Here is a must read by David Cho of the Washington Post. Apparently we haven’t learned anything for our near-collapse of the U.S’s financial system. And if Cho is right, we the consumers are getting nothing for our assistance in the bail-out of these behemoths. But the banks are getting o’plenty.
When the credit crisis struck last year, federal regulators pumped tens of billions of dollars into the nation’s leading financial institutions because the banks were so big that officials feared their failure would ruin the entire financial system.
Today, the biggest of those banks are even bigger.
The crisis may be turning out very well for many of the behemoths that dominate U.S. finance. A series of federally arranged mergers safely landed troubled banks on the decks of more stable firms. And it allowed the survivors to emerge from the turmoil with strengthened market positions, giving them even greater control over consumer lending and more potential to profit.
Profit seems to equate these days to a renewed potential for corporate corruption and greed at the taxpayers expense. What should we expect next? A system wide repeat of last year’s collapse, who will Wall Street and the “Too big to Fail” financial institutions turn to next time?. WTF? And when you add in TARP and industry lobbyist currently wooing lawmakers the situation gets even more infuriating.
Public Citizen has plumbed the depths of Sunlight’s extensive PartyTime database and determined that when it comes to lobbying parties, the lobbyists that represent TARP recipients know how to get down. From Election Day through the end of June 2009, such lobbyists have held over seventy parties and chipped in six million dollars worth of campaign scrilla. The U.S. Chamber of Commerce has led the way, hosting 35 fundraisers. The big recipients include the Democratic Congressional Campaign Committee, the Democratic Senatorial Campaign Committee, the House Ways and Means Committee, and forty-eight members of Congress.
Public Citizens report; “Bank Rolling Congress” is an interesting read. One North Carolina politico has enjoyed a few partays, on page 8 of their report you will find “Lawmakers for Whom Lobbyists for TARP Recipients and their Trade Association Allies Scheduled Fundraisers”. North Carolina’s own Sen. Richard Burr (R-N.C.) is in the top 4 with 3 fundraisers.