Is Mitt Romney Attempting to Buy The Presidency?
Barack Obama pledged to raise more than a billion dollars for his re-election bid which has stroked the public's ire in both the Tea Party and Occupy Wall Street Movement.
Many were quick to criticize (and rightfully so) Obama for the largesse and cozying up to wealthy donors while millions of Americans are struggling. Yet Mitt Romney is essentially doing the same thing. According to the Los Angeles Times:
"Seen as an early frontrunner for the Republican nod, Romney raised $4.9 million before June 30 of this year, nearly twice what Obama gathered and far surpassing any of his Republican rivals, according to an analysis of campaign data by the Center for Responsive Politics."
The LA Times noted that employees at Goldman Sachs:
"Which swung heavily for Obama in 2008, gave more than six times as much money to Romney as Obama in the donations reported so far."
Romney, who is banking on Wall Street yet trying to distance himself from them, cannot hide his ties to the financial industry and its deep pockets.
Back in February 2010, David Bernstein of the Boston Phoenix wrote "In the battle of Main Street versus Wall Street, there is no question which side Romney represents. Not only did he make a fortune buying companies, stripping them down and selling them in the stock market, his political career had been financed by the very banking and financial executives whose heads the public is demanding on pikes."
Bernstein noted that among the biggest contributors to Romney's 2008 campaign was Goldman Sachs, as well as Morgan Stanley, Citigroup, JP Morgan and Lehman Brothers.
JP Morgan Chase has its own problems with crony capitalism - a bone of contention with both movements. According to Huma Khan of ABC News' The Note:
"JP Morgan Chase could also have benefited from its chief executive Jamie Dimon's position on the board of the Federal Reserve Bank of New York, according to the GAO. The bank received emergency loans from the Federal Reserve at the same time it served as the clearinghouse for the Fed's emergency lending program.
The Federal Reserve gave JP Morgan Chase an 18-month exemption from risk-based leverage and capital requirements in 2008, the same year that the Fed gave it $29 billion to acquire Bear Stearns, according to the GAO."
This is no different now. Citing a report by the Center for Responsive Politics, BusinessInsider.com found that "Romney has collected more than $7.5 million in donations from employees in the financial sector, almost double Obama's $3.9 million total. The former Massachusetts Governor now leads Obama in contributions from the securities and investment industry and from the commercial banking sector...The figures do not include donations to political action committees or candidate SuperPacs."
Romney discovered a loophole in 2006 in which he could game the system "when he first established five state political action committees to underwrite the expenses of his federal headquarters and dole out money to local candidates in primary states who could help his presidential quest," according to the Politico.
"The Commonwealth PACs complied with state rules rather than federal law, allowing some wealthy Romney backers to donate as much as $250,000 to his operation - well above the $2,300 federal cap for individual contributions," according to the Politico at the time.
After the 2008 campaign, Romney was able to keep his campaign apparatus intact by renaming his Commonwealth PAC as well has his five state committees (located in primary states Iowa, New Hampshire, South Carolina, Michigan and Alabama) the Free and Strong America PAC. Each of the state committees are subject to local statues regarding contributions. According to the Politico "That means Romney can collect corporate checks in Alabama, unlimited donations from individual backers in Iowa and regulated donations in South Carolina and New Hampshire. The arrangement provides Romney's most loyal and generous backers with multiple opportunities to grease the gears of his political machine."
Romney is distancing himself from Wall Street and crony capitalism with a wink and a nod while at the same time attempting to buy the presidency through the redistribution of contributions from a once seemingly glorious politician-turned President. The new hope and change he is promising is sadly the same.
About the author:
New Book! Former Mormon Bishop's Daughter and Political Commentator Reveals Real Story on Mitt Romney!
Tricia Erickson, (a Christian Conservative) was the first Damage Control/Crisis Management Specialist in the country, as stated by Barbara Walters on the show "20/20". Tricia is also a political consultant and on-air contributor. She has opined on many local and national news and entertainment TV and radio shows/networks. She is also the author of the new book "Can Mitt Romney Serve Two Masters? The Mormon Church Versus The Office Of The Presidency of the United States of America."
Tricia purposely became less active on-the-air in recent years and has not necessarily sought to participate in on-air interviews. However, because of the concern in her heart that for the first time in history, a prominent Mormon could achieve the Office Of The Presidency, she feels a responsibility to educate the public, both in the US and abroad, regarding what this potential Mormon President could truly mean for America. She is an expert on the well-masked cult of Mormonism and a former Mormon Bishop's daughter who left the church in her mid 20's.
From a political stand point, she believes it is imperative to reveal the facts on Romney's political record, in opposition to what the Romney camp will shift the voters to believe in order to achieve the Presidency.
* The views of Opinion writers do not necessarily reflect the views of NewsBlaze
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