3% of lobbying total is huge

[J Cullen]

Gramm ostensibly stalled the Glass-Steagall repeal bill because it did not
do away with the Community Reinvestment Act reporting requirements, but
some cynics believe the real reason he killed the bill was to deny Al
D'Amato a major legislative victory just before the election, which might
hurt D'Amato in a tight race, contributing to his defeat, which put Gramm
in the Banking Chair.

-- Jim Cullen


>Greg Nowell wrote:
>
>>With all the capitalist interests in a 5 trillion
>>dollar economy, for one subset to reach 3% of lobbying
>>contributions is huge.
>
>Doug said:
>
>Really? Did you look at all the other interests on the CRP page? Just look
>at all the money financial interests have spent over the rewrite of
>Glass-Steagall. In my more cynical moments I suspect that Congress hasn't
>passed a comprehensive rewrite of G-S because the threat of doing so was a
>great way to shake the money tree.
>
>me:
>
>The NY Times said that the "reform" of G-S was stopped by one man, Sen.
>Phil Gramm!
>
>I forgot his stated reason, it seemed a little odd to me. Your suspicion
>of extortion is pretty good, though I wouldn't know for sure.
>
>--
>Homines id quod volunt credunt.
>