Bill Moyers: The Health Bill Is a Bonanza for the Insurance Industry and Other Monied Interests
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Another case of reform gone off track: this week, a year and a half after Wall Street brought us so close to fiscal hell we could smell the brimstone, a crippled little financial regulation bill seems to be hobbling out of the wreckage, but still faces an array of well-armed forces gunning for it.
No wonder. In the 2008 and 2010 election cycles, members of the Senate Banking Committee -- which sent the bill to Congress this week -- received more than $39 million from Wall Street and the banks; members of the House Financial Services Committee raked in more than $21 million -- so far. Just how serious do you think they're going to be about true reform?
Senate Banking Committee Chairman Chris Dodd of Connecticut has sounded like a champion of reform ever since he announced he will not run for reelection. It's about time. Since 2005, his top ten campaign contributors have included Citigroup, AIG, Merrill Lynch and the now deceased Bear Stearns, all front-line players in bringing on the financial calamity.
Then there are the Republicans, shamelessly hawking their favors en masse to the highest bidder. The website Politico.com reports that the reelection campaign of Tennessee Senator Bob Corker -- who's one of the key negotiators on financial reform -- sent an e-mail to Wall Street lobbyists and others soliciting contributions of up to $10,000 for a chance to meet or grab a meal with the senator.
Informed of the e-mail, Corker was shocked -- shocked! -- saying the e-mail was "grotesque and inappropriate." But did House Republican leader John Boehner think it was inappropriate last week when he advised the American Bankers Association to fight back against the proposed rules and regulations?
This is, of course, the same John Boehner who in the summer of 1995 walked around the floor of the House of Representatives handing out checks to his fellow Republicans -- checks from a tobacco company. And the same John Boehner who was the grateful recipient of campaign contributions from the four Native American tribes represented by Jack Abramoff, the corrupt lobbyist currently cooling his heels in a Federal corrections facility.
So wouldn't it have been fascinating to have been a fly on the wall earlier this year when Boehner sat down for drinks with Jamie Dimon, the CEO of JPMorgan Chase? Reportedly, he invited Dimon and the rest of the financial community to pony up the cash and see what good things follow.
According to The Wall Street Journal , Republicans already were receiving an increasing share of campaign contributions from the Street. In the game of reform, it's the political version of loading the dice.
We can't know for sure what Ambrose Bierce would have made of all this; what The Devil's Dictionary author would say about the current DC scams. But he might have agreed that the only answer to organized money is organized people. That would be one hell of a reformation.