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Wall Street Controls the U.S. Congress and Treasury Secretary
July 21, 2013 • 12:03PM

Who can doubt that Wall Street controls the Members of Congress, when Citigroup openly paid its Chief Operating Officer, current U.S. Treasury Secretary Jacob Lew, a whopping $1 million bonus when he joined the Obama Administration in 2009? Lew's contract with Citigroup made it explicit that Lew's eligibility for this special bonus was contingent on his securing a "full-time, high-level position with the U.S. government or regulatory body." Exactly such abuses called the first "Pecora Commission" into being; today, LaRouche PAC demanded a second Pecora Commission to investigate Wall Street's killer grip on U.S. government economic policy.


New Pecora Commission: Wall Street Bull won't be needing those.'

Far from being astounding to pay what Bloomberg columnist Jonathan Weil called "a bounty for burrowing deep within government," The Nation's Lee Fang reported May 4, 2013 that many of the current leadership staff of both Democratic and Republican Congressmen received six-figure bonuses and other pay incentives from corporate firms shortly before leaving Finance to take a job in Congress, and, can collect again by leaving government to return to Finance.

More than 900 ex-government officials, including 70 former Members of Congress, lobbied for the Financial Services Sector in 2009, exemplifying the revolving door from Congress to banks, investment firms, insurance companies, and real estate firms, which is bigger today. More than 940 former Federal employees are Federal lobbyists, according to Public Citizen's analysis of data provided by www.opensecrets.org. More than half of the former members who are lobbyists work for the Financial sector; these include former House Speaker Dennis Hastert, Republican Presidential nominee Bob Dole, Rep. Dick Gephardt (D-Mo). Lobbyists also include 19 former Members who served on the House Financial Services Committee or the Senate Banking Committee.

The financial sector firms employing the most revolving door lobbyists in 2009 were Visa, Inc. (37), Goldman Sachs (33), the Private Equity Council (32), Prudential Financial (30), the American Bankers Association (29), and Citigroup (29) according to www.citizen.org.


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