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Friday, June 11, 2010

Reform Panel Members Got Millions From Wall Street

The 43 U.S. lawmakers charged with shepherding a massive government overhaul of the financial industry over its final hurdles in Congress have collected at least $67 million combined in campaign contributions from financial sources. The conference committee's Senate members have received more than $40 million from political action committees and individuals connected with Wall Street securities and investment firms, commercial banks, insurance companies, mortgage bankers, and finance and credit companies. House members, including panel chairman Barney Frank, have collected at least $27 million for their election campaigns over the same period. Democrats, who make up nearly two-thirds of the panel, are the financial industry's greatest beneficiaries, drawing an average of $1.7 million per lawmaker. In fact, about one-third of industry contributions, or $21.7 million, went to only two Senate Democrats—Banking Committee Chairman Christopher Dodd of Connecticut and Charles Schumer of New York. Contributions have been received from securities, investment, banking, insurance, mortgage banking and finance companies since 1989 and during the 2010 election cycle, which began January 1, 2009. This data was compiled from public disclosure documents by the nonpartisan Center for Responsive Politics. http://www.theurltool.com/?8156

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Martin Crawford

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