An anti-corruption group www.represent.us dumped a briefcase full of phony money on Congressman Jim Himes to illustrate a loot-for-legislation mentality in Congress. Check out the video.
We decided to target Jim Himes because he’s emblematic of a much larger systemic problem: Our Congress is being corrupted by big money and no longer represents the people. Rep. Himes co-sponsored and helped push a bill called H.R. 992 through the House. 992 would further deregulate derivatives, a financial instrument that played a major role in the 2008 crisis.
Himes spokesperson Liz Kerr responds:
“This political stunt is an example of overheated, polarizing politics making it difficult for problem-solving legislators to make progress on the complicated issues of the day. This particular piece of bipartisan legislation was a carefully balanced compromise designed to ensure businesses can protect their bottom lines against price fluctuations while keeping the dangerous derivatives that helped cause the 2008 crash out of federally insured banks. Since first taking office, Jim has worked to eliminate even the possibility of conflicts of interest, including going well above existing requirements and selling his personal holdings in companies under the oversight of the Financial Services Committee.”
Legit prank or cheap shot?
It would seem Rep. Himes may need to do a 2-minute (or longer) video to explain the size of the derivative problem and how the “assistance” by CitiBank deals with the parts of the problem most worrisome to average citizens in Fairfield County (and points N, E, W, and S).
It will be difficult to inform and educate the public (that is change the negative mindset) when a clear-cut crime like Madoff has brought to light the lack of required oversight and compliance by a firm like Morgan. It seems there will be a criminal component to the settlement with the government but all will be “settled” with billions of money, some of which comes to the government and some that goes to the Madoff victims. What does not happen is well-paid workers in financial firms did not follow their compliance training and allowed transactions to occur that were suspicious on their face and criminal in their action. No one will go to jail it seems. Those in charge do not have to plead guilty. And THE PAYOFF will be made with Morgan money, so the stockholder pays. Where is the outrage? Too big to go down? Time will tell.
No political prank is ever legit … in the mind of the potential victim. Without wishing to imply anything one way or another about Rep. Himes, I am amused Dems could find themselves nuzzled up to a Wall Street banker as a congressman–and from Greenwich no less.
*** This is why political term limits are needed in state and federal government, to help control these large political donations given to out-of-touch comfortable politicians from large corporation lobbyists looking out for their best interest and not the taxpayers’. Great wakeup call on Mr. Himes concerning the long-time problem, no? ***