Members of Congress continue to debate the bailout package that may well affect the bottom line of every taxpayer in the country, as well as those of big banks, brokerages, and other financial firms. While they hear from numerous experts, including distressed Wall Street titans, on the dangers facing their firms, what sort of exposure do members themselves have if those firms fail?
In their most recent financial disclosure forms, the chairmen and ranking members of the key House and Senate committees considering the $700 billion bailout of the financial sector disclosed investments in firms with interests in the outcome ...
Continue readingFinancial Bailout: Lobbyists’ Donations to House Financial Services Committee
The chairs and ranking members of the House Financial Services Committee and its subcommittees have received less from lobbyists hired by financial and investment firms compared with members of the Senate Banking Committee from the eight firms we surveyed. Six of the 12 chairs and ranking members received more than $144,000 in the first six months of this year.
Committee chairman Rep. Barney Frank, D-Mass., received the most, totaling $63,500. Since Jan. 2008, Frank has received at least $55,000 from lobbyists working for influential Washington lobbying firm DLA Piper and their PAC. During that time DLA Piper ...
Continue readingFinancial Bailout: Who do McCain and Obama see at their fundraisers?
Sen. John McCain and Sen. Barack Obama are returning to Washington today to lend their legislative talents to the bailout bill working its way through Congress. So let's take a look at the biggest contributors to their presidential campaigns, courtesy of our friends at the Center for Responsive Politics.
Going in alphabetical order, we'll take McCain first. Among the top donors to the Republican nominee's presidential campaign are employees, their family members and PACs of the following players in the nation's financial meltdown: Merrill Lynch (which needed Bank of America to rescue it), Citigroup ("written off ...
Continue readingFinancial Bailout: Who’s minding the store?
As Congress begins wrestling with the Bush administration's financial industry bailout legislation (and Sen. Christopher Dodd's alternative), perhaps it's worth asking who are these folks who may well be deciding the economic fate of the nation? In this post (which took me about five hours longer to put together than I'd anticipated; hint to Labs: we need to design a tool to do this stuff faster), we take a look at the Senate Banking Committee and the House Finance Committee. Specifically, we look at how much of the campaign cash raised by members of those committees ...
Continue readingTCS releases searchable earmark lists
While most of Washington fixates on the $700 billion bailout package now being debated by the House Finance and Senate Banking Committees (Rep. Frank has added his own version of a bailout to the ones proposed by the administration and Sen. Christopher Dodd), our friends at Taxpayers for Common Sense are paying attention to some $600 billion in spending that Rep. David Obey, D-Ohio, concocted in secret, or, as he put it to Bloomberg News, operating "the old fashioned way by brokering agreements in order to get things done and I make no apology for it." Taxpayers has posted searchable ...
Continue readingFinancial Bailout: Who does Bachus see at his fundraisers?
Among Rep. Spencer Bachus's top career donors are employees, their family members and PACs of the following players in the nation's financial meltdown: J.P. Morgan Chase & Co. (which bought Bear Stearns), Credit Suisse Group (which misled some investors about its auction rate securities), UBS AG (which hopes the bailout will include foreign banks), the National Assn of Realtors (working to "assure a robust secondary mortgage market"), Citigroup Inc ("written off and lost $53.6 billion through the credit crunch so far, which is more than any other bank or broker,"), Bank of America (acquired Merrill Lynch and ...
Continue readingFinancial Bailout: Who does Shelby see at his fundraisers?
Among Sen. Richard Shelby's top career donors are employees, their family members and PACs of the following players in the nation's financial meltdown: Citigroup ("written off and lost $53.6 billion through the credit crunch so far, which is more than any other bank or broker,") JPMorgan Chase & Co. (which bought Bear Stearns) and First American Corp. (a subsidiary of which appraises home values).
Continue readingFinancial Bailout: Who does Dodd see at his fundraisers?
Among Sen. Christopher Dodd's top career donors are employees, their family members and PACs of the following players in the nation's financial meltdown: Citigroup ("written off and lost $53.6 billion through the credit crunch so far, which is more than any other bank or broker,") Bear Stearns ("Bear Stearns's mortgage business, a big driver of profits, has been eviscerated,"), SAC Capital Partners (vehemently denies charge that they helped bring down Bear Stearns), American International Group (saved by an emergency $85 billion rescue), Goldman Sachs and Morgan Stanley (each of which are morphing into bank holding companies ...
Continue readingA compendium of mortgage bank failures
The Mortgage Lender Implode-o-Meter has a useful list of companies that have gone belly up in the subprime mortgage crisis that appears to be more the trigger than the overall cause of the current financial meltdown. I was looking at it Friday, browsing the stories, and some of it is pretty incredible (the list of 285 failures is pretty incredible). Reading about the first failure, Merit Financial, gives a flavor of just how freewheeling these firms could be:
The 42 complaints received by state agencies and the Better Business Bureau give insight into Merit's problems. Addressed individually, none was ...Continue reading
TCS posts Senate Defense Authorization earmarks
Our friends at Taxpayers inform us that they've just posted...
The complete database of earmarks in the 2009 defense authorization report and bill. The Senate version of the bill currently under debate contains 435 earmarks worth $5.2 billion, a big jump in number from last year's Senate authorization but a decrease in total value.
They posted an analysis and highlights from the bill here.
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