Tuesday, December 29, 2020

TheHill.com: Warren reintroduces bill to bar lawmakers from trading stocks

https://thehill.com/homenews/senate/530968-warren-reintroduces-bill-to-bar-lawmakers-from-trading-stocks

Warren reintroduces bill to bar lawmakers from trading stocks. The reintroduction of the bill by Warren and Rep. Pramila Jayapal (D-Wash.) coincides with scrutiny Georgia Sens. Kelly Loeffler (R) and David Perdue (R) are facing over their own stock trading during the pandemic.

Marty Wulfe

Tuesday, December 22, 2020

Trump can use funds he raised to "stop the steal" to enrich himself

https://www.democracynow.org/2020/12/22/trump_fundraising_pac

 

Because FEC is so weak, money raised by a PAC can be spent through firms controlled by the PAC founders or their relatives, thus enriching the PAC insiders rather than furthering the political cause for which the donors gave. Both small and large donors n be targeted. And any politician or political operative can run this type of scam – and they do. We have pointed out “liberal” ones in the past like ‘End Citizens United.’

 

Charlie Cooper and Tina Coplan

Monday, December 21, 2020

Toomey's language could benefit big banks or pave the way for lucrative post-Senate employment

https://www.dailyposter.com/p/gop-senators-last-minute-fed-language?token=eyJ1c2VyX2lkIjo2MDE2NTUsInBvc3RfaWQiOjI3Mjg5NzIwLCJfIjoiNHRGUUYiLCJpYXQiOjE2MDg1ODI2MjMsImV4cCI6MTYwODU4NjIyMywiaXNzIjoicHViLTM3Nzc4Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.DlDHEN1WhXixx32MYhLCHZIE6Jq0GihByWsroJL-hII

 

Without endorsing or condemning the Federal Reserve lending programs that Sen. Toomey wishes to limit, I post this because it connects large-scale contributions with specific legislative action by a senator and because there may be a motive to prepared for “retirement” in a cushy Wall Street job.

 

Charlie Cooper

Saturday, December 12, 2020

A new study finds even more influence by wealthy elites on U.S. policy-making

https://truthout.org/articles/bidens-victory-was-hardly-a-win-for-democracy-it-was-another-win-for-the-1/

 

Research published this year by McGuire and Delahunt to sharpen the focus and deepen understanding of how wealthy elites and business interest groups control policy by “the transfer of large amounts of money to policy makers from the wealthiest sources focused intensely on particular policies.” Their work uses artificial intelligence techniques to build on that of Gilens and Page who used more standard statistical methods. The author claims that Biden’s recent presidential campaign was funded by the same elite sources. A summary of McGuire’s and Hunt’s October 2020 paper is here.

 

Charlie Cooper

 

 

Tuesday, December 8, 2020

No congressional seats in Texas flipped, but campaign cash flowed into key races like it was a battleground

https://www.dallasnews.com/news/politics/2020/12/07/no-congressional-seats-in-texas-flipped-but-campaign-cash-flowed-into-key-races-like-it-was-a-battleground/

 

WASHINGTON — More than $110 million in campaign cash was spent in Texas' 12 most contested U.S. House races this election cycle, underscoring the reality that donors — if not necessarily voters — considered the state to be a bona fide battleground.

That staggering sum, revealed late last week in new campaign finance reports, came on top of the nearly $63 million spent in this year's U.S. Senate race, the state's other hot federal battle.

All of that money didn't end up mattering much. Not a single congressional seat flipped, even after Democrats targeted 10 pick-up opportunities in the House, along with Sen. John Cornyn's seat in the Senate, and the GOP sought to win back two seats in the House.

But the tallies still represented a significant shift, signaling that there's enough Democratic enthusiasm in the longstanding GOP state to ensure pricey elections for years to come.

Consider that in Texas' 12 most active House races, fundraising and spending increased fourfold from 2016. Fourteen candidates brought in more than $3 million this cycle, compared to one four years ago. Democrats in those districts together raised about $53 million, while Republicans posted $58 million.

That relative partisan parity is stunning in and of itself.

In 2016, Democrats in those 12 districts collectively brought in a piddly $1.7 million, leaving them $17.3 million short of their Republican counterparts. So while fundraising has increased substantially all around, the trend is most pronounced on the Democratic side.

Here are a few other takeaways from the most recent reports filed with the Federal Election Commission:

Republicans spent like they had fights on their hands

The GOP was confident heading into Election Day, dismissing the idea that a blue wave would wash over Texas. Their bravado was justified. Not only did they hold every congressional seat targeted by the Democrats, their candidates generally won by larger margins than two years ago.

But they didn't take anything for granted, campaign finance data suggest.

Republicans in the dozen most-competitive House races collectively spent more than $13 million in the most recent reporting period. (That time frame runs from mid-October through Nov. 23, but the vast majority of the funds in those races were spent before the Nov. 3 election.)

The same time period four years ago? Conservative candidates in those districts collectively spent about $1.9 million.

Dan Crenshaw is a fundraising juggernaut

Houston Rep. Dan Crenshaw, a freshman Republican, is a truly elite fundraiser.

The retired Navy SEAL brought in nearly $19 million through late November. That's Scrooge McDuck kind of cash, giving him status that typically only comes with being part of House leadership. Think House Speaker Nancy Pelosi or House Minority Leader Kevin McCarthy.

Case in point: The $2.7 million that Crenshaw raised in the most recent period is more than some notable Texas candidates raised over this entire election cycle.

Crenshaw's name has already been floated as a potential gubernatorial candidate, perhaps sooner rather than later. If the Republican can raise this kind of moolah amid more stringent federal guidelines, it's not hard to imagine him raking in enormous sums under unrestricted state rules.

MJ Hegar out-raised Cornyn

Cornyn early on braced for a tough reelection challenge, warning his conservative supporters that they couldn't be complacent. And perhaps with good reason.

While the Republican defeated Democrat MJ Hegar, an Air Force veteran, by a comfortable 9.6 percentage points, Hegar ended up raising more money than Cornyn over the two-year cycle to date: $29.6 million to $28.4 million.

Those totals still put the duo behind several other notable Senate clashes across the U.S. In South Carolina, for instance, Republican Sen. Lindsey Graham brought in some $109 million to defeat Democrat Jaime Harrison, who broke records by raising more than $132 million.

Both Cornyn and Hegar, it should be noted, benefited from outside spending.

Gina Ortiz Jones spent the most per vote — and lost

Democrat Gina Ortiz Jones, an Air Force veteran, in 2018 lost to Rep. Will Hurd, R-San Antonio, by less than 1,000 votes in a battle to represent a sweeping border district. So she tried again this year, raising more than $7 million for a race most pundits expected her to win.

Jones ended up losing by an even bigger margin to Republican Tony Gonzales, a Navy veteran.

Her defeat this year also came with the inglorious honor of having spent the most money per vote – at least among Texas hottest congressional races – to then go on and lose. The total in Jones' case ended up being about $52 per vote.

Others in the running were Democrat Wendy Davis – who spent about $50 per vote to lose to Rep. Chip Roy, R-Austin – and Republican Wesley Hunt, who spent about $49 per vote to lose to Rep. Lizzie Fletcher, D-Houston.

Ron Wright ran the leanest winning campaign

While money poured into congressional races across Texas, the race between Rep. Ron Wright, R-Arlington, and Democrat Stephen Daniel didn't receive quite the same attention. Neither candidate brought in more than $1 million in the race, which Wright won by 8.8 points.

But that outcome meant that Wright ran the most efficient winning campaign, spending less than $5 per vote.

The closest contender to Wright was Fort Bend County Sheriff Troy Nehls, a Republican who defeated Democrat Sri Preston Kulkarni for a seat being vacated by Rep. Pete Olson, R-Sugar Land. Nehls ended up spending about $8 per vote.

Renaud D. Brown, M.M.

 

Uber, Lyft, et. al. spent $200 million to buy a law

https://www.curbed.com/2020/11/california-uber-lyft-prop-22.html

 

Uber, Lyft, DoorDash, and others used their apps and public media to win a California ballot question (58% in favor) enacting a law denying rights to their employees. [I’ve heard that corporate Democrats championed this law.] Denies minimum wage, unemployment, overtime protection, etc.

 

In this case, the voters overturned a pro-labor law enacted by the state legislature. We’ve seen pro-democracy ballot questions overturned or undermined cavalierly by state legislatures in South Dakota and Florida. Let’s see whether the California legislature will act.

 

Ballot questions are a double-edged sword. While they seem to offer citizens a way to overcome legislatures that are controlled by corporate contributions, SCOTUS has ruled that it is unconstitutional to limit spending on ballot questions, which tilts the scales very significantly. We should consider adding this issue to our hearing presentation.

 

Charlie Cooper

 

 

Friday, December 4, 2020

Cracks Emerge in No Corporate PAC Money Movement

https://readsludge.com/2020/12/03/cracks-emerge-in-no-corporate-pac-money-movement/

 

Rep. Elaine Luria (D-Va.) is likely to be the first to abandon the campaign finance pledge, after promising voters before she was elected that “this kind of pay-to-play governance is unacceptable.”

 

Marty Wulfe

Thursday, December 3, 2020

Greg Palast and Georgia voter group sue to have voters restored to list of those registered for Jan 5 election

https://www.nytimes.com/2020/12/02/us/a-lawsuit-in-georgia-claims-that-nearly-200000-registered-voters-were-improperly-purged.html?searchResultPosition=1

 

The groups claim that 195,000 Georgians who did not move have been erroneously removed from voter roles and are asking a federal district court to order them to be restored. Georgia election official has denied the charges.

 

Charlie Cooper

1 Percent of P.P.P. Borrowers Got Over One-Quarter of the Loan Money

https://www.nytimes.com/2020/12/02/business/paycheck-protection-program-coronavirus.html 

 

A federal judge has forced the first in-depth account of PPP spending. Fraud investigations are underway

 

Angad Singh

Sen. Loeffler oversees agencies that regulate her husband's multi-billion $ financial trading businesses

Monday, November 30, 2020

Spin Cycle: Presidential campaigns can launder money because of Supreme Court decision

https://www.marylandmatters.org/2020/11/30/how-state-political-parties-helped-big-money-pay-for-the-2020-election/

 

Sheldon Adelson can give Pres. Trump only $2,700 per year, but he and his wife gave almost $1.2 million to Trump Victory Fund, which distributed it to over 40 state Republican parties. [Note that the Adelsons contributged over $172 million in total for this federal election cycle!] The parties immediately transferred it to the Republican National Committee. Democrats do the same thing on the same scale. All this is made possible by the April 2014 SCOTUS decision McCutcheon v. FEC.

 

Charlie Cooper

Federal Reserve studying the possibility of opening accounts for everyone

https://www.theamericanconservative.com/articles/forget-checks-how-about-giving-everyone-a-federal-reserve-account/

 

The St. Louis Federal Reserve Bank has studied how to open an account for every person in the nation. Relief during crises could be delivered directly to households and businesses as is now done with banks.

 

Charlie Cooper and Angad Singh

 

 

Ballot measures can mislead in judging voters’ minds | HeraldNet.com

https://www.heraldnet.com/opinion/comment-ballot-measures-can-mislead-in-judging-voters-minds/

 

Contributions to ballot issue committees can't be limited, per Supreme Court decision. Interesting that the decision was based on the constitutional right of free association, not free speech.

 

Contributed by Sheila Ruth

Sunday, November 29, 2020

nuanced view of role of money in politics

https://www.facebook.com/HillTVLive/videos/381364359771274/

 

Money matters more in primaries and down-ballot races. The money race is less likely to determine races with lots of media attention. But the money race benefits a consultant class that runs campaigns and that holds sway in the mainstream Democratic Party.

 

 

Thanks to Bill Harvey for this one.

 

 

Thursday, November 12, 2020

Open Secrets: Trump seems to be raising money for 2024 presidential run

https://www.opensecrets.org/news/2020/11/trump-2024-door-open-fundraising-push/?utm_source=mailchimp&utm_medium=email&utm_campaign=funds-trump-2024-111220&utm_source=1+News+Notifications&utm_campaign=08249d67ea-EMAIL_CAMPAIGN_2019_11_26_08_46_COPY_01&utm_medium=email&utm_term=0_776aca4f13-08249d67ea-212295006

 

He states he is raising money “to fighting for a recount” and other 2020 election-related matters, but he paid off campaign debts and is now funneling funds to a “leadership PAC.”

 

Charlie Cooper

 

Amidst pandemic retail is consolidating fast

https://prospect.org/economy/the-end-of-retail/

 

A retail landscape monopolized by Amazon will mean worse labor standards, fewer options for consumers, and the closure of shopping malls in some communities, much like what happened during the rise of discounters decades ago.

 

Charlie Cooper

 

Wednesday, November 11, 2020

Citigroup fined $400 million, but charges not made public

https://wallstreetonparade.com/2020/10/citigroup-is-slapped-with-a-400-million-fine-for-doing-something-so-bad-it-cant-be-spoken-out-loud/

 

Has Citigroup done something improper regarding the tens of billions of dollars it has spent buying back its own stock? Until March 31, 2015, Citigroup was spending hundreds of millions of dollars a quarter to buy back its stock. But beginning with the quarter ending June 30, 2015, it started to spend billions of dollars a quarter. And, as we headlined on July 24, Citigroup Has Been Paying Out More than It Earned for Years; Now It Has $102.5 Billion in Debt Maturing within Three Years.

 

Charlie Cooper

Wall Street firms big donors to Biden

https://wallstreetonparade.com/2020/11/big-wall-street-donors-to-biden-will-maneuver-for-key-posts/

 

“Finance, Insurance & Real Estate” donated a stunning $201,675,240 to Biden’s campaign and PACs supporting him. Add to that the category of “Lawyers and Lobbyists,” which donated $52,378,087, and you’re looking at a cool quarter of a billion dollars.

 

Charlie Cooper

Saturday, October 31, 2020

Labor unions mull general strike if Trump tries to disrupt election results

https://www.theguardian.com/us-news/2020/oct/30/us-unions-general-strike-election-trump-biden-victory?CMP=Share_AndroidApp_Other

 

“Michael Podhorzer, a senior Trumka adviser, said: ‘We believe democracy is stronger than Trump. We are not looking for a fight. We want the election results to be respected. We’re getting ready if they’re not respected because of what he said. We believe this is a country where what voters say matters.’”

 

Charlie Cooper from Marty Wulfe

 

Thursday, October 29, 2020

Re: 3 Maryland couples spent more than hundreds of thousands of Marylanders

Very informative article and great coverage for GMOM.. Charlie,,,you done good!  Thanks,,,Ann

On Thu, Oct 29, 2020 at 2:20 PM Charlie Cooper <charlie.coop47@gmail.com> wrote:

https://cnsmaryland.org/2020/10/29/congressman-actress-and-federal-economist-among-marylands-top-donors/

 

"Donors giving over $100,000 in an election cycle are part of an elite group, representing less than 0.00001% of the United States population, but accounting for over one-fifth of all contributions to federal elections, according to figures released by the Center for Responsive Politics in late September."

 

Charlie Coope

 

 

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3 Maryland couples spent more than hundreds of thousands of Marylanders

https://cnsmaryland.org/2020/10/29/congressman-actress-and-federal-economist-among-marylands-top-donors/

 

“Donors giving over $100,000 in an election cycle are part of an elite group, representing less than 0.00001% of the United States population, but accounting for over one-fifth of all contributions to federal elections, according to figures released by the Center for Responsive Politics in late September.”

 

Charlie Coope

 

 

Fossil fuel company spends dark money and seeks judicial cloak

https://www.dailyposter.com/p/the-fossil-fuel-industrys-dark-money?token=eyJ1c2VyX2lkIjo2MDE2NTUsInBvc3RfaWQiOjE1MzkwMTY5LCJfIjoiNHRGUUYiLCJpYXQiOjE2MDM5ODA1MzUsImV4cCI6MTYwMzk4NDEzNSwiaXNzIjoicHViLTM3Nzc4Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.s5OTQf1I0Gg8dBYrzuDB1EGRwd83yR3vShAtAOCDdS0

 

A federal bankruptcy court in Delaware is forbidding the release of information about who benefitted from millions of dollars of political spending by Extraction Oil and Gas. The company says release would enable its competitors to buy favor with politicians that it has developed relationships with.

 

First, the case proves what a complete sham Citizens United really is. The Supreme Court pretended that corporate independent expenditures on politics don’t corrupt anything, and now Extraction openly admits that political expenditures are used to advance business interests.

“Second, dark money may have just gotten a lot darker. Delaware is the home to thousands of corporations, and now its federal bankruptcy court has ruled that companies can keep their dark money expenditures on politics secret in bankruptcy proceedings.

“In a sense, it is a special carveout for records that document influence buying: While companies’ day-to-day financial records remain available for public scrutiny in bankruptcy, now there’s a ruling that allows those companies to hide exactly which politicians and political groups they are bankrolling.”

 

 

Charlie Cooper

Wednesday, October 28, 2020

FW: Press Release: UPDATED—The 2020 election is now expected to near $14 billion in total spending

 

 

From: OpenSecrets <info@crp.org>
Sent: Wednesday, October 28, 2020 2:05 PM
To: mwulfe@yahoo.com
Subject: Press Release: UPDATED—The 2020 election is now expected to near $14 billion in total spending

 

UPDATED: 2020 election is now expected to near $14 billion in total spending
 

For Immediate Release:
Contact: Brendan Quinn,
 press@crp.org

WASHINGTON, Oct. 28, 2020 — With just under a week to go before Election Day, The Center for Responsive Politics estimates the 2020 election will be the most expensive ever by a large margin. Even if committees had stopped all spending at the end of September, the 2020 election would still be the most expensive ever.

The Center for Responsive Politics now predicts that the total cost of the 2020 election will nearly reach an unprecedented $14 billion, making it the most expensive election in history and twice as expensive as the previous presidential election cycle. The Center previously estimated the election would see nearly $11 billion in total spending.

"Donors poured record amounts of money into the 2018 midterms, and 2020 appears to be a continuation of that trend — but magnified. Ten years ago, a billion-dollar presidential candidate would have been difficult to imagine. This cycle, we're likely to see two." said Sheila Krumholz, executive director of the Center for Responsive Politics.

Despite being interrupted by the coronavirus pandemic, the 2020 election is seeing record levels of small-dollar giving amid extraordinary enthusiasm from supporters and opponents of President Donald Trump. Women are also giving far more to political candidates than ever before. That's on top of massive donations from wealthy donors and Michael Bloomberg's unprecedented billion-dollar presidential campaign.

"When Citizens United was decided 10 years ago, conservatives were the quickest to jump on the newly permissible outside groups as a way to facilitate huge donations," said Sarah Bryner, director of research and strategy at the Center for Responsive Politics. "Now, liberal groups have more than made up the difference and are taking advantage of every opportunity available to get their message out."


Here's what we're seeing:

  • Spending in the 2020 presidential race is projected to near $6.6 billion, up from $2.4 billion in 2016.
  • Outside spending totals $2.6 billion, nearly double the amount spent at this point in 2016.
  • Between his failed presidential campaign and his independent efforts, Mike Bloomberg accounts for over 9.5 percent of total spending by himself.
  • Sheldon and Miriam Adelson have given $183 million, the record for giving by a couple in a single election cycle.
  • Small donors account for 22 percent of all committees' fundraising, a record high.
  • Roughly 44 percent of all donors are women, also a record high.
  • The North Carolina Senate race is already the most expensive congressional race of all time, with the Iowa Senate race claiming the No. 2 spot.
  • Democratic candidates and groups have enjoyed a massive financial advantage, spending $5.5 billion compared to Republicans' $3.8 billion.

 

See the data here

For over 35 years, the Center for Responsive Politics has empowered Americans with information and helped propel the discussion on transparency in governance. CRP's in-depth research and analysis reveal important facts about how our nation's politics and policies are shaped and influenced. 

ABOUT THE CENTER FOR RESPONSIVE POLITICS

Nonpartisan, independent and nonprofit, the Center for Responsive Politics is the nation's premier research group tracking money in U.S. politics and its effect on elections and public policy. Founded in 1983, CRP's vision is for Americans to be empowered by access to clear and unbiased information about money's role in politics and policy and to use that knowledge to strengthen our democracy.

 






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Wednesday, October 14, 2020

Fwd: NBC News: Opinion | Amy Coney Barrett rose from corporations' crusade for power over the Supreme Court


From: Susan Ogden



Opinion | Amy Coney Barrett rose from corporations' crusade for power over the Supreme Court
Companies once worried the courts might uphold the protections regular Americans achieved via representational democracy. They're less worried today.

Read in NBC News: https://apple.news/AMC-VGmBiStq1foluAZYFhw


Shared from Apple News

Videos leaked of high-level conservatives' election fears and tactics

Thursday, October 1, 2020

Federal Reserve bailout benefits wealthy, including failing fossil fuel firms

http://americanprospect.activehosted.com/index.php?action=social&chash=8c19f571e251e61cb8dd3612f26d5ecf.279&s=23b42b30e7157e39c3586f5601ec678d

 

  1. New research shows that analysts overestimated the effectiveness of the Fed bond-buying programs on boosting the economy because those types of findings lead to promotions!
  2. Fossil fuel companies have sold $99 billion in fonds to the Federal Reserve (or to its special  purpose vehicles). They could probably not have done that if the pandemic hadn’t occurred.

 

Charlie Cooper

 

 

Billionaire Steve Schwarzman spends $25 million to maintain GOP power

Tuesday, September 29, 2020

Fwd: We Still Don’t Know Who Is Paying For Trump’s SCOTUS Seats

Even the judiciary is the target of dark money.

Marty

Save our democracy - get big money out of our elections

From: David Sirota <sirota@substack.com>
Sent: Tuesday, September 29, 2020 6:49:19 AM
To: mwulfe2020@gmail.com <mwulfe2020@gmail.com>
Subject: We Still Don't Know Who Is Paying For Trump's SCOTUS Seats