Friday, March 02, 2007

Op-Ed on Mitch McConnell, the Pro-Creditor Senator

I was really flattered to be approached by David Donnelly at the Public Campaign Action Fund to co-write this op-ed.
Donnelly's group is all about following the money in politics, an exhausting, disgusting, yet exhilarating pursuit. In this case:

... the bankruptcy bill is one of the most egregious examples of pay-to-play politics in recent memory. According to the Center for Responsive Politics, the credit card and commercial banking industries have given $224 million to federal candidates and political parties since 1989, contributing 62 percent percent to Republicans and 38 percent percent to Democrats. The industry greased the skids for over a decade to be able to write preferential legislation into law.

Senator McConnell managed the floor fight to pass the bill, and he has received more than $535,000 in campaign contributions from the credit card and commercial banking industries. Just a few months before the bill's passage, McConnell raked in $60,000 from executives at two financial giants, UBS and Citigroup, at a New York City fundraiser. He was served well by his chief fundraiser, former banking lobbyist Alison Crombie Kinnahan.

Senator McConnell contends the bill was necessary to stop bankruptcy fraud. Yet bankruptcy lawyers and judges call it a "monumental failure,"adding red tape without limiting fraud.

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