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After serving as an advisor to Bill Clinton, in 1998 Emanuel resigned from his position in the Clinton administration and joined the investment banking firm Wasserstein Perella, where he worked for 2 1/2 years. Although he did not have an MBA degree or prior banking experience, he became a managing director at the firm’s Chicago office in 1999, and according to Congressional disclosures, made $16.2 million in his two-and-a-half-years as a banker. At Wasserstein Perella, he worked on eight deals, including the acquisition by Commonwealth Edison of Peco Energy and the purchase by GTCR Golder Rauner of the SecurityLink home security unit from SBC Communications.
Former senator, governor, and secretary of agriculture Mike Johanns (R-Neb.) joined the board of Deere & Co., the tractor and farm equipment manufacturer, on Jan. 8, only five days after leaving the Senate (and a spot on the Committee on Agriculture, Nutrition and Forestry)
More than 45 percent of senators who have left office since 1992 have served on the board of a publicly traded firm; in comparison, only 20 percent of former senators have worked as registered lobbyists. While lobbying regulations require former senators to wait two years before registering as a lobbyist, there is no such restriction on joining a board.
Of former officeholders who accepted a board position, 60 percent of senators and governors joined within the same year that they left office. At the end of the previous Congress, departing Sens. Scott Brown (R-Mass.), Olympia Snowe (R-Maine), Kent Conrad (D-N.D.) and Kay Bailey Hutchison (R-Texas) all joined boards within a year of leaving office.
Things are quite different today. The evolution of business lobbying from a sparse reactive force into a ubiquitous and increasingly proactive one is among the most important transformations in American politics over the last 40 years. Probing the history of this transformation reveals that there is no “normal” level of business lobbying in American democracy. Rather, business lobbying has built itself up over time, and the self-reinforcing quality of corporate lobbying has increasingly come to overwhelm every other potentially countervailing force. It has also fundamentally changed how corporations interact with government—rather than trying to keep government out of its business (as they did for a long time), companies are now increasingly bringing government in as a partner, looking to see what the country can do for them.
Even the 2010 elections, with its promises to "take our country back," produced a freshman class of senators with a median net worth of close to $4 million. The median net worth of freshman House members is more than half a million dollars, according the Center for Responsive Politics, a Washington-based, non-partisan research group that tracks the effect of money on elections and public policy.
Once in office, members of Congress enjoy access to connections and information they can use to increase their wealth, in ways that are unparalleled in the private sector. And once politicians leave office, their connections allow them to profit even further.
The average estimated personal wealth of congressional members far exceeds the average American's wealth, according to Dave Levinthal, a spokesman for the Center for Responsive Politics. "We're talking orders of magnitude," he said -- people with assets in the high six figures in the House and even higher in the Senate.
The Center regularly goes through the time-consuming process of reviewing congressional financial disclosure reports -- which are only filed on paper -- and publishing the information in a reader-friendly online format. Their work has shown that, besides a slight dip between 2007 and 2008, Congress' personal wealth has continued to rise.
"Most Americans are being represented by people who, any way you cut it, are in the elite of the financial elite," Levinthal said.
originally posted by: Willtell
They did it to the mob. They ran them practically out of NYC with indictments on the RICO statute of running a criminal enterprise.
Why isn’t the criminal government were getting not also a criminal enterprise? Why isn’t it exposed to the RICO statute?
Is a government some kind of divine group? I'll answer that, HELL NO!
The congress and president are both being bribed constantly by financial oligarchies, just look at the record of the massive lobbyist paying for favors. Is that not extortion?
Bill Clinton left the white house broke and now is a multi millionaire
Look at the record of the cabinet members of various administrations, where right after they leave government they ALL get lucrative employment with Wall street firms, think tanks, and corporations who had just been lobbying them( while they were in government) right before they retired from government.
THIS IS A SCAM...A LEGAL SCAM!
If this is not a criminal enterprise them the mafia isn’t either.
Look At the record, these politicians get paid millions of dollars working for these corporation RIGHT AFTER THEY LEAVE GOVERNMENT.
There not that damn smart!
No they get paid for their influence peddling.
Case in point number one:
“There was a kind of inflection point during the five-year period between 1997 and 2003 — the late Clinton and/or early Bush administration — when all the rules just went away. You went from a period, a regime, where people did have at least some concern about going to jail, to a point where everything is legal, and derivatives couldn’t be regulated at all and nobody went to jail for anything. And looking back I would say that this period definitely started under Clinton. You absolutely cannot blame this on George W. Bush.” – Charles Ferguson of Inside Job
On December 21, 2000, President Bill Clinton signed a bill called the Commodities Futures Modernization Act. This law ensured that derivatives could not be regulated, setting the stage for the financial crisis. Just two months later, on February 5, 2001, Clinton received $125,000 from Morgan Stanley, in the form of a payment for a speech Clinton gave for the company in New York City. A few weeks later, Credit Suisse also hired Clinton for a speech, at a $125,000 speaking fee, also in New York. It turns out, Bill Clinton could make a lot of money, for not very much work.
Today, Clinton is worth something on the order of $80 million (probably much more, but we don’t really know), and these speeches have become a lucrative and consistent revenue stream for his family. Clinton spends his time offering policy advice, writing books, stumping for political candidates, and running a global foundation. He’s now a vegan. He makes money from books. But the speaking fee money stream keeps coming in, year after year, in larger and larger amounts.
Most activists and political operatives are under a delusion about American politics, which goes as follows. Politicians will do *anything* to get reelected, and they will pander, beg, borrow, lie, cheat and steal, just to stay in office. It’s all about their job.This is 100% wrong. The dirty secret of American politics is that, for most politicians, getting elected is just not that important. What matters is post-election employment
Corruption used to be more overt. Lyndon Johnson made money while in office, by illicitly garnering lucrative FCC licenses. It was the first neoliberal President, Jimmy Carter, who began the post-career payoff trend in the Democratic Party. In 1978, Archer Daniels Midland CEO Dwayne Andreas convinced Carter to back ethanol subsidies. After Carter lost to Reagan, he faced financial problems, as his peanut warehouse had been mismanaged and was going bankrupt. AMD stepped in, overpaying for the property. But Carter wasn’t nearly as skilled as Clinton, because he didn’t stay in the club.
originally posted by: jacobe001
Our government, rather than serving the interests of all Americans. has been turned into a money making machine for politicians and their corporate cronies.
Ever since it was taken over by corporations 40 years ago, this is what corporate lobbyists have brought us:
Here are your politicians and lobbyists
35 out of 40 Goldman Sachs lobbyists in 2013-2014 have previously held government jobs
53 out of 61 Citigroup Inc lobbyists in 2013-2014 have previously held government jobs
58 out of 69 JPMorgan Chase & Co lobbyists in 2013-2014 have previously held government jobs
20 out of 25 Morgan Stanley lobbyists in 2013-2014 have previously held government jobs
85 out of 114 General Electric lobbyists in 2013-2014 have previously held government jobs
36 out of 48 Koch Industries lobbyists in 2013-2014 have previously held government jobs
116 out of 141 Comcast Corp lobbyists in 2013-2014 have previously held government jobs
76 out of 103 Wal-Mart Stores lobbyists in 2013-2014 have previously held government jobs
22 out of 30 Monsanto Co lobbyists in 2013-2014 have previously held government jobs
69 out of 109 Lockheed Martin lobbyists in 2013-2014 have previously held government jobs
40 out of 51 Honeywell International lobbyists in 2013-2014 have previously held government jobs
51 out of 67 Raytheon Co lobbyists in 2013-2014 have previously held government jobs
96 out of 133 General Dynamics lobbyists in 2013-2014 have previously held government jobs
32 out of 49 Northrop Grumman lobbyists in 2013-2014 have previously held government jobs
83 out of 115 Boeing Co lobbyists in 2013-2014 have previously held government jobs
originally posted by: dragonridr
Why would you expect lobbyists not to have worked in the government. Rule one of a lobbyists is you have to know people. I'm surprised the number isn't higher actually.
originally posted by: Phage
a reply to: carmilly123
Each state needs to make lobbying illegal .
Oh wait. There's that pesky 1st amendment. You know. The one that allowed civil rights lobbying in the 60s.
You tell me. You said "lobbying."
1st amendment? did i use the wrong word?
Do they? Did Obama have more backing than Romney? Well, actually he did, by a bit. If you don't count superpacs. I don't know why people fall for campaign advertising, though. 1st amendment.
I may b ignorant but why does the candidate with most money backing make president??
Why not? If they just pick the friendly reporters, it's pretty obvious what's going on. 1st amendment.
why do the candidates get to pick the journalist the want to ask question??