Washington Babylon — March 21, 2008, 9:59 am

I Thought the Banks Were Broke?

Plenty still on hand to buy lawmakers

The American financial industry seems to be teetering on the brink of collapse. The feds have stepped in to save Bear Stearns. Other big firms are hemorrhaging money and racking up huge losses. The stock market is swinging like a yo-yo. And the United States, long dependent on Middle Eastern countries for oil, is now dependent on them for capital as well.

So it’s heartening to see that even during such troubled times, banks and finance institutions have scraped together the money to throw a fundraiser next month for Senator Pat Roberts of Kansas of the Finance Committee. Invitations to the event, to be held at Washington’s fashionable Bistro Bis restaurant on April 15, have just gone out. A quartet of four lobbyists is sponsoring the affair: Steve Patterson of J.P. Morgan; Ed Hill of Bank of America; Heather Wingate of Citigroup; and Scott Talbot of the Financial Services Roundtable. Of course, there are the very same institutions whose funny accounting and lending practices paved the way for the crisis now unfolding, having been abetted all along the way by the Bush Administration and Congress.

Roberts’s political career has been generously underwritten by banks and financial firms. They have given him $392,000 and $231,000, respectively, according to figures from the Center for Responsive Politics. Senator Roberts has been a good friend to his sponsors. So expect them to show their appreciation, and generously, by turning up at Bistro Bis with plenty more money.

Share
Single Page

More from Ken Silverstein:

From the November 2013 issue

Dirty South

The foul legacy of Louisiana oil

Perspective October 23, 2013, 8:00 am

On Brining and Dining

How pro-oil Louisiana politicians have shaped American environmental policy

Postcard October 16, 2013, 8:00 am

The Most Cajun Place on Earth

A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits 

Get access to 164 years of
Harper’s for only $39.99

United States Canada

CATEGORIES

THE CURRENT ISSUE

October 2014

Cassandra Among the
Creeps

= Subscribers only.
Sign in here.
Subscribe here.

“Today Is Better Than Tomorrow”

= Subscribers only.
Sign in here.
Subscribe here.

PBS Self-Destructs

= Subscribers only.
Sign in here.
Subscribe here.

The Monkey Did It

= Subscribers only.
Sign in here.
Subscribe here.

view Table Content

FEATURED ON HARPERS.ORG

Post
 
Rebecca Solnit on silencing women, a Marine commander returns to Iraq, the decline of PBS, and more
Article
Cassandra Among the Creeps·

= Subscribers only.
Sign in here.
Subscribe here.

On silencing women
“The old framework of feminine mendacity and murky-mindedness is still routinely trotted out, and we should learn to recognize it for what it is.”
Photograph © Sallie Dean Shatz
Post
Ending College Sexual Assault·

= Subscribers only.
Sign in here.
Subscribe here.

“This is not a fable about a young woman whose dreams were dashed by a sexual predator. Maya’s narrative is one of institutional failure at a school desperately trying to adapt.”
Photograph © AP/Josh Reynolds
Post
 
"Clothes are a bit like eating: you have to dress yourself. You have to eat, and even if you eat pizza all day long, that’s still a choice."
Photograph © G Powell
Article
“Today Is Better Than Tomorrow”·

= Subscribers only.
Sign in here.
Subscribe here.

“Iraq has every disease there is; its mind is deranged with too many voices, its organs corrupted, its limbs only long enough to tear at its own body.”
Photograph by Benjamin Busch

Abortions per 1,000 live births in New York City:

852

Researchers discovered an “Obama effect”: African Americans’ performance on a verbal test improved, to equal that of white Americans, immediately after Obama’s nomination and his election.

“All I saw,” said a 12-year-old neighbor of visits to the man’s house, “was just cats in little diapers.”

Subscribe to the Weekly Review newsletter. Don’t worry, we won’t sell your email address!

HARPER’S FINEST

In Praise of Idleness

By

I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.

Subscribe Today