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Why did the Republicans take back the House of Representatives? Clarity of vision? Obama fatigue? A yearning for divided government by the electorate? No. The owners of America bought the House for them.

According to the Center on Public Integrity and NBC News:

A small network of hedge fund executives pumped at least $10 million  into Republican campaign committees and allied groups before November’s  elections, helping bankroll GOP victories that this week will change the  balance of power in Washington.

 The threat of a fair taxation system on gambling profits and actual rules to protect the public from racketeering scared Wall Street executives enough to dole out the dough for the Party of No:

Bitterly opposed to President Barack Obama’s economic and regulatory  policies — including proposals to increase taxes on some of their  profits — top Wall Street hedge fund moguls were unusually energized  during last year’s election. They held multiple fundraisers and  coordinated strategy to direct what appear to be unprecedented sums into  the coffers of GOP and allied political committees, according to  industry and GOP fundraising sources.

And being manipulators who love to game systems, the parasites found fun loopholes and timing schemes to escape attention:

Many substantial donations from the hedge fund executives escaped public  notice either because they were made late in the campaign (and  therefore weren’t reported until after the election) or were funneled  through third-party groups, obscure "joint fundraising committees" and  newly created political nonprofits that are not required to disclose  donors.

This is doubly funny given that Dodd-Frank, apart from the Consumer Financial Protection Agency, achieved nothing anyway. Too Big to Fail Banks still running, in fact stronger. Wall Street Compensation system unchanged. Bailout still guaranteed - they got everything. But of course these are the people who don't understand the definition of 'enough.'

And wow they even got a Wall Street Bankster under federal investigation to join in:

Another key industry player in directing funds to the GOP was Steven  Cohen, the multibillionaire chairman of SAC Capital Advisors in  Stamford, Conn. His firm, generally considered among the most successful  hedge funds, recently received a subpoena seeking information related  to a major Wall Street insider trading probe being conducted by the U.S.  Attorney’s Office in Manhattan.

This despite the parasites stopping their income being taxed as income (35%) instead of what they pay now under a loophole known as carried interest (15%):

Some hedge fund executives, along with others from private equity funds,  were especially exercised about a measure that passed the House this  year before stalling in the Senate.  That bill would have taxed their  profits, known as carried interest, as ordinary income rather than  capital gains. If enacted, the legislation would increase taxes on many  executives from a marginal rate of 15 percent to 35 percent.

Also, let's not forget some people actually want to fix the system after a derivative induced crisis wrecked the economy, not the hedge fund plutocrats:

The industry also is concerned about some provisions in the Dodd-Frank  financial services reform law, such as those that will require  registration and greater disclosure by hedge funds and impose tighter  rules on the trading of derivatives.

Burn baby burn!

Originally posted to FIREeconomy on Fri Jan 07, 2011 at 10:27 AM PST.

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