How Wall St. execs bankrolled GOP victory

January 5, 2011 at 10:16 pm Leave a comment

And the Idiocracy marches on. Eventually the GOP will just outright sell control of government agencies to the highest bidder. 

How Wall St. execs bankrolled GOP victory

Hedge Fund executives provided….”about 96 percent of all the funds raised by the Garrett committee, according to the review of campaign records by CPI and NBC.”

“This is particularly appalling,” said Ellen Miller, executive director of the Sunlight Foundation, a nonprofit group that promotes transparency in campaign finance. “No one in America will believe that Representative Garrett can provide impartial oversight of the hedge fund industry after taking these huge amounts of money

http://www.msnbc.msn.com/id/40913123/ns/politics
A small network of hedge fund executives pumped at least $10 million into Republican campaign committees and allied groups before November’s elections, helping bankroll GOP victories that this week will change the balance of power in Washington, according to a review of campaign records and interviews with industry insiders by the Center for Public Integrity and NBC News.

 

The net effect has been to give the hedge funds important new allies at a time they are fending off regulations mandated by the Dodd-Frank financial reform bill and an aggressive Justice Department investigation into insider trading.   

A prime example is Rep. Scott Garrett, a little known Republican from northern New Jersey who this week is slated to become the new chairman of the House Financial Services subcommittee on capital markets, a key panel that has direct oversight of the industry. A staunch foe of the regulation of Wall Street, Garrett has threatened to cut funding for the Securities and Exchange Commission

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