Posted by Mother Jones on 09/17/08
McCain Attacks Wall Street Greed—While 83 Wall Street Lobbyists Work for His Campaign
In the past few days, as the economic crisis has deepened, Senator John McCain has been decrying the excesses of Wall Street. At a campaign rally in Tampa on Tuesday, he vowed that he and Alaska Governor Sarah Palin, if elected, "are going to put an end to the reckless conduct, corruption, and unbridled greed that have caused a crisis on Wall Street." He noted that the "foundation of our economy...has been put at risk by the greed and mismanagement of Wall Street and Washington."
He blasted CEOs who "seem to escape the consequences." He denounced Wall Streeters who "dreamed up investment schemes that they themselves don't even understand" and who used "derivatives, credit default swaps, and mortgage-backed securities" to try "to make their own rules." He excoriated Fannie Mae and Freddie Mac for gaming the system. And he slammed financial industry lobbyists for misguiding members of Congress. "I can promise you the days of dealing and special favors will soon be over in Washington." On Wednesday morning, after the federal government committed $85 billion to prevent the collapse of the American International Group (AIG) insurance conglomerate, McCain again assailed irresponsible corporate executives. "We need to change the way Washington and Wall Street does business," he proclaimed.
McCain has been quick with fiery, populist-tinged speeches. But one thing has been missing: any acknowledgment that McCain's own campaign has been loaded with the type of people he's been denouncing. (The McCain campaign did not respond to a request for comment; we will update the post if they do.) As Mother Jones previously reported, former Senator Phil Gramm, McCain's onetime campaign chairman, used a backroom maneuver in late 2000 to slip into law a bill that kept credit default swaps unregulated. These financial instruments greased the way to the subprime meltdown that has led to today's economic crisis. Several of McCain's most senior campaign aides have lobbied for Fannie Mae and Freddie Mac. And the Democratic National Committee, using publicly available records, has identified 177 lobbyists working for the McCain campaign as either aides, policy advisers, or fundraisers.
Of those 177 lobbyists, according to a Mother Jones review of Senate and House records, at least 83 have in recent years lobbied for the financial industry McCain now attacks. These are high-paid influence-peddlers who have been working the corridors of the nation's capital to win favors and special treatment for investment banks, securities firms, hedge funds, accounting outfits, and insurance companies. Their clients have included AIG, the newest symbol of corporate excess; Lehman Brothers, which filed for bankruptcy on Monday sending the stock market into a tailspin; Merrill Lynch, which was bought out by Bank of America this week; and Washington Mutual, the banking giant that could be the next to fall. Among these 83 lobbyists are McCain's chief political adviser, Charlie Black (JP Morgan, Washington Mutual Bank, Freddie Mac, Mortgage Bankers Association of America); McCain's national finance co-chairman, Wayne Berman (AIG, Blackstone, Credit Suisse, Fannie Mae, Freddie Mac); the campaign's congressional liaison, John Green (Carlyle Group, Citigroup, Icahn Associates, Fannie Mae); McCain's veep vetter, Arthur Culvahouse (Fannie Mae); and McCain's transition planning chief, William Timmons Sr. (Citigroup, Freddie Mac, Vanguard Group).
When cable news shows air footage of McCain railing against greedy execs and the lobbyists who rig the rules for the benefit of Wall Street dealmakers, there ought to be a crawl beneath him listing these lobbyists. (Talk about a fair and balanced presentation.) Short of that, here's the list of the McCain aides and bundlers who have worked for the high-finance greed-mongers McCain has pledged to take on. So far, it seems, none of them have been cast out of the campaign. If McCain were serious about his outrage, he might throw these money-changers out of his own temple.
Phil Anderson: American Council of Life Insurers, Aetna, AIG, New York Life, MassMutual, VISA
Rebecca Anderson: Aegon, American Council of Life Insurers, Cigna, Barclays, Credit Suisse First Boston, HSBC
Stanton Anderson: The Debt Exchange
David Beightol: Allstate, Amerigroup, Charles Schwab, HSBC
Rhonda Bentz: VISA
Wayne Berman: American Council of Life Insurers, AIG, Americhoice, Shinsei Bank, Blackstone, Carlyle Group, Broidy Capital Management, Credit Suisse Securities, Highstar Capital, VISA, Ameriquest Mortgage, Fannie Mae, Freddie Mac, Fitch Ratings
Charlie Black: JP Morgan, Washington Mutual Bank, Freddie Mac, Mortgage Bankers Association of America, National Association of Mortgage Brokers
Judy Black: Colorado Credit Union League, Genworth Financial, Bay Harbour Management, Merrill Lynch
Kirk Blalock: Credit Union National Association, Financial Executives International, American Insurance Association, Mutual of Omaha, Zurich Financial Service Group, Fannie Mae, Federal Home Loan Bank of San Francisco
Carlos Bonilla: Financial Services Roundtable, Freddie Mac
Christine Burgeson: Citigroup
Mark Buse: Freddie Mac, Goldman Sachs, Manufacturers Life Insurance Company
Nicholas Calio: Citigroup, Managed Fund Association, Fannie Mae, Merrill Lynch, The Investment Company Institute, TIAA-CRE, Securities Industry and Financial Markets Association
Ben Nighthorse Campbell: Amscot Financial Corporation, Community Financial Services Association, Fidelity National Financial
Andrew Cantor: American Insurance Association, Merrill Lynch
Alberto Cardenas: Fannie Mae
James Courter: Goldman Sachs, Donaldson Lufkin & Jenrette, Investment Company Institute, Merrill Lynch
David Crane: Financial Services Roundtable, PriceWaterhouseCoopers, Deloitte & Touche, KPMG, Ernst & Young, Bank of America, Association of Corporate Credit Unions, Freddie Mac
Dan Crippen: Merrill Lynch, National Multi-Housing Council
Arthur Culvahouse: Fannie Mae
Bryan Cunningham: Arch Capital Group
Alfonse D'Amato: AIG, Freddie Mac
Doug Davenport: Federal Home Loan Bank of San Francisco, Goldman Sachs, VISA
Ashley Davis: Prudential Financial, American Financial Group, American Premier Underwriters, Great American Insurance Company
Mimi Dawson: MassMutual
Melissa Edwards: Freddie Mac, National Association of Real Estate Investment Trusts, Access to Capital Coalition
Chris Fidler: American Bankers Association, Milcom Venture Partners, National Association Real Estate Investment Trusts
Samuel Geduldig: American Bankers Association, American Institute of CPAs, America Gains, Berkshire Hathaway, Consumer Bankers Association, Ernst & Young, Financial Services Roundtable, Investment Company Institute, PriceWaterhouseCoopers, Prudential Financial, Sovereign Investment Council, Fidelity Investments, FMR Corp.
Benjamin Ginsberg: Massachusetts Mutual Life Insurance, AIG Technical Services
David Girard-Dicarlo: American Financial Group, American Premier Underwriters
Juleanna Glover Weiss: RJI Capital, American Institute of CPAs, BNP Paribas, Ernst & Young, PriceWaterhouseCoopers
Slade Gorton: Allstate Insurance, Hannan Armstrong Capital
Phil Gramm: UBS Americas
John Green: Laredo National Bank, Alternative Investment Management Association, AIG, Blackstone Group, Carlyle Group, Citigroup, Credit Suisse Group, Fannie Mae, Icahn Associates, FMR Corp., AFLAC, VISA
Janet Grissom: American Institute of CPAs, NYSE, Merrill Lynch
Kristen Gullott: San Diego Credit Union
Kent Hance: Stanford Financial Group, Municipal Capital Markets Group, Inc.
Vicki Hart: American Financial Services Association, Citigroup, Investment Company Institute, Lehman Brothers, Merrill Lynch, New York Stock Exchange, VISA, Carlyle Group, Credit Suisse, Federal Home Loan Bank of Indianapolis, Goldman Sachs, National Association of Government Guaranteed Lenders, Stanford Group, Lloyd's of London, National City Corp.
Richard Hohlt: Capmark Financial Group, Fannie Mae, JP Morgan Chase and Co., Student Loan Marketing Association, Washington Mutual, Guaranty Bank & Trust, Peachtree Settlement Funding, Dime Savings Bank of New York
Gaylord Hughey: Heartland Security Insurance Group
Kate Hull: Credit Union National Association, Fannie Mae, Federal Home Loan Bank of San Francisco, Zurich Financial Services, American Insurance Association, Financial Executives International
James Hyland: American Insurance Association, Seattle Home Loan Bank, Self Help Credit Union, National Association of Bankruptcy Trustees, Merrill Lynch, Mortgage Investors Corp., Federal Home Loan Bank of Indianapolis, Freddie Mac, New York Stock Exchange, Citigroup, VISA
Aleix Jarvis: Credit Union National Association, Fannie Mae, Federal Home Loan Bank of San Francisco, Financial Executives International, Mutual of Omaha, American Insurance Association, Zurich Financial Services
Greg Jenner: American Council of Life Insurers, JG Wentworth, UBS, VISA, PriceWaterhouseCoopers
Frank Keating: American Council of Life Insurers
Steven Kuykendall: California Bankers Association
William Lesher: Chicago Mercantile Exchange, Commerce Ventures, Rabobank International
Thomas Loeffler: Citigroup, Fannie Mae, Investment Company Institute, World Savings and Loan Association, United Services Automobile Association (USAA)
Kelly Lugar: RJI Capital Strategies
Peter Madigan: Arthur Andersen, Bank of New York, Broadridge Securities Processing, Charles Schwab, Deloitte and Touche, Goldman Sachs, International Employee Stock Option Coalition, Mastercard, NYSE, Fannie Mae, Merrill Lynch, PNC Bank
Mary Mann: MassMutual
Paul Martino: Morgan Stanley, Baker Tilly
Jana McKeag: Venture Catalyst
Alison McSlarrow: Fannie Mae, Hartford
Mike Meece: Georgetown Partners
David Metzner: Ernst & Young, Harbinger Capital Investments, Prudential, Public Financial Management, Western Union
Susan Molinari: Freddie Mac, American Land Title Association, Association of Consumer Credit Unions, Beacon Capital Partners, College Loan Corp, Coventry First, E-Trade, Financial Services Roundtable, Rent-A-Center
John Moran: Cerberus Capital Management, American Council of Life Insurers, Accenture
John Napier: Freddie Mac
Susan Nelson: AIG, San Antonio Credit Union
Paul Otellini: Ernst & Young, Financial Services Forum
Steve Perry: Charles Schwab, Hoover Partners, HSBC, National Stock Exchange
Nancy Pfotenhauer: American Land Title Association, Mortgage Bankers Association
Elise Pickering-Finley: Credit Suisse, DE Shaw, Hartford Financial Services, Research In Motion, Retail Industry Lenders Association, URL Mutual
James Pitts: Advanced Association for Life Underwriting, AETNA, American Council of Life Insurers, AIG, Council of Insurance Agents and Brokers, Debt Advisory International, Financial Services Coordinating Council, GE Financial Assurance, Hartford Life, Jefferson Pilot Financial, Kenwood Investments, MassMutual, Mutual of Omaha, New York Life, UNUM Provident, VISA, PMI Group
Tim Powers: AP Capital, Genworth Financial, Retail Industry Lenders Association, E-LOAN, General Electric Mortgage Insurance
Walter Price: Wachovia
Sloan Rappoport: Friedman, Billings, Ramsey Group, Inc. (FBR), Trafelet Delta Funds
Hans Rickhoff: Capital One, Investment Company Institute, United Services Automobile Association (USAA)
Kathleen Shanahan: New York Stock Exchange
Andrew Shore: Accenture, Retail Industry Lenders Association, Barclays, Bond Market Association, Credit Suisse, TPG Capital
Katie Stahl: Alliance for Investment Transparency, Ares Management, Fairfax Financial Holdings, Uhlmann Financial Group
Milly Stanges: TIAA-CREF
Aquiles Suarez: Fannie Mae
Don Sundquist: Freddie Mac, The Hartford
Peter Terpeluk: JP Morgan Chase, Ernst & Young, Prudential
Fred Thompson: Equitas
Jeri Thompson: American Insurance Association
John Timmons: National Association of Federal Credit Unions
William Timmons Sr.: American Council of Life Insurers, Citigroup, Dun & Bradstreet, Freddie Mac, Vanguard Group
Vin Weber: Agstar Financial Services, AKT Investment Corp., American Institute of CPAs, Ernst & Young, Freddie Mac, Louis Dreyfus Corp, PriceWaterhouseCoopers
Jeffery Weiss: JP Morgan
Tony Williams: Russell Investment Group, American Life Inc., Northwestern Mutual
— David Corn, Jonathan Stein, and Nick Baumann
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