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Stories tagged with “fundraising

Economy

Two Years After Financial Reform, Republicans Rake In Wall Street Fundraising Dollars

It’s been two years since the passage of Dodd-Frank, and the finance industry is still doing its best to completely gut the reforms meant to prevent another financial crisis. Republicans have spent the last two years trying to water down Dodd-Frank, and data suggests they have been solidly rewarded for their efforts.

The finance, insurance, and real estate (FIRE) sector is the biggest giving sector so far this election cycle, and they are donating to GOP candidates more than ever before. Republicans now hold a 64 percent share of campaign contributions from Wall Street, compared to just 48 percent in 2008, as this chart from Public Campaign shows:

Thanks to Citizens United, outside spending from the finance sector has now ballooned 20-fold from 2008, with almost 90 percent of dollars favoring conservatives.

The influx of cash has especially benefited members of the Financial Services Committee, who fundraise between three and five times more than those with a seat on Appropriations, once viewed as Congress’ most powerful committee. Wall Street mega banks like Goldman Sachs, Bank of America, and JP Morgan Chase are among the biggest industry donors, with Goldman leading the industry with nearly $5 million in contributions so far this cycle.

Steven Perlberg

Election

Romney Donor Says ‘Lower Income’ People ‘Don’t Understand What’s Going On’

Today, Mitt Romney is holding a series of fundraisers in the Hamptons, culminating with a huge event at the home of billionaire David Koch. The LA Times is on the scene and reporter Maeve Reston caught up with a donor on her way into one of the events.

The woman, who wouldn’t reveal her name, said the following:

I don’t think the common person is getting it…my college kid, the baby sitters, the nails ladies — everybody who’s got the right to vote — they don’t understand what’s going on. I just think if you’re lower income — one, you’re not as educated, two, they don’t understand how it works, they don’t understand how the systems work, they don’t understand the impact.

The recommended contribution for the event she was attending was $25,000.

Earlier in the campaign Romney received criticism for saying, “I’m not concerned with the very poor.” He later said he misspoke.

Romney’s tax plan would give the richest 0.1% of Americans an average tax cut of $264,000.

Alyssa

You Stay Classy, Daily Caller: Bashing Sarah Jessica Parker’s Looks and Job Are Not an Argument

The Daily Caller, in its efforts to discredit some of President Obama’s celebrity surrogates, has decided that the most effective way to push back against people like Sarah Jessica Parker is to imply they’re ugly and synonymous with their roles. In an item entitled “Sarah Jessica Parker sticks her nose into 2012 campaign,” Neil Munro apparently thinks it’s clever to play off a fact that some people don’t like Parker’s looks, calling her “the celebrity horse that Barack Obama’s 2012 campaign is betting on.” And he goes on to suggest that Parker is defined by the fact that “she played a single New York columnist who meets and sleeps with various men while living in the city. The role made her famous, and also won her a top place in New York City’s social circuit.” The Daily Caller might take a moment surfing over to IMDb for a reminder that Parker was a well-established actress long before she signed on for Sex and the City. And apparently this comes as news to folks, but Sarah Jessica Parker is not, in fact, the same person as Carrie Bradshaw.

The whole thing is an ugly, substanceless slam disguised as a piece of reporting about the fact that, shockingly, some conservatives don’t like the ad that Parker cut in support of the Obama campaign. Parker, by the text of this reasoning, is apparently incapable of supporting the Obama administration effectively because she is wealthy and is an actress. But the subtext is clear: Sarah Jessica Parker is ugly. And she was in that slutty television show, too. This kind of slagging of a successful woman is the last refuge of people with no legitimate arguments who are terrified they’re losing. It’s the rhetorical equivalent of shining a mirror in someone’s eyes so you can run away while they’re distracted.

I generally find the idea that people who work in Hollywood are flaky or somehow less entitled to their political opinions than the rest of the country bizarre. It’s not as if someone who makes a lot of money as an industrialist or an energy titan is uniquely more connected to middle class Americans than someone who works in Hollywood. If hedge funders get some sort of credit for interacting with white collar workers in their office or working on issues that end up affecting the rest of the American economy, there’s no reason actors and directors shouldn’t get equivalent credit for their contact with their crews or for working on projects that explore fantasies of American life. There are smart and thoughtful people and dumb and shallow people working and succeeding in every industry in America.

And beyond the basic intelligence of people who work in Hollywood, it’s not as if entertainment is a job detached from politics, or as if one’s employment is the sole determinant of what political issues one is invested in. Sarah Jessica Parker has a long record of involvement with UNICEF and has done work on behalf of anti-hunger programs in New York. Latina actresses like Eva Longoria and Rosario Dawson have backed the administration as parts of their efforts on voting access and women’s issues. Conservatives love treating Hollywood celebrities like they’re valuable and substantive when they voice conservative opinions, whether it’s Jon Lovitz critizing Obama or the prospect that Obama might lose Hollywood support during the SOPA fight. But when they back liberal politicians or causes they’re inherently dumb, vapid, substanceless. And apparently if they’re women, you can single out their noses as a reason to tell them to stay out of processes they don’t belong in.

NEWS FLASH

Wall Street Has Given $102 Million To Federal Candidates So Far This Cycle | The securities and investment industry — better known as Wall Street — has given $102 million to candidates for federal office during the current election cycle, the National Journal reports. The majority has gone to Republicans, though Democrats have pocketed $40 million from the industry. Through the end of April, President Obama has banked roughly $3 million from the financial industry. His Republican opponent, Mitt Romney, has more than doubled that total, hauling in $8.5 million.

Economy

House Committees In Charge Of Tax Writing And Bank Regulation Dominate Fundraising

The committees in the House of Representatives that oversee tax writing and regulation of the financial industry have provided huge boosts to their members’ campaign fundraising accounts over the last nine congresses, according to a new study from the Sunlight Foundation, a campaign finance watchdog.

Seats on the House Ways and Means Committee, which oversees tax writing, added more than half a million dollars over mean fundraising totals, while assignments on the House Financial Services Committee add nearly $300,000 when donations from individuals and political action committees are combined, the Sunlight Foundation found in its analysis of the 103rd-111th Congresses:

Both committees have been major focal points recently. The Financial Services Committee led the way on the Dodd-Frank Wall Street Reform Act, which overhauled the nation’s financial regulatory laws. Ways and Means, meanwhile, has been at the center of tax reform, with Democrats pushing to raise taxes on the wealthiest Americans and close certain tax loopholes and Republicans fighting to lower corporate and personal income taxes and close loopholes of their own.

Under the newly-adopted House Republican budget, Ways and Means is back in the spotlight, charged with ending tax breaks to finance a massive tax cut for the wealthy. And with the GOP at the helm, Financial Services has led the fight to undermine and ultimately repeal Dodd-Frank. To put the fundraising clout that goes with assignments on those committees in context, a seat on on those committees is worth between three and five times more than a seat on the Appropriations Committee, once viewed as the most powerful committee in Congress.

NEWS FLASH

Despite Dropping SOPA, President Obama Raises $4 Million in Hollywood | One of the big questions in the wake of President Obama’s refusal to support the Stop Online Piracy Act was whether his unwillingness to get on board with a big priority for the entertainment industry’s Democratic donors would hamper his reelection fundraising. The answer so far seems to be no. In a two-day fundraising trip to Southern California that, according to The Hollywood Reporter was designed “not only to raise money but also give Obama an opportunity to network with leaders from other sectors and industries in Los Angeles,” Obama raised $4 million that will be shared between his campaign and the Democratic National Committee. Perhaps the SOPA debate will cause problems for the members of Congress who abandoned the bill. But for now, it seems some of the entertainment industry’s biggest donors will continue to open their wallets for Obama himself.

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