Archive for May 23rd, 2010

By JC

It seems that Montana’s junior Senator and Banking Committee member, Jon Tester, has been resorting to some two-stepping to add to his double-speak with his newest routine with Wall Street Lobbyists. Despite Jon’s contentions that he is doing what is best for his Montana constituents, it seems that a series of votes on the Financial Regulation package that just cleared the Senate speak volumes about his true intentions: preserving Wall Street campaign contributions.

Over at Left in the West, an OpEd written by “The Office of Sen. Jon Tester,” and published by the Huffington Post, seems to be designed to head off criticism of the Senator’s latest votes:

“The U.S. Senate made history on May 20. We passed a powerful bill that finally holds Wall Street accountable. It finally cleans up the schemes and abuses that nearly brought our entire economy to its knees.

Most importantly, the Wall Street reform bill once and for all ends taxpayer-funded bailouts of Wall Street banks and investment firms. It finally gets rid of the notion that one private company can somehow be ‘too big to fail.'”

Well, aside from the fact that our economy is still on its knees, having neatly “assumed the position” in many instances (Goldman and BP, I’m looking at you), once again our faux populist Senator would have us believe he’s doing the people’s business. As I wrote in my article a few weeks ago about Tester’s vote against the Brown-Kaufman amendment, which would have capped the size of big banks, relative to GDP, it seems that Jon’s actions spoke much louder than his words:

“The Brown-Kaufman amendment was the one strong point of regulation that would cut to the heart of why Wall Street has become immune to the will of the people. Crony capitalism, and corrupt corporatism are the guiding forces in Washington D.C. these days. It is no longer the will of the people–or the best intentions of once-innocent politicians–that governs our nation. It is corporate money and the influence it buys direct from Wall Street that has taken a stranglehold on our political and economic system.”

Well, after Tester’s latest attempt at foofaraw with his OpEd, I decided to take a look at what else is going on in the Senator’s world. It seems that he not only voted against Brown-Kaufman, he voted against Sen. Durbin’s bank card transaction fee amendment, which would have capped the fees we pay when we use our debit cards at the checkout counter. Those fees amount to a $19.71 billion dollar industry, with 80% being paid back to the issuing banks as profit. So your bank is profiting on you to the tune of 1.63% on each transaction. Which is more than your bank paid you for interest for a whole year of holding onto your money.

I guess Jon is OK with this. A little extra goodness for Wall Street to pay its lobbyists… so they can hold parties for, and give contributions to, senators who vote with them. Nothing like preserving almost $16 billion in profits for the big banks, after the regs were excluded from all the small community banks that Tester seemed to be protecting.

Senator Durbin designed this amendment to help small businesses and consumers–businesses because they lose 1.63% on each transaction they process with debit cards, and consumers, because those costs are taken directly out of their bank account and given to banks as a profit:

By early in the week Mr. Durbin’s staff was confident that a majority of senators would support the measure, particularly after he made changes to limit the impact on small banks, a powerful constituency that many senators are loath to cross.

The largest change limits the new price controls to cards issued only by the very largest banks, those with at least $10 billion in assets. As a result, the pricing controls will affect only about 65 percent of debit card transactions, staff members said.”

So Durbin tweaked the bill to attract senators who were worried by its impact on small banks, like Senator Tester claimed in a press release explaining why he voted against the Durbin amendment:

“My vote against this amendment was a vote to preserve the critical role community banks have in strengthening America’s small businesses and rural communities.

My vote against this amendment was a vote for Montana consumers, families, small businesses, farmers and ranchers and all who depend on their community banks. I stand with folks on Main Street as we reform Wall Street.”

I guess this is pretty much the definition of double-speak.

Now let’s get on with the two-step. It seems that on March 16th, our good Senator, who campaigned as a man of ethics and transparency, was the recipient of a “Pre-St. Patrick’s Day Reception” put on by a host of lobbyists–including bankers and Wall Street insiders. Now that couldn’t have had anything to do with any of his votes and attempts to sidestep any backlash from them, would it?

As the NY Times put it:

“And this was not an easy vote. Lobbyists for the wounded but formidable banking industry made clear to some senators that this decision would affect future campaign donations, according to people who participated in those conversations.”

Well, let’s just see who some of those lobbyists were that put on the party for Jon. According to the Sunlight Foundation:

“the fundraisers ranged from a “pre-St.Patrick’s Day” reception for Banking Committee member Jon Tester, D-Mont., on March 16 that asked for $100 to $1,000 in contributions, to a breakfast for Chuck Grassley, R-Iowa, of the Agriculture Committee on March 10 that asked for contributions ranging from $500 to $2,000…

Tester’s fundraiser was hosted by 28 people, at least two of whom have disclosed lobbying on financial reform this year: Mitchell Feuer who represents Goldman Sachs, the Citigroup Management Corporation, Barclays PLC, Genworth Financial, Visa U.S.A., the Appraisal Institute, FX Alliance LLC, the Farm Credit Council and the LCH.Clearnet Group, and Thompson Reuters; and Shannon Finley who represents the Edison Electric Institute, Rent A Center and the Home Depot…

In addition to raising money for the beneficiaries, the lobbyists hosting the events also had a chance for face time with other influential lawmakers.”

Face time. Yeah… Just whose face was where??? And as I wrote over at LitW yesterday:

“Worse, he’s turned into a poser

At least that’s what this sort of PR over FinReg shows me. He thinks his constituents are too stupid to understand finance and its regulation, and he can speak out both sides of his mouth. All the while pocketing Wall Street lobbyist money.

So now that he’s bought and paid for by Wall Street lobbyists, they held a big “Pre-St. Patrick’s Day” party for him in his honor a while back. Look over the names of the lobbyists who put it on, and you’ll get the message. Here’s a sample:

Mitchell Feuer of the Rich Feuer Group. Mitchell lists Goldman Sachs and Citigroup among his Wall street clientele.

Niles Godes: lobbyist for Sallie Mae

Shannon Finley: Lobbyist fot The Americans Bankers Association

And there’s more. But I’m headed to the (real) “Farmer’s” market. A dirt farmer no longer, that Tester fella. He’s got real dirt on his hands now with his new circle of partying friends.

Sad. So sad. Another one bites the dust. No wonder he didn’t vote for Brown-Kaufman. Doing damage control for his new Wall Street buddies.

Signed, sealed, and delivered. ‘Two-step’ Tester.
.
.
testerparty

Advertisements

By CFS

The above video was shot during Saturday’s Liberty Convention 2010 brought to you by Celebrating Conservatism and shows the crowd taking the Oath Keepers oath.




  • Pages

  • Recent Comments

    Miles on A New Shelter for Vets or an E…
    success rate for In… on Thirty years ago ARCO killed A…
    Warrior for the Lord on The Dark Side of Colorado
    Linda Kelley-Miller on The Dark Side of Colorado
    Dan on A New Shelter for Vets or an E…
    Former Prosecutor Se… on Former Chief Deputy County Att…
    JediPeaceFrog on Montana AG Tim Fox and US Rep.…
  • Recent Posts

  • Blog Stats

    • 1,671,471 hits
  • Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 2,737 other followers

  • May 2010
    S M T W T F S
    « Apr   Jun »
     1
    2345678
    9101112131415
    16171819202122
    23242526272829
    3031  
  • Categories