Pity the Poor Billionaires: Ultra-Rich Whine About Having Their Massive Campaign Donations Exposed
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Not that Democrats are pure of heart and innocent of venal self-interest – many of them are all too ready to leap to the music of the ATM, too. In fact, Adam Bonica, an associate political science professor at Stanford has put together a database indicating that since 1979, 377 members of the Forbes 400 list of richest Americans have given almost half a billion dollars to candidates of both parties, most of it in the last decade. The median contribution was $355,100 each.
For evidence of the bipartisan nature of avarice, all you need to do is leap into your Wayback Machine and dial back less than twelve hours before Politico’s story of angst among the generous upper classes. This time, the headline reads, “ Bill would give bank a $300M benefit.”
Seems the Emigrant Bank, based here in New York City, needs a loophole. “At issue is an arcane provision in the Dodd-Frank law setting out how much capital banks are required to have and in what form,” Politico reported. “Emigrant, the nation’s largest privately owned bank, currently has $10.5 billion in assets, according to its chief regulatory officer, Richard Wald.”
At one point during the financial meltdown, Emigrant borrowed money that by the end of 2009 raised its worth beyond $15 billion. This triggered a Dodd-Frank provision requiring the bank to liquidate some of its assets.
Enter New York Republican Congressman Michael Grimm who, with the bipartisan backing of members of the House Financial Services Committee, including Democratic ranking member Barney Frank (as in Dodd-Frank), introduced a one-sentence bill — that’s right, one sentence — moving the cut off date to March 31, 2010, when the banks assets had slipped back under $15 billion. This will create a savings for Emigrant of $300 million in capital.
Emigrant has come a long way since it was founded in 1850 as a savings bank for newly arrived Irish émigrés. Now Howard Milstein, whose family is worth an estimated $3.8 billion, owns it. He was a bundler for Barack Obama’s 2008 presidential campaign and a major contributor to New York Governor Andrew Cuomo.
Politico’s John Bresnahan writes, “The Milsteins, along with business associates and other family members, have donated hundreds of thousands of dollars to both GOP and Democratic lawmakers over the past decade. Along with Grimm, New York Democratic Reps. Carolyn Maloney, Carolyn McCarthy and Gregory Meeks — all co-sponsors of the bill — have received $11,500 in donations from the Milsteins this cycle.”
What’s more, over the last two years, “The Milsteins have retained high-powered lobbying help to bolster their push for congressional action, at a cost of several hundred thousand dollars,” including a firm which counts among its partners former New York Republican Senator Al D’Amato, whose career in Congress was but prelude to his lucrative retirement as a hustler for the mighty.
All of which leads to one last headline, via the Reuters news service on Thursday: “ House panel votes to give New York bank a break.” The tally was 35-15.
And the plutocrats cried all the way to the bank.