Washington DC Graft - How It Is Done

December 26th, 2010
in News, Banking

Washington Post:  It's called "fund raising."  Numerous times this year, members of Congress have held fundraisers and collected big checks while they are taking critical steps to write new laws.

Follow up:

The campaign donations often came from contributors with major stakes riding on the lawmakers' actions.  For three weeks in June, for instance, the members of a joint House and Senate committee worked to draft final rules for regulating the financial industry in the wake of its 2008 meltdown. During that time, the 35 members of the drafting committee collected $440,000 in donations from that same industry, which was then lobbying heavily for looser rules.

Earlier this month, the chairman of the Senate committee overseeing tax policy, Sen. Max Baucus (D-Mont.), gave himself a birthday-party fundraiser - on the same day that the chamber took its first vote on an $858 billion tax package that would provide breaks to wealthy citizens and business interests.  There are serious ethics questions about these types of activities, namely soliciting funds while considering legislation affecting those being solicited .  Read more.....









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