BREAKING: Timing of Congressman “Bailout” Blunt’s Wall Street Campaign Donations Raises Questions July 27th 2010

Congressman Blunt rakes in campaign cash from Wall Street execs as he fights against reining in Wall Street abuses

One doesn’t have to look hard to see just how much Wall Street appreciates Congressman “Bailout” Blunt’s steadfast support.  In fact, new financial disclosure reports reveal that on the same day Congressman Blunt voted against the final Wall Street reform bill that took steps to end future bailouts, Wall Street paid him back with over $13,000 in campaign cash- helping him top $30,000 from Wall Street special interest executives in the month of June alone.  Blunt’s contributions that day even include a $2,400 check from Wall Street banker Larry Nath - a key player in Enron’s failure and AIG’s bailout problems. [FEC.gov; HR 4173, Vote #413, 6/30/10]

Blunt is no stranger to Wall Street’s generosity having accepted more than $1.6 million from Wall Street special interests during his time in Washington where he voted to deregulate banks, let them run wild, and then led the charge to pass the $700 billion Wall Street bailout. [Center for Responsive Politics, Accessed 5/26/10]

“There is a clear pattern here, Congressman Blunt hands out favors and taxpayer money to Wall Street banks and they turn around and pay him back in campaign donations,” said Linden Zakula, Robin Carnahan’s campaign spokesman. “After taking more than $1.6 million in Wall Street campaign cash, and pushing through the Wall Street bailout, it is clear who Congressman ‘Bailout’ Blunt is really working for.”

Larry Nath “helped engineer the controversial partnerships that eventually led to Enron’s demise” and in 2008, Nath’s failed leadership in trying to save AIG left taxpayers on the hook for an $85 billion bailout.  [The Deal, 9/26/08; Financial Times, 2/28/02]

Congressman Blunt’s Record of Bailing out Wall Street:

Congressman Blunt Voted To Deregulate Wall Street:“In 1999, Blunt voted legislation “that opens the door for a new era on Wall Street in which commercial banks, securities houses and insurers will find it easier and cheaper to enter one another’s businesses… The opponents of the measure gloomily predicted that by unshackling banks and enabling them to move more freely into new kinds of financial activities, the new law could lead to an economic crisis down the road when the marketplace is no longer growing briskly.” [Vote 570, 11/04/99; New York Times, 11/5/99]

Blunt Voted For and Negotiated $700 Billion Wall Street Bailout: In 2008 Blunt voted not once-but twice—in favor of the $700 billion financial rescue package championed by former President Bush and former Treasury Secretary Hank Paulson. [HR 1424, Vote #681, 10/3/08; HR 3997,Vote #674, 9/29/08]

*Headline - “Blunt is Man in the Middle for Bailout Talks”: On September 26, Congressional Quarterly described Blunt as “the newly designated lead negotiator for restive House Republicans in drafting a financial rescue plan.” [CQ, 9/26/08]

*Headline -“Blunt Lines Up Support for Another House Bailout Vote”: After the bailout failed to pass the House, Congressman Blunt helped convinced skeptical Republicans to switch their votes. [Gannett, 10/2/08]

Blunt Voted Against Cracking Down on Bonuses At Bailed Out Companies:In 2009, Congressman Blunt voted against a bill to bar any recipient of federal money from the $700 billion financial industry bailout from awarding “unreasonable or excessive” compensation to executives. [CQ Today, 4/1/09; HR 1664, Vote #182, 4/01/09]

Blunt Has Accepted Over $1.6 Million from Wall Street Special Interests:According to the Center for Responsive Politics, Roy Blunt has accepted $1,659,144 from securities, banks and financial interests over his career.  Blunt’s contributions include $939,809 from securities and investment interests, $581,485 from commercial banks and $137,850 from finance and credit interests. [Center for Responsive Politics, Accessed 5/26/10]