Pawlenty Jumps Ship, Takes Top Lobby Job at Financial Services Roundtable

By: Thursday September 20, 2012 7:30 am

Pawlenty isn’t being chosen by the Financial Services Roundtable for his vast knowledge of financial services. He was chosen because he has a familiar name to members of Congress and he can get into offices and lobby them with relative ease. This is the whole point of the revolving door – find someone with contacts and name recognition and use that as a lever to get your lobby’s goals into the Congressional consciousness.

A Glimpse Inside the Private Prison Industry’s Influence in Florida

By: Friday June 29, 2012 1:32 pm

Florida’s leadership is among the most aggressive in the nation in trying to bring private prisons to the state. The governor, speaker of the house, former speaker of the house, and a host of Republicans in the legislature repeatedly attempted to force through what would have been the largest wholesale privatization of prisons in US history.

Jamie Dimon’s Cufflinks and Why a Tighter Volcker Rule Is All We Can Hope For

By: Thursday June 14, 2012 12:28 pm

So here’s me and William Cohan on yesterday’s The Alyona Show talking about that Jamie Dimon testimony yesterday. I have to admit a little shock at the focus of the coverage on the captured Congress and the relative soft pitches lobbed in Dimon’s direction.

I’m wondering what people expected. This wasn’t the Senate Permanent Subcommittee on Investigations, Carl Levin’s committee, which gave the most brutal hearing of the financial crisis to members of Goldman Sachs’ team. This is the Banking Committee. Most of its members are effectively employees of JPMorgan Chase and the other Wall Street banks. Many of its staffers are actual former employees. Many of the lobbyists of these banks are former staffers to these Senators. This is where bank-friendly Senators go to ensure the most campaign contributions. There was a moment of time after banks blew up the world’s economy where they could be expected to get a brushback from a committee like this, but that time has passed.

The Other Corruption

By: Tuesday May 22, 2012 6:01 pm

Campaign contributions aren’t the only way to buy politicians.

Guess Who’s Investigating JP Morgan’s Fail Whale Trades, Now Up to a $7 Billion Loss?

By: Tuesday May 22, 2012 12:10 pm

The London Independent comes out with the largest estimate I’ve seen of losses on JPMorgan’s Fail Whale trades: $7 billion. Another concern is the Senate Banking Committee’s chief investigator for any hearings: a former lobbyist for JP Morgan.

Tales From the Village: Financial Journalists Take Speaking Fees From Wall Street

By: Thursday March 22, 2012 6:45 am

There’s nothing inherently illegal about this, and I suppose journalists can contort themselves into believing there’s nothing unethical either. But it’s certainly not something that gets promoted next to someone’s byline. You never hear about the trading of tens of thousands of dollars between Wall Street firms and “star” reporters.

Gingrich Episode Exemplifies Revolving Door, Corporate-Political Complex

By: Thursday December 29, 2011 1:45 pm

Yes, of course Newt Gingrich was a lobbyist, because that’s the only reason political figures get paid millions of dollars by corporations. It’s not to give advice. They have large payrolls with all the strategists they’ll ever need. The only thing they don’t have are front men to make sure their strategies get put into action on Capitol Hill.

Corzine on MF Global Depositor Funds: “I simply do not know where the money is”

By: Thursday December 8, 2011 7:01 am

Former Senator Jon Corzine faces a House Agriculture Committee panel today, where he will testify that he doesn’t know “where the money is” from customer accounts that was used by his former company, MF Global, to trade on the company account.

Joe Weisenthal points us in the direction of Corzine’s testimony, which he will give without pleading the 5th Amendment, despite still being liable for criminal charges in the MF Global case.

The Secret of Gingrich’s Success: Hating Liberals

By: Wednesday November 30, 2011 2:15 pm

Whether Herman Cain is actually reassessing his campaign or not, he’s done on the Presidential stage. And the data show that the biggest beneficiary of this is Newt liberal-hater Gingrich.

Revolving Door Watch: Former Sen. Judd Gregg to Goldman Sachs

By: Friday May 27, 2011 5:15 pm

Judd Gregg, you may remember, is the guy who said that an audit of the Federal Reserve represented “pandering to populism.” I guess he’s just pandering to profit. And it’s crazy. He has a net worth of between $2.5 million and $9.2 million. He isn’t starving and he’s 64 years old. He’s just a guy who has to be in the game of screwing the poor and cheating people, I guess. And he picked the perfect company to sign up with for that.

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