I'm a hedge fund manager. A small, but safe and, even now, profitable one. The business part of me wants in on an incredible giveaway that Treasury Secretary Geithner and the Fed are now planning through the "TALF" program to bribe big hedge funds to increase lending availability. The taxpayer part of me is sickened by it.
You should be sickened by it also. In fact you may be, because they'll be giving away enough that it could pay for universal healthcare, instead.
This New York Times' article intro from last Friday should concern everybody:
The Obama administration hopes to encourage new lending by effectively subsidizing the profits of hedge funds and private equity firms that serve as bankers to the banks.
The current plan to give $700 billion away to Wall Street – the same ones who got us into this mess – is a sign we need Clean Money public financing of campaigns more than ever. Finance, insurance, and real estate firms have poured over $5 billion in contributions into politicians’ hands since 1990. They’ve already been paid back by special interest giveaways many times over, and now they’re asking for over $2,000 from every man, woman, and child in the country.
Clean Money is the Only Way to Stop this Madness From Happening Again and Again!
Urge Governor Schwarzenegger to sign AB 583, the California Fair Elections Act, to start ending special interest dominance of politics by sending him a fax right now:
AB 583, the California Fair Elections Act, is likely to have its floor vote in the California State Senate today and definitely by Sunday – two steps from the Governor’s desk! But the vote is going to be a nail-biter.
AB 583, the California Clean Money and Fair Elections Act, has a new funding source to pay for full public financing for Secretary of State campaigns – a $350 annual registration fee on lobbyists, lobbying firms, and lobbyist employers. As you might suppose, the lobbyists are up in arms at the idea of having to pay the same fee they pay in Illinois – not to mention losing access to elected officials they can’t donate to because they’re using Clean Money instead of private money - and are coming out to fight it.
Let’s not let them stop Clean Money! The Senate Appropriations Committee hearing is in room 4203 in the state capitol building on Monday morning at 10:00am, and it’s huge. We’ve got to pack the hearing room with people power to stop the lobbyists from killing it. Carpools of Clean Money supporters from all parts of the Bay Area all the way down to Orange County are driving up, but we need even more.