Wall Street’s Best Investment II: 12 Deregulatory Steps to Financial Meltdown

What can $5 billion buy in Washington?

Quite a lot.

Over the 1998-2008 period, the financial sector spent more than $5 billion on U.S. federal campaign contributions and lobbying expenditures.

This extraordinary investment paid off fabulously. Congress and executive agencies rolled back long-standing regulatory restraints, refused to impose new regulations on rapidly evolving and mushrooming areas of finance, and shunned calls to enforce rules still in place.

“Sold Out: How Wall Street and Washington Betrayed America,” a report released by Essential Information and the Consumer Education Foundation (and which I co-authored), details a dozen crucial deregulatory moves over the last decade — each a direct response to heavy lobbying from Wall Street and the broader financial sector, as the report details. (The report is available here.) Combined, these deregulatory moves helped pave the way for the current financial meltdown.

Here are 12 deregulatory steps to financial meltdown: (more…)

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Published in: on March 9, 2009 at 9:06 am  Comments (4)  
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Maverick, my ass

No Reformer -- Read the Report

Read the Report

Published in: on September 25, 2008 at 8:18 am  Comments (1)  

Despite Rhetoric, Obama Pushed Lobbyists’ Interests

Away from the bright lights and high-minded rhetoric of the campaign trail, Democratic presidential hopeful Sen. Barack Obama, D-Ill., has quietly worked with corporate lobbyists to help pass breaks worth $12 million.

Justin Rood Reports

Published in: on July 17, 2007 at 11:05 pm  Leave a Comment  

Uber-Lobbyist Launches Clean Up K Street Blog

Really!?

Published in: on May 2, 2007 at 1:42 pm  Leave a Comment  

The Religious Right’s New Bugbear

Last Sunday, Pastor John Hagee, the founder of Christians United for Israel, received a rousing reception at the opening dinner plenary of the annual American Israel Public Affairs Committee (AIPAC) conference.

Published in: on March 15, 2007 at 10:46 pm  Leave a Comment  

Justice Official Bought Vacation Home With Oil Lobbyist

A senior Justice Department official who recently resigned her post bought a nearly $1 million vacation home with a lobbyist for ConocoPhillips months before approving consent decrees that would give the oil company more time to pay millions of dollars in fines and meet pollution-cleanup rules at some of its refineries.Sue Ellen Wooldridge, former assistant attorney general in charge of environment and natural resources, bought a $980,000 home on Kiawah Island, S.C., last March with ConocoPhillips lobbyist Don R. Duncan. A third owner of the house is J. Steven Griles, a former deputy interior secretary, who has been informed he is a target in the federal investigation of Jack Abramoff’s lobbying activities.

Published in: on February 15, 2007 at 3:33 am  Leave a Comment  

Poll: Forty percent of American voters believe the Israel Lobby has been a key factor in going to war in Iraq and now confronting Iran

Do you strongly agree, somewhat agree, somewhat disagree, or strongly disagree that the work of the Israel lobby on Congress and the Bush administration has been a key factor for going to war in Iraq and now confronting Iran?

Published in: on February 8, 2007 at 11:12 pm  Leave a Comment  

Democrats Freeze Earmarks for Now

Leaders Want Lobbying Changes Enacted

Published in: on December 12, 2006 at 5:37 pm  Leave a Comment