“Aiding And Abetting”: Scott Brown Weakened Restrictions On Goldman Sachs Abuses
In his public resignation letter in today’s New York Times, former Goldman Sachs executive Greg Smith said that one of the fastest ways to get ahead with the firm is to persuade clients “to invest in the stocks or other products that [the firm is] trying to get rid of because they are not seen as having a lot of potential profit.” He lambastes a firm culture where colleagues openly boast of “ripping their clients off.”
The sad thing is, this sort of shady might well have been on the way to being curtailed if not for the actions of Sen. Scott Brown (R-MA). After Brown was elected to the senate in 2010, he threatened to join a Republican filibuster of the Dodd-Frank Wall Street Reform and Consumer Protection Act, using that threat to significantly water down the bill. Among the industry-favored concessions he extracted was weakening of the “Volcker rule,” which was meant to curb risky speculative investments that do not benefit customers.
Thanks to Brown’s maneuver, the final bill upped the amount of risky trading big banks like Goldman could engage in, increasing the amount of gambling they’re able to do by billions of dollars. Since then, financial industry lobbyists have been hammering away at the the rule in an attempt to render it completely meaningless.
The financial sector, of course, has repaid Brown with a flurry of campaign contributions. Between contributions from the firm’s leadership PAC and contributions from company employees, Brown has already received more than $40,000 in campaign cash from Goldman Sachs this cycle.
By: Josh Israel, Think Progress, March 14, 2012
“Goldman Sachs’ Million Dollar Man”: Mitt Romney’s Ties To A “Toxic And Destructive” Bank
Republican presidential primary frontrunner Mitt Romney (R) is taking a break from the campaign trail a day after finishing third in the Alabama and Mississippi primaries, stopping in New York City for multiple fundraisers and a visit with campaign surrogate Donald Trump. Romney will attend three fundraisers and haul in an expected $2 million this week, bolstering a fundraising total that has already made him Wall Street’s favorite candidate.
More than any other institution on Wall Street, Romney has ties to Goldman Sachs, the firm that was slammed in a New York Times editorial this morning by a resigning executive director who decried the firm’s “toxic and destructive” culture. Romney and his wife, Ann, have investments in almost three-dozen Goldman Sachs funds valued between $17.7 million and $50.5 million, according to his personal financial disclosure forms.
No Wall Street bank has been as generous to Romney’s campaign, his leadership PAC, and the super PAC that backs him as Goldman. According to an analysis of Federal Election Commission reports, Goldman Sachs employees have given the Romney campaign more than $427,000 during the 2012 cycle, nearly twice as much as he has received from any other major Wall Street bank (Citigroup employees have given roughly $274,000 to Romney, the second-largest amount). According to OpenSecrets.org, total contributions to Romney from Goldman Sachs, its employees, and their immediate family members totals more than $521,000.
The Free And Strong America Leadership PAC, which is affiliated with the Romney campaign, has received $30,000 from Goldman Sachs employees during the 2012 cycle. Goldman employees and their spouses, meanwhile, have given $670,000 to Restore Our Future, the super PAC backing Romney.
After making billions of dollars in the run-up to the financial collapse of 2008, Goldman Sachs benefited from a federal bailout that saved Wall Street banks. The company, like other Wall Street firms, stood opposed to the Dodd-Frank Wall Street Reform Act that was signed into law in 2010 and also fought regulations it contained, such as the Volcker Rule, which would prevent proprietary trading that made the bank billions but left taxpayers on the hook when it nearly collapsed. Romney has rarely missed a chance to tout his opposition to the law on the campaign trail, announcing that he’d repeal it even before he read it.
By: Travis Waldron and Josh Israel, Think Progress, March 14, 2012
“A Campaign Of Denial”: Mitt Romney Meets “Peasants With Pitchforks”
Political revolutions leave chaos in their wake. Republicans cannot shut down their presidential nominating contest just because the party is in the midst of an upheaval wrought by the growing dominance of its right wing, its unresolved attitudes toward George W. Bush’s presidency, and the terror that the GOP rank and file has stirred among the more moderately conservative politicians who once ran things.
When Pat Buchanan ran for president in the 1990s, the conservative commentator lovingly referred to his partisans as “peasants with pitchforks.” The pitchfork brigade now enjoys more power in Republican politics than even Buchanan thought possible.
Mitt Romney is still the Republican front-runner by virtue of the delegates he relentlessly piles up. But Romney keeps failing to bring this slugfest to a close. No matter how much he panders and grovels to the party’s right, its supporters will never see him as one of their own.
One senses that the conservative ultras are resigned to having to vote for Romney in November against President Obama. They are determined not to vote for him twice, using the primaries to give voice to their hearts and their guts. They will keep signaling their refusal to surrender to the Romney machine with its torrent of nasty advertisements and its continuing education courses in delegate math designed to prove that resistance is futile.
The more they are told this, the more they want to resist.
Rick Santorum is a superb vehicle for this cry of protest. He is articulate but unpolished. He has pitifully few resources compared with the vast treasury at Romney’s disposal, but this only feeds Santorum’s David narrative against the Goliath that is Team Romney.
Santorum’s purity as a social and religious conservative is unrivaled, and his traditional family life — he’s always surrounded on primary nights by a passel of kids — contrasts nicely with Newt Gingrich’s rather messy personal history. It is no accident that, while Gingrich narrowly carried the ballots of men in Tuesday’s Alabama and Mississippi primaries, he was routed among Republican women who were decisive in Santorum’s twin triumphs. It was the conservative version of the personal being the political.
And while Republicans shout to the heavens against class warfare, they are as affected as anyone by the old Jacksonian mistrust of the privileged whose football knowledge comes not from experience or ESPN but from their friendship with the owners of NFL franchises. In Mississippi and Alabama, Romney again prevailed among those with postgraduate educations and incomes of more than $100,000 a year. He was defeated by those with less money and fewer years in school.
The revolt of the right-wing masses means that Romney stands alone as the less than ideal representative of a relatively restrained brand of conservatism. The growing might of the conservative hard core, reflected in its primary victories in 2010, led other potential establishmentarians to sit out the race in the hope that the storm will eventually pass.
But having decided to run, Romney must wage a campaign of denial. He buries his old Massachusetts self and misleads about what he once believed. He even tries to run to Santorum’s right. Recently, he denounced Santorum for voting in favor of federal support for Planned Parenthood, a group to which Romney’s family once made a donation. It is an unseemly spectacle.
Bush’s efforts to craft a “compassionate conservatism” friendlier toward those in the political middle collapsed into ruins years ago. This year’s Republican candidates almost never speak Bush’s name. It is to Santorum’s discredit that he did not dare defend his perfectly defensible vote in favor of Bush’s No Child Left Behind education program. Santorum, too, fears the pitchforks wielded by those who see any exertion of federal authority as leading down a road to serfdom.
And so it is on to Illinois, the next place Romney has to win to keep the resistance at bay. The Land of Lincoln would be a fine setting for a stand in favor of a more measured form of conservatism. But it won’t happen. Romney is anxious about the power of the Republican right in downstate Illinois — the very region that opposed Honest Abe in his celebrated Senate race 154 years ago.
Once again, Romney will take the moderates for granted, ignoring the last remnants of the old Lincoln party as he chases after an elusive right. And once again, Santorum’s battle cry will challenge conservatives to have the courage to complete the revolution they started the day Barack Obama took office.
By: E. J. Dionne, Jr, Opinion Writer, The Washington Post, March 14, 2012
“Turning Back The Clock”: What The South’s Scary Republican Electorate Says About The GOP
There has been a lot written about the make-up of the Republican primary electorate in 2012. By now, it has become clear how very conservative they are, how many of them are evangelicals, how social issues motivate many of them, and how truly angry they are at President Obama.
As I have written before, this is not your mother’s Republican Party.
But the latest polls by the reputable and respected Public Policy Polling group in Tuesday’s primary states of Alabama and Mississippi tell a pretty disturbing story. They surveyed 656 likely Republican voters in Mississippi and 600 in Alabama this past week.
In Alabama, 45 percent described themselves as “very conservative” and 36 percent as “somewhat conservative”; in Mississippi, those numbers were 44 percent and 34 percent respectively. Not a huge shock there.
In Alabama, 68 percent describe themselves as “Evangelical Christian.” In Mississippi, that percentage was 70 percent. Again, not that surprising in the deep South.
But here comes the more disturbing news: In Alabama, 60 percent do not believe in evolution. In Mississippi, the figure is 66 percent.
When it comes to interracial marriage, 29 percent of Republican primary voters in Mississippi believe it should be illegal. In Alabama, 21 percent think it should be illegal.
Now, both of those last two answers would really mean turning back the clock!
And on Barack Obama’s religion, in response to the straightforward question, “Do you think Barack Obama is a Christian or a Muslim or are you not sure?” the answers are scary. In Alabama, 14 percent say Christian, 45 percent say Muslim, 41 percent are not sure. In Mississippi, 12 percent say Christian, 52 percent say Muslim, and 36 percent are not sure.
Several years ago we saw disturbing numbers on the Muslim question, but there has been enough publicity, enough coverage, enough debunking of the false accusations, that one would think that people would have moved on. Not so.
Why do the most engaged voters in Republican primaries seem to hold views that are outright false? Is the hatred of Obama so visceral that they will believe anything that comes across the Internet? Are their views reinforced by friends and neighbors? Do they simply not believe any facts when they are presented?
The truly scary thing is that though these numbers are from two states, this is looking less like an aberration. The Republican primary voters over the last few decades have become increasing more radically conservative, the delegates to the conventions more far right, the Republican Party more rigid. It was impossible for Sen. John McCain to nominate a Tom Ridge or a Joe Lieberman as vice president—too pro-choice. The platform at each convention has become more conservative, especially on social issues. The no-tax pledge has become a needless straight-jacket, yet signed by virtually all Republicans in Congress.
But, these two polls show a remarkable closed-mindedness when it comes to issues of race and religion that many thought were settled with open-mindedness. Apparently not.
By: Peter Fenn, U. S. News and World Report, March 14, 2012
“Keeping Things In Tumult”: Newt Gingrich Is Mitt Romney’s Secret Weapon
For someone who thinks the “elite media” has “anointed” Mitt Romney, Newt Gingrich is doing a pretty good job of helping the former Massachusetts governor get the nomination.
Gingrich, a former House Speaker, has virtually no real hope of amassing the number of delegates needed to sew up the GOP nomination ahead of the convention in Tampa. His only chance is to keep things so in tumult that the party doesn’t know what to do, and then—well, anoints Gingrich at the convention. But staying in the race is arguably having the opposite effect, since Gingrich’s presence in the race serves largely to divide the anti-Romney vote. That deprives former Pennsylvania Sen. Rick Santorum of delegates in many states, especially southern states where evangelicals and social conservatives are wary of Romney. Santorum won both Mississippi and Alabama, with Gingrich second and Romney a close third in both states. But if Gingrich hadn’t been in the race, it’s likely that the votes—and the delegates proportionately assigned—would have gone to Santorum.
Santorum, too, is highly unlikely to get the delegates needed to secure the nomination. But if he was established as the single, conservative alternative to Romney, he’d be picking up more votes and delegates. And the more he gets, the more he can try to convince people that Romney’s biggest political asset—his electability—is not unique to him in the field.
It’s frustrating for candidates when the media calls someone a “front-runner” early on, because it makes it harder for so-called back-benchers to get taken seriously. It’s particularly irritating when the moniker is assigned before a single vote is cast. Hillary Clinton, for example, was deemed the “front-runner” for the Democratic nomination in 2008 even before a single primary was held. The determination was based on early polls, which themselves were driven a good deal by name recognition. But Barack Obama overcame early expectations and won both the nomination and the presidency.
Gingrich, perhaps, had a legitimate gripe about the way his chances were described last year—though staff exoduses and bad judgment (that Tiffany’s revolving line of credit? The luxury cruise vacation in the middle of a campaign?) had something to do with it, too. But Republicans are now halfway through their primary campaign, and Gingrich has won only two states—his home state of Georgia and the neighboring state of South Carolina. That’s not the fault of an “elite media” bent on nominating Romney. That’s what GOP voters are deciding.
Gingrich seems to want to stay in the race, and as long as he can do so financially, why not? But if he doesn’t make it, he should look at the primary results—not the newspapers.
By: Susan Milligan, U. S. News and World Report, March 14, 2012
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