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The TARPsters: Meet the 90 Lawmakers Who Voted for Bailouts and Against FinReg

tarp tarpsters banksters

(photo: justinrussell)

I do think it’s crucial that we don’t rewrite the history of TARP to make it somehow responsible and reasonable to give a no-strings bailout to the largest financial institutions in America, so I’m going to again highlight Elizabeth Warren on this one:

“The rescue of AIG continues to have a poisonous effect on the marketplace,” said one critic recently. “By providing a complete rescue that called for no shared sacrifice on the part of AIG and its creditors, the government fundamentally changed the rules of the game on Wall Street. As long as the biggest companies in America believe that you and I will bail them out, the worst effects of the AIG rescue will linger.”

The problem lies in the total lack of conditions for an implicit and explicit government backstop. Mike Konczal argues that would have imposed bigger short-term costs for a better long-term solution, but I’m not even sure that’s true. It’s not as if Bank of America and Citi, by just being fed TARP money and not forced to reorganize and fire their management, ended up learning their lesson and lending to small businesses and returning to their core mission of matching capital investors with entrepreneurial opportunities. No, they took the money, grew larger, made record profits (in many cases from lending the government’s money back to them) and did little or nothing for the greater economy. I suppose there’s a benefit in maintaining the status quo, but given the options, I would have taken the one that struck the fear of God into the banksters.

Zach Carter makes a distinction between those who voted for TARP and followed up with financial reform, and the crony capitalists who voted to give Wall Street a bailout, and against any fundamental reforms of their practices:

A full 90 members of Congress who voted to bailout Wall Street in 2008 failed to support financial reform reining in the banks that drove our economy off a cliff. But when you examine campaign contribution data, it’s really no surprise that these particular lawmakers voted to mortgage our economic future to Big Finance: This election cycle, they’ve raked in over $48.8 million from the financial establishment. Over the course of their Congressional careers, the figure swells to a massive $176.9 million.
The complete list of these Crony Capitalists is below, along with the money they pulled in from Big Finance, according to data compiled by the Center for Responsive Politics (opensecrets.org)

We have no idea if financial reform will work, of course, but the perfectly coherent view expressed here is that we can bail out the banksters and then shield them from any meaningful constraints on their profit-taking.

There are 81 Republicans on the list, and only 9 Democrats, the worst of the worst (Marion Berry, Dan Boren, Rick Boucher, Henry Cuellar, Chet Edwards, Harry Mitchell, Solomon Ortiz, Ike Skelton and Zack Space). Berry is retiring, and at least a few of the others won’t be back in November. But if you want to drain the swamp, here’s a good place to start.

(Mike Castle was on this list too, incidentally, in case you thought he was a nice “moderate” Republican.)

And it goes without saying that the same money from the FIRE sector that went into the hands of these lawmakers is going into the hands of candidates seeking a Republican takeover of Congress in November.

The full list is on the flip:

Senator 2010 Wall Street Cash Career Wall Street Cash
Sen. Lamar Alexander (R-TN) $1,600,000 $4,900,000
Sen. Robert Bennett (R-UT) $1,500,000 $2,600,000
Sen. Kit Bond (R-MO) $333,600 $3,300,000
Sen. Richard Burr (R-NC) $1,500,000 $3,300,000
Sen. Saxby Chambliss (R-GA) $2,500,000 $3,500,000
Sen. Tom Coburn (R-OK) $451,700 $1,200,000
Sen. Bob Corker (R-TN) $3,100,000 $3,300,000
Sen. John Cornyn (R-TX) $3,200,000 $4,700,000
Sen. John Ensign (R-NV) $1,300,000 $2,600,000
Sen. Lindsey Graham (R-SC) $1,100,000 $2,000,000
Sen. Judd Gregg (R-NH) $233,200 $1,100,000
Sen. Orrin Hatch (R-UT) $1,400,000 $2,600,000
Sen. Kay Bailey Hutchison (R-TX) $1,400,000 $4,700,000
Sen. Johnny Isakson (R-GA) $1,500,000 $4,200,000
Sen. John Kyl (R-AZ) $2,800,000 $3,800,000
Sen. Dick Lugar (R-IN) $412,200 $2,500,000
Sen. John McCain (R-AZ) $947,600 $34,000,000
Sen. Mitch McConnell (R-KY) $4,300,000 $5,300,000
Sen. Lisa Murkowski (R-AK) $268,200 $909,700
Sen. John Thune (R-SD) $1,600,000 $3,900,000
Sen. George Voinovich (R-OH) $435,200 $2,800,000
21 Republicans
0 Democrats
Senate Total $31,881,700 97,209,700
House Member 2010 Wall Street Cash Career Wall Street Cash
Rep. Rodney Alexander, R-La. $106,500 $422,300
Rep. Spencer Bachus, R-Ala. $611,600 $4,400,000
Rep. Gresham Barrett, R-S.C. $20,400 $806,700
Rep. Marion Berry, D-Ark. $24,900 $663,700
Rep. Judy Biggert, R-Ill. $395,000 $1,900,000
Rep. Roy Blunt, R-Mo. $1,200,000 $3,800,000
Rep. John Boehner, R-Ohio $1,300,000 $3,700,000
Rep. Jo Bonner, R-Ala. $90,400 $702,200
Rep. Mary Bono Mack, R-Calif. $190,000 $733,400
Rep. John Boozman, R-Ark. $257,700 $491,000
Rep. Dan Boren, D-Okla. $123,100 $722,200
Rep. Rick Boucher, D-Va. $92,700 $1,400,000
Rep. Charles Boustany Jr, R-La. $226,300 $934,600
Rep. Kevin Brady, R-Texas $157,000 $840,500
Rep. Henry Brown, R-S.C. $35,700 $494,000
Rep. Vernon Buchanan, R-Fla. $336,800 $1,400,000
Rep. Ken Calvert, R-Calif. $180,300 $940,300
Rep. Dave Camp, R-Mich. $588,000 $1,700,000
Rep. John Campbell, R-Calif. $413,400 $1,200,000
Rep. Eric Cantor, R-Va. $2,100,000 $4,400,000
Rep. Mike Castle, R-Del. $749,100 $3,200,000
Rep. Howard Coble, R-N.C. $23,400 $502,500
Rep. Tom Cole, R-Okla. $110,000 $686,000
Rep. Mike Conaway, R-Texas $161,500 $711,800
Rep. Ander Crenshaw, R-Fla. $86,100 $717,000
Rep. Henry Cuellar, D-Texas $90,600 $606,900
Rep. Charlie Dent, R-Pa. $177,900 $881,000
Rep. Chet Edwards, D-Texas $324,200 $1,900,000
Rep.Vernon Ehlers, R-Mich. $8,500 $292,200
Rep. Jo Ann Emerson, R-Mo. $143,900 $904,400
Rep. Mary Fallin, R-Okla ($1,000) $340,700
Rep. Rodney Frelinghuysen, R-N.J. $86,200 $840,300
Rep. Jim Gerlach, R-Pa. $251,600 $1,800,000
Rep. Kay Granger, R-Texas $140,000 $1,100,000
Rep. Wally Herger, R-Calif. $171,500 $1,100,000
Rep. Peter Hoekstra, R-Mich. ($1,000) $300,600
Rep. Bob Inglis, R-S.C. 0 $572,800
Rep. Peter King, R-N.Y. $173,900 $1,600,000
Rep. Mark Kirk, R-Ill. $1,900,000 $4,200,000
Rep. John Kline, R-Minn $170,900 $989,100
Rep. Jerry Lewis, R-Calif. $31,800 $748,000
Rep. Daniel E. Lungren, R-Calif. $147,700 $622,500
Rep. Howard McKeon, R-Calif. $132,100 $1,100,000
Rep. Gary Miller, R-Calif. $144,500 $902,000
Rep. Harry Mitchell, D-Ariz. $130,900 $558,000
Rep. Sue Myrick, R-S.C. $93,600 $1,200,000
Rep. Soloman Ortiz, D-Texas $40,200 $381,700
Rep. George Radanovich, R-Calif. $24,900 $462,000
Rep. Mike Rogers, R-Ala. $128,200 $1,000,000
Rep. Hal Rogers, R-Ky. $50,200 $468,000
Rep. Ileana Ros-Lehtinen, R-Fla. $127,000 $986,000
Rep. Paul Ryan, R-Wis. $531,500 $1,900,000
Rep. Jean Schmidt, R-Ohio $121,900 $519,700
Rep. John Shadegg, R-Ariz. $39,700 $1,200,000
Rep. Bill Shuster, R-Pa. $30,700 $403,600
Rep. Mike Simpson, R-Ind. $20,500 $266,900
Rep. Ike Skelton, D-Mo. $112,500 $524,200
Rep. Lamar Smith, R-Texas $258,900 $1,300,000
Rep. Mark Souder, R-Ind. $40,500 $405,800
Rep. Zack Space, D-Ohio $169,300 $476,300
Rep. John Sullivan, R-Okla. $79,200 $494,800
Rep. Lee Terry, R-Neb. $202,600 $1,400,000
Rep. Mac Thornberry, R-Texas $42,500 $603,400
Rep. Patrick Tiberi, R-Ohio $555,500 $2,800,000
Rep. Fred Upton, R-Mich. $81,700 $929,400
Rep. Greg Walden, R-Ore. $180,700 $732,400
Rep. Zach Wamp, R-Tenn. 0 $715,700
Rep. Joe Wilson, R-S.C. $155,500 $580,200
Rep. Frank Wolf, R-Va. $90,400 $1,100,000
60 Republicans $15,873,400 $72,443,800
9 Democrats $1,108,400 $7,233,000
House Total $16,981,800 $79,676,800
CommunityThe Bullpen

The TARPsters: Meet the 90 Lawmakers Who Voted for Bailouts and Against FinReg

I do think it’s crucial that we don’t rewrite the history of TARP to make it somehow responsible and reasonable to give a no-strings bailout to the largest financial institutions in America, so I’m going to again highlight Elizabeth Warren on this one:

“The rescue of AIG continues to have a poisonous effect on the marketplace,” said one critic recently. “By providing a complete rescue that called for no shared sacrifice on the part of AIG and its creditors, the government fundamentally changed the rules of the game on Wall Street. As long as the biggest companies in America believe that you and I will bail them out, the worst effects of the AIG rescue will linger.”

The problem lies in the total lack of conditions for an implicit and explicit government backstop. Mike Konczal argues that would have imposed bigger short-term costs for a better long-term solution, but I’m not even sure that’s true. It’s not as if Bank of America and Citi, by just being fed TARP money and not forced to reorganize and fire their management, ended up learning their lesson and lending to small businesses and returning to their core mission of matching capital investors with entrepreneurial opportunities. No, they took the money, grew larger, made record profits (in many cases from lending the government’s money back to them) and did little or nothing for the greater economy. I suppose there’s a benefit in maintaining the status quo, but given the options, I would have taken the one that struck the fear of God into the banksters.

Zach Carter makes a distinction between those who voted for TARP and followed up with financial reform, and the crony capitalists who voted to give Wall Street a bailout, and against any fundamental reforms of their practices:

A full 90 members of Congress who voted to bailout Wall Street in 2008 failed to support financial reform reining in the banks that drove our economy off a cliff. But when you examine campaign contribution data, it’s really no surprise that these particular lawmakers voted to mortgage our economic future to Big Finance: This election cycle, they’ve raked in over $48.8 million from the financial establishment. Over the course of their Congressional careers, the figure swells to a massive $176.9 million.
The complete list of these Crony Capitalists is below, along with the money they pulled in from Big Finance, according to data compiled by the Center for Responsive Politics (opensecrets.org)

We have no idea if financial reform will work, of course, but the perfectly coherent view expressed here is that we can bail out the banksters and then shield them from any meaningful constraints on their profit-taking.

There are 81 Republicans on the list, and only 9 Democrats, the worst of the worst (Marion Berry, Dan Boren, Rick Boucher, Henry Cuellar, Chet Edwards, Harry Mitchell, Solomon Ortiz, Ike Skelton and Zack Space). Berry is retiring, and at least a few of the others won’t be back in November. But if you want to drain the swamp, here’s a good place to start.

(Mike Castle was on this list too, incidentally, in case you thought he was a nice “moderate” Republican.)

And it goes without saying that the same money from the FIRE sector that went into the hands of these lawmakers is going into the hands of candidates seeking a Republican takeover of Congress in November.

The full list is on the flip: (more…)

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David Dayen

David Dayen