Tuesday, March 16, 2010

Stock tip of the day: SHBY

In answering criticism that he appears to favor the banking business over consumer protection, Senator Richard Shelby (R-AL) said on Tuesday’s (03/16/10) PBS NewsHour:
“I represent no banks. I own no stock in any financial institution. I am not beholden to anybody dealing with this.”

Actually it is the opposite we ought to be concerned about because banks and many other financial interests do own “Shelby stock”:
Shelby received $1,115,146 in campaign contributions (for the last six years of available data, Jan 1, 2004 - Dec 31, 2009)that included the following: banks and credit companies donated $315,147 to him, securities and investment firms delivered $489,150 to his coffers, and insurance companies invested $310,849 in him.

Source: MAPLight.org, a great resource.

It’s not just what a Congressperson owns and might make a buck from that we need to watch for but who owns the Congressperson and how they will make a buck from his or her votes. We need to keep a very close eye on this factor as any financial reform moves forward to become either a robust set of consumer protections or a weak screen for the financial overlords to hide behind.

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