Wednesday, April 21, 2010

Giving money to senators not actually all that weird

The NYT had a front page story yesterday in which they suggest that financial firms are trying to buy off the support of the Senate Committee on Agriculture.
A main weapon being wielded to fight the battle, of course, is money. Agriculture Committee members have received $22.8 million in this election cycle from people and organizations affiliated with financial, insurance and real estate companies — two and a half times what they received from agricultural donors, according to the Center for Responsive Politics.
Much of that lobbying has centered on Senator Blanche Lincoln, the Arkansas Democrat who is the committee’s chairwoman and who last week introduced the bill that would prevent banks from trading derivatives directly.
The daughter of a sixth-generation rice farmer, she has found herself navigating a dangerous channel between Wall Street firms, which raised $60,000 at two fund-raisers for her re-election campaign so far this year, and her constituents, many of whom want a crackdown on the speculation that led to the financial crisis.
Other committee members, on both sides of the aisle, also have reaped donations from people and companies in the derivatives business, including Senator Saxby Chambliss of Georgia, who is the committee’s ranking Republican member; Kent Conrad, the North Dakota Democrat; and Charles E. Grassley, the Iowa Republican.
Sounds curious, all right!  Except that Lincoln, Conrad, and Grassley also sit on the Senate Finance Committee.  The Times might have mentioned that.

(Thanks to Jennifer Victor for noticing.)

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