Saturday, November 7, 2009

Audit the Fed Bill Gutted criminal parasite and bankster supported Mel Watt.

(h/t to Liberty Pulse)

Especially troubling about the gutting of the bill is the connections the Democrat Watt has with the banking industry. Bank of America (NYSE:BAC) has its headquarters in his congressional district, which is based in Charlotte, but worse, the majority of contributions to Watt’s campaign has come from corporations in the real estate, finance and insurance industry.

Watt’s largest contributors included American Express (NYSE: AXP), Wachovia, Bank of America and the American Bankers Association. Altogether the financial industry donated over $217,109 to Watt, which was over 35 percent of the overall contributions he received.-Bank-Connected Democrat Mel Watt Strips H.R. 1207 of Almost Everything

There has been lots of speculation on why Representative Mel Watt has done his best to make sure that the Audit the Fed bill will be gutted, and why the Congressman is willing to promote the same irresponsible and unaccountable bubble-inflating behavior that got us to the current Fed-sponsored, bubble-reflation attempt, which is practically guaranteed to end much worse than just a few Goldman competitor banks imploding here and there.

A Less Than Opaque Look At Mel Watt's Motivations To Kill The "Audit The Fed" Bill

Representative Mel Watt's top contributors (2007-2008):

#1 Bank of America

#2 Wachovia Corp

#3 American Express

#4 American Bankers Assn


  1. How do you guys feel about limiting finance contributions from private corporations?

    I'm on the fence. My impulse is to support it, but then two things happen:

    1. Rich candidates have a huge advantage (or even more so than they currently have).

    2. Contributions will continue under the table or in the form of non-monetary compensation.

  2. Contributions are already limited from "private" corporations. Limiting contributions is a violation of freedom of speech. Candidates who benefit the most from these contributions have found a way around the restrictions. Those candidates who benefit the least from corporate contributions end up facing the consequences. You're attacking the symptom of the problem not the problem itself.


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