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The United States (U.S.) banking crisis has cost it the esteem and respect in which it was once held. After defeating Hitler in World War II and being credited for the demise of Soviet control over East Germany with scenes of the Berlin wall being dismantled, it was seen to be a model for the rest of the world.
Now the U.S. is being regarded with a jaundiced eye as information about the "behind the scenes" activities of members of Congress in taking huge financial contributions from the very corporations, such as Fannie Mac/Mae, that were on committees that were supposed to oversee their activities.
According to the AP (9/19/2008), the list of those who took the money include:
- House Minority Whip Roy Blunt, R-Mo. $78,500.
- Sen. Robert Bennett, R-Utah, Senate Banking, Housing and Urban Affairs, $71,499.
- Rep. Spencer Bachus, R-AL, House Financial Services Committe, $70,500.
- Senate Majority Leader Harry Reid, D-NV, $60,500.
- House Minority Leader John Boenher, R-Ohio, $60,500.
- Sen. Christopher Dodd, D-Conn., Chairman of Senate Banking Committee, Housing and Urban Affairs Committee, $48,500.
- House Speaker Nancy Pelosi, D-Calif., $47,000.
- Rep. Barney Frank, D-Mass., Chairman House Financial Services Committee, $30,500.
According to the Center for Responsible Politics, using records from the Federal Election Commission, the Fannie Mac/Mae PAC total contributions to the 2008 congressional races during the election cycle were:
- House: Democrats, $275,950, Republicans $257,850.
- Senate: Democrats, $82,500, Republicans $83,500.
It also spent $7.4 million in lobbying efforts that year.
The biggest fraud investigation ever undertaken in the U.S. by the Federal Bureau of Investigation (FBI) is looking at 26 large financial corporations, 1,400 smaller companies and others for possible violations.
As a result of the banking crisis, the U.S. reputation has been shaken around the world. After the supportive and sympathitic response to the Twin Tower attack by terrorists on 9/11, some world leaders now think that the U.S. has squandered its right to lead.
Comments
And it is people like Frank and Reid who are telling us they will fix it and make it all better.
They should ALL be shot!
Happy Indep: Keep your eye on the Frank ethics investigation, if it ever happens!
Members of congress have been bought and sold so often it is just ridiculous. Excellent piece.
Charlotte: Corruption in the United States at all levels government is a serious problem for its citizens. There has always been corruption in our political bodies and from we have learned from the "bailout", it continues at an even faster pace today. Thanks for your post. I hope to continue to write about this serious problem so I hope you will keep accessing my articles at examiner.com
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