret conspiracy, it was done out in the open for all of us to see.
I think you're absolutely right. And it's been successful because the general public had become too complacent to believe or to understand how something so massively insidious could happen.

One incremental step at a time beginning with Reagan, progressing through Bush-1, Clinton and Bush-2 and implemented by bribery of the Congress, the industrial, economic and military powerhouse that was the United States has been reduced to a debtor nation dependent for its financial and material sustenance on the third world and incapable even of manufacturing some components of its own weapon systems.

I don't believe Obama has been an active part of the plot but there is no doubt in my mind that he's been compromised as evidenced by his choice of critical appointments and his unwillingness to investigate and prosecute the many egregious crimes of the Bush Administration. He is a convenient pacifying agent whose purpose is to keep a lid on the pot as it boils.


"A great civilization is not conquered from without until it has destroyed itself from within." (Ariel Durant)
 
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georgephillip

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And, if he (Obama) gets a second term, he will repay his Wall Street masters by "reforming" Social Security. After leaving office, look for Mr. Change and Hope to earn a cool $billion in less time than it took Slick Willie to grab his first $100 million.

FLUSH the DC toilet in 2012 by voting against every Republican AND Democrat appearing on your ballot.

Starting with the White House.
 

LibocalypseNow

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Not surprising. They began raising campaign cash as soon as they were named to the committee. Just another very sad Government scam. They're actually squabbling over cutting $1 or $2 Trillion in ten years? By then the Debt will be up to an estimated $23 Trillion or more. So squabbling over a measly $1 or $2 Trillion in cuts is just plain ludicrous. Nothing will get done. The joke's on us once again.
 

The T

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What USED TO BE A REPUBLIC RUN BY TYRANTS
Not surprising. They began raising campaign cash as soon as they were named to the committee. Just another very sad Government scam. They're actually squabbling over cutting $1 or $2 Trillion in ten years? By then the Debt will be up to an estimated $23 Trillion or more. So squabbling over a measly $1 or $2 Trillion in cuts is just plain ludicrous. Nothing will get done. The joke's on us once again.
Of course. Now I have a question? Does thje legislative body as a whole get to vote on whatever the result is? Or will it be rammed through?
 

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