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Congressman Stephen Fincher and his fellow Republicans in the House have traded in their tea bags for champagne flutes as they cash in on their positions of power to get money from the same banks who took the bailout money they lambasted in their elections:
Five banks — JPMorgan Chase & Co. (JPM), Bank of America Corp., Citigroup Inc. (C), Wells Fargo & Co. (WFC) and Goldman Sachs Group Inc. (GS) – - held $8.5 trillion in assets at the end of 2011, equal to 56 percent of the U.S. economy, according to central bankers at the Federal Reserve. Combined those institutions took $150 billion in bailout money in 2008 and repaid it by the end of the next year.
The political action committees of those institutions have distributed $169,499 through March 31 to the campaign coffers of the 10 freshman Tea Party-backed lawmakers on the House Financial Services Committee, according to an analysis of campaign finance disclosure records.
Fincher, who is among them, promised as a candidate to “Help Main Street” and ensure there would be “no more Wall Street bailouts” in an advertisement that ran 98 times in the Nashville market in the run-up to his victory in a district previously held by a Democrat since 1988, according to New York- based Kantar Media’s CMAG, which tracks advertising.
When the voters are away, the Congressmen will play. This report comes on the heels of an investigation back in March by CBS News which showed that Fincher took part in a secretive island retreat where lobbyists could get special access to Fincher and others.
Clearly, whatever principles Fincher espoused in 2010 are easily outweighed by the hundreds of thousands in lobbyist cash being thrown at he and his colleagues to get special access and favors for the special interests they represent.
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