McCain Attacks Wall Street Greed, But 83 Wall Street Lobbyists Work for His Campaign

Posted by David Corn and Jonathan Stein and Nick Baumann, Mother Jones at 1:34 PM on September 17, 2008.

McCain's own campaign has been loaded with the Wall Street types he's been denouncing.

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In the past few days, as the economic crisis has deepened, Senator John McCain has been decrying the excesses of Wall Street. At a campaign rally in Tampa on Tuesday, he vowed that he and Alaska Governor Sarah Palin, if elected, "are going to put an end to the reckless conduct, corruption, and unbridled greed that have caused a crisis on Wall Street." He noted that the "foundation of our economy ... has been put at risk by the greed and mismanagement of Wall Street and Washington."

He blasted CEOs who "seem to escape the consequences." He denounced Wall Streeters who "dreamed up investment schemes that they themselves don't even understand" and who used "derivatives, credit default swaps, and mortgage-backed securities" to try "to make their own rules." He excoriated Fannie Mae and Freddie Mac for gaming the system. And he slammed financial industry lobbyists for misguiding members of Congress. "I can promise you the days of dealing and special favors will soon be over in Washington." On Wednesday morning, after the federal government committed $85 billion to prevent the collapse of the American International Group (AIG) insurance conglomerate, McCain again assailed irresponsible corporate executives. "We need to change the way Washington and Wall Street does business," he proclaimed.

McCain has been quick with fiery, populist-tinged speeches. But one thing has been missing: any acknowledgment that McCain's own campaign has been loaded with the type of people he's been denouncing. (The McCain campaign did not respond to a request for comment; we will update the post if they do.) As Mother Jones previously reported, former Senator Phil Gramm, McCain's onetime campaign chairman, used a backroom maneuver in late 2000 to slip into law a bill that kept credit default swaps unregulated. These financial instruments greased the way to the subprime meltdown that has led to today's economic crisis. Several of McCain's most senior campaign aides have lobbied for Fannie Mae and Freddie Mac. And the Democratic National Committee, using publicly available records, has identified 177 lobbyists working for the McCain campaign as either aides, policy advisers, or fundraisers.

Of those 177 lobbyists, according to a Mother Jones review of Senate and House records, at least 83 have in recent years lobbied for the financial industry McCain now attacks. These are high-paid influence-peddlers who have been working the corridors of the nation's capital to win favors and special treatment for investment banks, securities firms, hedge funds, accounting outfits, and insurance companies. Their clients have included AIG, the newest symbol of corporate excess; Lehman Brothers, which filed for bankruptcy on Monday sending the stock market into a tailspin; Merrill Lynch, which was bought out by Bank of America this week; and Washington Mutual, the banking giant that could be the next to fall. Among these 83 lobbyists are McCain's chief political adviser, Charlie Black (JP Morgan, Washington Mutual Bank, Freddie Mac, Mortgage Bankers Association of America); McCain's national finance co-chairman, Wayne Berman (AIG, Blackstone, Credit Suisse, Fannie Mae, Freddie Mac); the campaign's congressional liaison, John Green (Carlyle Group, Citigroup, Icahn Associates, Fannie Mae); McCain's veep vetter, Arthur Culvahouse (Fannie Mae); and McCain's transition planning chief, William Timmons Sr. (Citigroup, Freddie Mac, Vanguard Group).

When cable news shows air footage of McCain railing against greedy execs and the lobbyists who rig the rules for the benefit of Wall Street dealmakers, there ought to be a crawl beneath him listing these lobbyists. (Talk about a fair and balanced presentation.) Short of that, here's the list of the McCain aides and bundlers who have worked for the high-finance greed-mongers McCain has pledged to take on. So far, it seems, none of them have been cast out of the campaign. If McCain were serious about his outrage, he might throw these money-changers out of his own temple.

Phil Anderson: American Council of Life Insurers, Aetna, AIG, New York Life, MassMutual, VISA

Rebecca Anderson: Aegon, American Council of Life Insurers, Cigna, Barclays, Credit Suisse First Boston, HSBC

Stanton Anderson: The Debt Exchange

David Beightol: Allstate, Amerigroup, Charles Schwab, HSBC

Rhonda Bentz: VISA

Wayne Berman: American Council of Life Insurers, AIG, Americhoice, Shinsei Bank, Blackstone, Carlyle Group, Broidy Capital Management, Credit Suisse Securities, Highstar Capital, VISA, Ameriquest Mortgage, Fannie Mae, Freddie Mac, Fitch Ratings

Charlie Black: JP Morgan, Washington Mutual Bank, Freddie Mac, Mortgage Bankers Association of America, National Association of Mortgage Brokers

Judy Black: Colorado Credit Union League, Genworth Financial, Bay Harbour Management, Merrill Lynch

Kirk Blalock: Credit Union National Association, Financial Executives International, American Insurance Association, Mutual of Omaha, Zurich Financial Service Group, Fannie Mae, Federal Home Loan Bank of San Francisco

Carlos Bonilla: Financial Services Roundtable, Freddie Mac

Christine Burgeson: Citigroup

Mark Buse: Freddie Mac, Goldman Sachs, Manufacturers Life Insurance Company

Nicholas Calio: Citigroup, Managed Fund Association, Fannie Mae, Merrill Lynch, The Investment Company Institute, TIAA-CRE, Securities Industry and Financial Markets Association

Ben Nighthorse Campbell: Amscot Financial Corporation, Community Financial Services Association, Fidelity National Financial

Andrew Cantor: American Insurance Association, Merrill Lynch

Alberto Cardenas: Fannie Mae

James Courter: Goldman Sachs, Donaldson Lufkin & Jenrette, Investment Company Institute, Merrill Lynch

David Crane: Financial Services Roundtable, PriceWaterhouseCoopers, Deloitte & Touche, KPMG, Ernst & Young, Bank of America, Association of Corporate Credit Unions, Freddie Mac

Dan Crippen: Merrill Lynch, National Multi-Housing Council

Arthur Culvahouse: Fannie Mae

Bryan Cunningham: Arch Capital Group

Alfonse D'Amato: AIG, Freddie Mac

Doug Davenport: Federal Home Loan Bank of San Francisco, Goldman Sachs, VISA

Ashley Davis: Prudential Financial, American Financial Group, American Premier Underwriters, Great American Insurance Company

Mimi Dawson: MassMutual

Melissa Edwards: Freddie Mac, National Association of Real Estate Investment Trusts, Access to Capital Coalition

Chris Fidler: American Bankers Association, Milcom Venture Partners, National Association Real Estate Investment Trusts

Samuel Geduldig: American Bankers Association, American Institute of CPAs, America Gains, Berkshire Hathaway, Consumer Bankers Association, Ernst &

Young, Financial Services Roundtable, Investment Company Institute, PriceWaterhouseCoopers, Prudential Financial, Sovereign Investment Council,

Fidelity Investments, FMR Corp.

Benjamin Ginsberg: Massachusetts Mutual Life Insurance, AIG Technical

Services

David Girard-Dicarlo: American Financial Group, American Premier

Underwriters

Juleanna Glover Weiss: RJI Capital, American Institute of CPAs, BNP Paribas,

Ernst & Young, PriceWaterhouseCoopers

Slade Gorton: Allstate Insurance, Hannan Armstrong Capital

Phil Gramm: UBS Americas

John Green: Laredo National Bank, Alternative Investment Management Association, AIG, Blackstone Group, Carlyle Group, Citigroup, Credit Suisse Group, Fannie Mae, Icahn Associates, FMR Corp., AFLAC, VISA

Janet Grissom: American Institute of CPAs, NYSE, Merrill Lynch

Kristen Gullott: San Diego Credit Union

Kent Hance: Stanford Financial Group, Municipal Capital Markets Group, Inc.

Vicki Hart: American Financial Services Association, Citigroup, Investment

Company Institute, Lehman Brothers, Merrill Lynch, New York Stock Exchange,

VISA, Carlyle Group, Credit Suisse, Federal Home Loan Bank of Indianapolis, Goldman Sachs, National Association of Government Guaranteed Lenders, Stanford Group, Lloyd's of London, National City Corp.

Richard Hohlt: Capmark Financial Group, Fannie Mae, JP Morgan Chase and Co., Student Loan Marketing Association, Washington Mutual, Guaranty Bank & Trust, Peachtree Settlement Funding, Dime Savings Bank of New York

Gaylord Hughey: Heartland Security Insurance Group

Kate Hull: Credit Union National Association, Fannie Mae, Federal Home Loan Bank of San Francisco, Zurich Financial Services, American Insurance Association,

Financial Executives International

James Hyland: American Insurance Association, Seattle Home Loan Bank, Self

Help Credit Union, National Association of Bankruptcy Trustees, Merrill Lynch,

Mortgage Investors Corp., Federal Home Loan Bank of Indianapolis, Freddie Mac, New York Stock Exchange, Citigroup, VISA

Aleix Jarvis: Credit Union National Association, Fannie Mae, Federal Home Loan Bank of San Francisco, Financial Executives International, Mutual of Omaha, American Insurance Association, Zurich Financial Services

Greg Jenner: American Council of Life Insurers, JG Wentworth, UBS, VISA, PriceWaterhouseCoopers

Frank Keating: American Council of Life Insurers

Steven Kuykendall: California Bankers Association

William Lesher: Chicago Mercantile Exchange, Commerce Ventures, Rabobank International

Thomas Loeffler: Citigroup, Fannie Mae, Investment Company Institute, World Savings and Loan Association, United Services Automobile Association (USAA)

Kelly Lugar: RJI Capital Strategies

Peter Madigan: Arthur Andersen, Bank of New York, Broadridge Securities Processing, Charles Schwab, Deloitte and Touche, Goldman Sachs, International Employee Stock Option Coalition, Mastercard, NYSE, Fannie Mae, Merrill Lynch, PNC Bank

Mary Mann: MassMutual

Paul Martino: Morgan Stanley, Baker Tilly

Jana McKeag: Venture Catalyst

Alison McSlarrow: Fannie Mae, Hartford

Mike Meece: Georgetown Partners

David Metzner: Ernst & Young, Harbinger Capital Investments, Prudential, Public Financial Management, Western Union

Susan Molinari: Freddie Mac, American Land Title Association, Association of Consumer Credit Unions, Beacon Capital Partners, College Loan Corp, Coventry First, E-Trade, Financial Services Roundtable, Rent-A-Center

John Moran: Cerberus Capital Management, American Council of Life Insurers, Accenture

John Napier: Freddie Mac

Susan Nelson: AIG, San Antonio Credit Union

Paul Otellini: Ernst & Young, Financial Services Forum

Steve Perry: Charles Schwab, Hoover Partners, HSBC, National Stock Exchange

Nancy Pfotenhauer: American Land Title Association, Mortgage Bankers Association

Elise Pickering-Finley: Credit Suisse, DE Shaw, Hartford Financial Services, Research In Motion, Retail Industry Lenders Association, URL Mutual

James Pitts: Advanced Association for Life Underwriting, AETNA, American Council of Life Insurers, AIG, Council of Insurance Agents and Brokers, Debt Advisory International, Financial Services Coordinating Council, GE Financial Assurance, Hartford Life, Jefferson Pilot Financial, Kenwood Investments, MassMutual, Mutual of Omaha, New York Life, UNUM Provident, VISA, PMI Group

Tim Powers: AP Capital, Genworth Financial, Retail Industry Lenders Association, E-LOAN, General Electric Mortgage Insurance

Walter Price: Wachovia

Sloan Rappoport: Friedman, Billings, Ramsey Group, Inc. (FBR), Trafelet Delta Funds

Hans Rickhoff: Capital One, Investment Company Institute, United Services Automobile Association (USAA)

Kathleen Shanahan: New York Stock Exchange

Andrew Shore: Accenture, Retail Industry Lenders Association, Barclays, Bond Market Association, Credit Suisse, TPG Capital

Katie Stahl: Alliance for Investment Transparency, Ares Management, Fairfax Financial Holdings, Uhlmann Financial Group

Milly Stanges: TIAA-CREF

Aquiles Suarez: Fannie Mae

Don Sundquist: Freddie Mac, The Hartford

Peter Terpeluk: JP Morgan Chase, Ernst & Young, Prudential

Fred Thompson: Equitas

Jeri Thompson: American Insurance Association

John Timmons: National Association of Federal Credit Unions

William Timmons Sr.: American Council of Life Insurers, Citigroup, Dun & Bradstreet, Freddie Mac, Vanguard Group

Vin Weber: Agstar Financial Services, AKT Investment Corp., American Institute of CPAs, Ernst & Young, Freddie Mac, Louis Dreyfus Corp, PriceWaterhouseCoopers

Jeffery Weiss: JP Morgan

Tony Williams: Russell Investment Group, American Life Inc., Northwestern Mutual

AlterNet is a nonprofit organization and does not make political endorsements. The opinions expressed by its writers are their own.

Tagged as: economy, mccain, wall street, economic crisis

David Corn is the Washington bureau chief for Mother Jones magazine.

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Hahahahahhaaahaahaahaaaaa.... [Report this comment] Posted by: foreverhope on Sep 17, 2008 3:48 PM Current rating: Not yet rated [1 = poor; 5 = excellent] Lobbyists for McCain/Palin! Love it! "...and now he (John McCain) is going to take on the good old boys network???? In the McCain campaign that's called a staff meeting!" Barack Obama, September 17, 2008 Oh yeah, good times! [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] Wall Street USA [Report this comment] Posted by: ds2oo8 on Sep 17, 2008 8:07 PM Current rating: Not yet rated [1 = poor; 5 = excellent] Here is a great resource about Sarah Palin - the most comprehensive page of information on her record and policies available on the Internet ... including videos of her saying her proposed $30 billion pipeline is the “will of God,” her saying a month ago she doesn’t know what the vice-president does, and her complaining four months ago that Hillary Clinton was whining about “sexist” media coverage - http://dailysource.org/palin It has in-depth research, audio clips, videos, and links to hundreds of articles, including many from newspapers and TV stations in Alaska. It has rare footage, including her telling the ‘08 convention of the Alaska Independence Party, whose aim is to give Alaska a vote on seceding from the U.S., to “keep up the good work.” The level of research is tremendous. The site’s editors and volunteers include an Emmy-award winning CNN reporter, the former operating editor of the Christian Science Monitor’s web site, the former head of NPRs News Blog and the Executive Director of the Online News Association - http://dailysource.org Please tell anyone about this who might want to know more. [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] "Don't believe your own lying eyes, believe what I TELL you!" [Report this comment] Posted by: jimidee on Sep 18, 2008 5:29 AM Current rating: Not yet rated [1 = poor; 5 = excellent] This has been the Republican mantra for decades...looks like it still works...for most folks in the intended audience. The intended audience is comprised of "hard working Americans, white Americans". OK, so that bitch Hillary took the page right out of the Repug playbook too...that just shows us how well it works. Way back when, Richard Nixon realized that it did not matter what you did, but rather what you SAID that you did that counts. This lesson was not lost on the modern neo-cons either. Most folks in this "hard working" group want to believe that their political leaders, like the President, will tell them the truth. They do not have (or take) the time to fact check what is being said, so it is a pretty easy sell, especially when they are told that it is only the "liberal media" that MAY be debunking it (no guarantees here). That is why McCain can get away with saying in Jacksonville, FL "...the fundamentals of the economy are still strong..." and then three hours later in Orlando that "The fundamentals of our economy are at risk". Both statements were recorded and yet thier contradictory nature was lost on the MSM (only the Daily Show reported on it). [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] » RE: "Don't believe your own lying eyes, believe what I TELL you!" Or else! Posted by: Lauren Say what you will [Report this comment] Posted by: alter on Sep 18, 2008 6:17 AM Current rating: Not yet rated [1 = poor; 5 = excellent] Palin handed out oil money to the people of Alaska and the oil lobby was glad to see her go when she was selected vp. Democrats should commiserate with her about being in the wrong party. And Democrats should definitely get off their high horse about abortion. No one wants an abortion. How can you win an election advocating something no one wants??? Palin's personal choices are laudible not risible. At heart Palin is a Democrat, which is too bad for her because she is being used by the right wing. Her answers on Hannity were an embarrassment to him but of course he pretended not to notice. Republicans are the party of de-regulation and now they are forced into admitting that regulation has a role to play after all. Palin is in the wrong party. [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] » Fact Corrections: Posted by: djnoll Reports of the Brain-Death of 45% of Likely Voters may be premature. Then, again.... [Report this comment] Posted by: GarrisonPayneLeonard38H on Sep 18, 2008 6:34 AM Current rating: Not yet rated [1 = poor; 5 = excellent] Finally the dutiful stenographers of Corporate Infotainment are scared enough about their own futures to actually mention that McCain is a serial flip-flopper. McCon's "Economic Fundamentals" confusion was reported today on ABC's Good Morning America. Of course the truth couldn't be allowed to stand alone; the Pro-Greed POV had to be aired. Kate Snow screeched at Joe Biden about the horrors that would descend on UhhMurricuh if taxes were increased on families earning more than $250,000/year. Surely she must know that families earning $250,000 and above totaled just 1.5% of the US population over the last few censuses: Why such concern for 1.5%, and indifference for the other 98.5%? How can we explain her attack? Perhaps her peevishness comes from the fact that she herself earns more than $250K. The only other explanation is that Kate Snowjob is auditioning to be McCon's Press Secretary. [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] » RE: eports of the Brain-Death of 45% of Likely Voters may be premature. Then, again.... Posted by: Lauren McCain Gets The Criminals off of Wall Street [Report this comment] Posted by: FoonTheElder on Sep 18, 2008 11:40 AM Current rating: 5 [1 = poor; 5 = excellent] So McCain is going to get those criminals off of Wall Street just like Bush/Cheney did. By hiring them for big jobs in his administration in Washington. [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

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» RE: "Don't believe your own lying eyes, believe what I TELL you!" Or else! Posted by: Lauren

» Fact Corrections: Posted by: djnoll

» RE: eports of the Brain-Death of 45% of Likely Voters may be premature. Then, again.... Posted by: Lauren

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» RE: "Don't believe your own lying eyes, believe what I TELL you!" Or else! Posted by: Lauren

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» RE: eports of the Brain-Death of 45% of Likely Voters may be premature. Then, again.... Posted by: Lauren