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According to tax records unearthed by Bloomberg News, the health insurance lobby secretly gave $86.2 million to the U.S. Chamber of Commerce in 2009 to try to prevent the health care bill from becoming law. The huge contribution — 40 percent of the chamber’s spending for that year — allowed the group to run ads against the bill without tainting the insurance industry, which was negotiating with Democrats on the bill at the same time.
Several news reports, including one by NBC News, have asserted that a substantial portion of the $16 million in undisclosed donations to Crossroads GPS came from Wall Street, specifically a small and very wealthy group of hedge fund and private-equity fund operators. Those stock traders, along with many others in real estate partnerships, were furious in May when the House passed a bill that would tax their compensation at ordinary income levels as high as 39 percent, rather than the much lower capital gains rate.
Of course the public does not know for certain that hedge funds were among the secret donors, which is precisely why donors must take responsibility for their political actions. If it were clear who was giving to which lawmakers, we’d have a rough form of accountability.
Those who set up and financed this secret system don’t want voters to know that information. And many of them are still blocking the legislation that could end it — the Disclose Act, which would prohibit secret political contributions. It will also be interesting to see which of the new lawmakers vote against that bill.
Originally posted by captaintyinknots
The very scary thing about this is that most of these companies are multi-national, meaning they have no allegiance to one country.
Originally posted by buddhasystem
Originally posted by captaintyinknots
The very scary thing about this is that most of these companies are multi-national, meaning they have no allegiance to one country.
It's a good point, although if these were 100% US-based, they'd still only have allegiance to the bottom line, or the politically correct term "shareholder value".
It's like a computer (or real) virus that doesn't care about the host, just about its own perpetuation.