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Schumer's racket: Lobbyists and hedge funds
Washington Examiner ^ | Timothy P. Carney

Posted on 05/26/2010 12:25:34 PM PDT by RatherBiased.com

Three years ago, Sen. Chuck Schumer, D-N.Y., leaned on hedge funds to lobby more. The funds soon hired his banking staffer as a lobbyist. She began raising money for Schumer. Now he's championing financial regulation that would benefit these hedge funds. "Racket" might be the right word here.

Here's the story: In January 2007, the month Democrats took control of Congress, Schumer invited hedge funds executives to dinner, where, the New York Times reported, he "had some simple advice for the billionaires in his midst: If you want Washington to work with you, you had better work better with one another."

Until then, hedge funds had largely minded their own business. But in the 2008 elections, they tripled their previous contributions to politicians, with Schumer and Barack Obama as their favorites, along with other Senate Democrats (Schumer was head of the Democratic Senatorial Campaign Committee).

But more to Schumer's point, the hedge funds shifted their lobbying into high gear. After spending less than half a million in 2006, they spent more than $6 million in 2007.

(Excerpt) Read more at washingtonexaminer.com ...


TOPICS: Business/Economy; Editorial; Government
KEYWORDS: biggovernment; chuckschumer; hedgefunds; regulation

1 posted on 05/26/2010 12:25:34 PM PDT by RatherBiased.com
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To: RatherBiased.com

It’s probably legal, but it amounts to nothing more or less than payoffs and bribes.

It’s way Congress works. Grease the wheels or be left in the cold.

This particular theft is done by Schumer, but they all do it, Both parties and every SOB up there.
They dont spend a million dollars being elected to a job that pays $140,000 a year because they want to serve the public/

Steny Hoyer for example has alays been either in State Government or FederalGovernment at Government salaries: Where did all his money come from?


2 posted on 05/26/2010 12:32:13 PM PDT by Venturer
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To: RatherBiased.com

Sen. Chuck Schumer, D-N.Y.....remains curiously silent as a new Mosque gets built at Ground Zero


3 posted on 05/26/2010 12:37:29 PM PDT by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated)
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To: RatherBiased.com
I'm just smack-down shocked that something like that could, and, would happen.

N-O-T !!!!!!!!!!!!

4 posted on 05/26/2010 12:37:38 PM PDT by jmax
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To: RatherBiased.com

Does anyone recall Boss Tweed? Corruption is an old NY tradition.


5 posted on 05/26/2010 2:28:59 PM PDT by Citizen Tom Paine
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