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More than half the 83 lobbyists registered last year to work for the industries’ two trade groups, the Private Equity Council and the Managed Funds Association, have served in government — from Capitol Hill to the Treasury Department.
While the revolving door is nothing new, the roster is nonetheless impressive — it has included three former members of Congress (Republican Richard Baker and Democrats Vic Fazio and Martin Frost) and about a half-dozen top staffers with ties to members of the Senate Banking Committee, including its chairman, Chris Dodd (D-Conn.), and Sen. Chuck Schumer (D-N.Y.).
The Private Equity Council and the Managed Funds Association paid lobbyists more than $7.3 million last year and almost $2 million in the first three months of this year, according to the government watchdog Center for Responsive Politics. And so far in the financial reform bill pending in the Senate, hedge funds and private equity firms have not been subject to the crackdown many consumer groups pushed for.
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
Damages sought, in a defamation suit, by a Chicago landlord from a tenant who complained about mold via Twitter:
The British House of Lords voted to limit the right of parents to spank their children.
The Mall of America hired its first black Santa, a real estate company valued Mr. and Mrs. Claus’s North Pole home at $656,957, and it was reported that the price of the gifts from “Twelve Days of Christmas” went up by more than $200 in 2016, to $34,363.49.
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"It is an interesting and somewhat macabre parlor game to play at a large gathering of one’s acquaintances: to speculate who in a showdown would go Nazi. By now, I think I know. I have gone through the experience many times—in Germany, in Austria, and in France. I have come to know the types: the born Nazis, the Nazis whom democracy itself has created, the certain-to-be fellow-travelers. And I also know those who never, under any conceivable circumstances, would become Nazis."