Republican Senator Scott Brown of Massachussetts wants to thank his campaign donors with a signed copy of his yet to be released autobiography. And in order to do so, he's asked the Federal Election Commission to allow him to buy several thousand of copies of his own book using his campaign committee's funds.
But Brown says he doesn't plan to profit from this. According to the advisory opinion request he'll either not receive royalties from this purchase or he will donate all the proceeds he receives from this purchase to charity.
Brown also plans to mix ...
Continue readingDiplomats not the only ones aiding Boeing business abroad
Over the weekend the New York Times ran a story highlighting the diplomatic relations used to help Boeing acquire business in foreign nations, but the informal and potentially inappropriate dealings between diplomats and foreign leaders done for Boeing's benefit is not the only thing the U.S. government does to help the company's bottom line.
The Export-Import Bank of the United States regularly issues loans and loan guarantees in foreign countires to help Boeing export its commercial aircraft. According to the Ex-Im Bank's annual reports for 2009 and 2010, the bank issued almost $20 billion in long-term ...
Continue readingNation’s biggest banks benefit most from Fed program
Data recently disclosed by the Federal Reserve shows that one of its emergency lending programs, the Term Asset-Backed loan Facility or TALF, led to the purchasing of assets from 56 organizations--among them seven were also aided by the biggest bailout program, the Troubled Asset Relief Program, or TARP. Those seven financial firms benefited from $25 billion--or 35 percent--of the $71 billion in loans issued through through TALF.
More than two years after the financial crisis was touched off by the collapse of Lehman Brothers, when Congress, the Bush administration and independent agencies like the Federal Reserve took unprecedented actions to prop up bankers, brokers and other financial firms, the public is only now beginning to see detailed information on actions the government took that were considered secret before. While the Federal Reserve has released transaction level detail for TALF purchases, something that was ordered by Congress, it has withheld much of the underlying data for other emergency programs; Bloomberg.com reported that the Fed did not release information on the underlying securities purchased through the Term Securities Lending Facility program (TSLF) or the Term Auction Facility (TAF).
Federal Reserve Loan Program Allowed Bank of America to Benefit Twice
Bank of America was one of several banks that was able to play both sides of a Federal Reserve program launched during the 2008 financial crisis. While Bank of America was selling its assets to firms obtaining loans through the Fed program, the investment firm BlackRock—partially owned by Bank of America—was potentially turning a profit by using those loans to buy assets similar to those sold by Bank of America. In November 2008, the Federal Reserve announced that, in addition to a series of lending programs intended to keep both the U.S. and world economies liquid, it would begin issuing federally backed loans to entities willing to purchase securities from the troubled financial industry through a program called the Term Asset-Backed Securities Loan Facility or TALF.
Continue readingThe Fed to Release Critical Financial Info Tomorrow
Tomorrow, the Federal Reserve is supposed to release information regarding a suite of programs created to increase lending during height... View Article
Continue readingLIVE BLOG: Senate Banking Committee’s Foreclosure Hearing
The Senate Committee on Banking, Housing and Urban Affairs, is holding a hearing this afternoon to examine foreclosure proceedings that... View Article
Continue readingRightChange.com Inc. funded by pharmaceutical industry figure
Fred Eshelman, CEO of North Carolina-based Pharmaceutical Product Development, has given $3.38 million to RightChange.com, an organization taking part in the onslaught of outside spending this election cycle, according to documents filed with the IRS. Almost all of the money going to RightChange comes from Eshelman; the organization is a vehicle for him to air his political views, which happen to align with the GOP's.
The documents also show that, in addition to Eshelman's support, RightChange.com received $105,000 from a group sharing its name, RightChange II. The ultimate origins of that money was not ...
Continue readingSurprise! The National Education Association funds the National Education Association Advocacy Fund
The National Education Association Advocacy Fund, a Super PAC which has spent $4.2 million to influence the 2010 election cycle so far, receives all of it's funding from the National Education Association, a labor union—or a 501c6—and also its parent organization. No individual donors are listed.
While one can probably safely assume the NEA's money comes from members dues, this is an example of the ability influential nonprofit groups have to completely hide who funds their political agendas. In cases like this, money is shifted from the parent group to its advocacy fund or action ...
Continue readingDark money: Super PACs fueled by $97.5 million that can’t be traced to donors
Of the $189 million spent so far by Super PACs, non-profits and labor unions to influence the 2010 mid-term elections, $97.5 million has come from groups that do not disclose any donors, an analysis of Federal Election Commission contribution records shows. That is, about 52 percent of the money spent so far on everything from political ads to phone banks to fliers promoting or opposing federal candidates has come from groups that don't disclose the sources of their funds.*
Of the 218 non-party committees that have spent money on independent expenditures or electioneering communications, only 100 have disclosed ...
Continue readingDead end disclosure: Super PAC’s biggest giver is a shadowy nonprofit with links to Sarah Palin
Citizens for a Working America PAC, a political organization that's spent $250,000 to oppose the reelection of Rep. John Spratt, D-S.C., discloses its contributions to the Federal Election Commission. Its contributor (it has only one) is New Models, a Virginia-based non-profit organized under section 501(c)4 of the Internal Revenue Code, that doesn't disclose its donors.
Call it another wrinkle in the wide open world of 2010 money in politics: Disclosed donors can be anonymous too.
Citizens for a Working America PAC filed a statement of organization with the FEC on Sept. 2, 2010; about ...
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