By: Matthew Arndt, CFA, CPA, CFP | December 6, 2009 | The Politicians, Wall Street Ethics
Where is the financial industry overhaul we were promise? We wonder why no meaningful legislation has been passed to protect investors and taxpayers from another banking collapse. All you need to do is look at the amounts that members of congress received in just the 2007-2008 election cycle from commercial banking interests to understand why our people in congress are dragging their feet on reform. The figures have been provided by the Center for Responsive Politics. Here is the ten most enriched on that infamous list:
1. Obama, Barack (D) $3,249,366
2. McCain, John (R) $2,283,197
3. Clinton, Hillary (D-NY) $1,512,063
4. Dodd, Chris (D-CT) $563,894
5. Coleman, Norm (R-MN) $264,345
6. Cornyn, John (R-TX) $239,648
7. McConnell, Mitch (R-KY) $234,600
8. Chambliss, Saxby (R-GA) $198,473
9. Bachus, Spencer (R-AL) $193,300
10. Roberts, Pat (R-KS) $171,290
This is not the complete list, and these amounts do not even include what politicians received from insurance, real estate and other financial interests. For a comprehensive list go to www.opensecrets.org. With our politicians receiving this kind of money from commercial banking interests why would they ever pass sensible legislation to protect us?
4 Responses to “The Top Ten”
Matthew Arndt, CFA, CPA, CFP
December 7th, 2009 at 6:01 am
Just so we’re clear. I don’t favor one political party over another in this post. These numbers change and favor each party depending on the industry and the election cycle. Both parties are huge beneficiaries of corporate lobbyist funds. This is only one example.
Buzzy S.
December 8th, 2009 at 4:44 am
Term Limits anyone? Thanks for the web link.
Tom R.
December 10th, 2009 at 7:00 pm
It just goes to show you that both political parties are corrupt. Rotten to the very core. Change? It’s time for change alright! It’s time for a third party in this country. An independent party that actually represents its constituents and not corrupt corporate interests. Our Country is slipping into a corporate wasteland with nary a check or balance.
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LeTash
December 6th, 2009 at 2:13 pm
Great post, Matt. This issue will never go away as long as special interest lobbyists are filling the pocketbooks of the politicians.