Wednesday, July 7, 2010

Kanjorski Seeking Banking Interests Money For Election

Despite being on member of a committee that decides on banking regulation a report that appeared in the Times Leader today details the efforts of the Kanjorski campaign to seek money from those he regulates for his re-election effort.

“Now, after railing against Wall Street when the media is watching, Kanjorski goes back to his Wall Street friends with his hand out,” said Shawn Kelly, Barletta spokesman. “It’s hypocritical and it’s shameful."

Tory Mazzola, spokesman for the National Republican Congressional Committee, criticized the Nanticoke Democrat for seeking the Wall Street financial support.

“With one hand he’s writing the legislation while the other hand asks Wall Street for campaign cash,” Mazzola said. “It’s business as usual for this career politician.”

“The fact is that the ink is not even dry on this bill, and everyone in town is still getting fundraising requests from members of the conference committee and all sorts of other people who were beating up on Wall Street,” said the banking official in Politico, citing Reps. Carolyn Maloney, D-N.Y., and Kanjorski as two conference committee members who recently sought Wall Street contributions. Maloney and Kanjorski would not comment to Politico.

“It’s unseemly at best, and right now we are just not inclined to say ‘yes,’ ” the official said.

When Kanjorski faced off with O'Brien in the May primaries here's what he had to say about donations from those he regulates.

"If you look at my campaign contributions, they come from people that are on all sides of all issues. It doesn't mean a damn thing. I don't pay any attention to it. I couldn't tell you what they contribute. But they're insignificant," he said.

According to the OpenSecrets website 60% of donations to the Kanjorski campaign came from PAC's for 2009-2010 and that doesn't include the personal donations from corporate members of those PACs. Once again Kanjorski and Mitchell are misleading the public and stretching the facts to win an election.

In the same article about the Kanjorski/O'Brien contest Ed Mitchell had this to say about buying Kanjorski's vote.

"Paul Kanjorski may take campaign donations from banks and brokers PACs, but he stands up to Wall Street. He's leading the fight to break up big banks and brokerage companies," Mr. Mitchell said. "Paul Kanjorski's vote is not for sale.

Let's see how well Mitchell's statement stands with the litmus test. The blog "Accounting Principles" wrote this post about Politics and Accounting regarding campaign donations and influencing an outcome.

With the aid of $286,000 in campaign donations to the 33 members of a key House subcommittee, the Fair Value Coalition, the lobby group set up by the banks, succeeded in getting the industry rule-making body, the Financial Accounting Standards Board, or FASB, to give the banks immense latitude in suspending mark-to-market rules.

The Wall Street Journal on June 3 published an investigative report detailing the banks’ use of campaign fund monies to get their way. The Journal reported that the banking coalition spent a total of $27.6 million in the first quarter of 2009 on its lobbying effort.

It focused its drive on a House Financial Services subcommittee chaired by Rep. Paul Kanjorski, a Pennsylvania Democrat. Kanjorski received $18,500 from Fair Value Coalition members in the first quarter. Over the past two years, Kanjorski has received $704,000 in contributions from banking and insurance companies, the third-highest among members of Congress.

This summer the weather has been much hotter than last year. The same can be said about the race between Kanjorski and Barletta.

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