rssWhat Does Fidelity Want From Barney Frank?
Monday, April 20, 2009 at 4:31 pm
- 12 Comments
That’s the natural question to ask after perusing the first quarter campaign finance report that Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, filed last week.
Employees of Fidelity, the world’s largest mutual fund company, gave Frank $29,000 during the first three months of this year — that’s more than one-third of the total amount Frank received from all individuals in the first quarter ($83,765), according to the Federal Election Commission.
Fidelity is headquartered in Massachusetts, however, which makes you wonder if the company is just supporting a home-state congressman. But in the two decades before this year, Fidelity employees had given Frank just $3,750. Which brings us to the initial query: Why does Fidelity want Frank’s attention now?
Fidelity was among the companies taking a financial hit from the collapse of mortgage firms Fannie Mae and Freddie Mac. But unlike Massachusetts’ OneUnited Bank — which got a boost from Frank as it sought bailout money to make up for losses related to Fannie and Freddie holdings — Fidelity has yet to seek a direct capital infusion from the government.
So what else could Fidelity be eyeing during the current legislative session? Frank is on the verge of unveiling a broad regulatory reform bill that could shake up the landscape of agencies overseeing financial firms, including Fidelity. We may not know what’s on the company’s wish list yet, but we’ll soon find out.
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12 Comments
Comment posted April 20, 2009 @ 1:34 pm
I thought Elana Schor wrote for TPM? This is madness!
Comment posted April 20, 2009 @ 1:36 pm
I thought Elana Schor wrote for TPM? This is madness!
Comment posted April 21, 2009 @ 9:01 pm
Get clueful:
He wants every damned thing he can get from you, as quickly as possible, before you get to realize just how much of your sovreign person he's stealing from you.
And when he has what he wants, well, good luck getting it back. It'll be force of arms, ultimately.
Comment posted April 21, 2009 @ 10:47 pm
This is the way reporting should be. Way to go, Washington Independent! This way we can track the activities of these Congress-critters over the next few months and understand the reasons why they do the things they do- instead of trying to understand by tracing back the contributions after they have screwed the taxpayer over.
We will be watching, Mr. Frank, to see if any of your legislative shenanigans directly benefits the Fidelity “investors” who have come out of the blue to jump on your bandwagon.
Comment posted April 21, 2009 @ 11:14 pm
Am I the only one here who's appalled that bribing congressmen is so freaking cheap? This kind of chump change couldn't get you a building permit in Jakarta!
Comment posted April 22, 2009 @ 3:11 am
They want what all the financial institutions want from many Congresspeople BAILOUTS, taxpayer money and guess what they will get what they want from Frank! Congress loves nothing better than taking care of their “friends” !
Comment posted April 22, 2009 @ 4:55 am
I used to think Fidelity was an example of a successful capitalist business. But paying off Washington representatives for favorable treatments, exemptions, or inclusions is not capitalism. It's crony socialism.
Comment posted April 22, 2009 @ 6:04 am
Can't imagine why these crazy tea parties keep popping up !
Pingback posted April 22, 2009 @ 11:13 am
[...] a very good question to ask. Keep and eye on Frank’s regulatory reform bill to find [...]
Comment posted April 23, 2009 @ 5:04 am
Wow – employees who contribute to a congress person equals paying off Washington representatives for favorable treatments, exemptions, or inclusions. Who knew!?
Comment posted May 5, 2009 @ 12:51 pm
ahh as to why you are named chicken.
Too scared to open your mind to something else.
Would you rather have regulations in place to protect you from corporations gouging you, or having your freedom hindered because of your 25% credit card rate which wont let you go to the movies since you have to use every time to pay off your bill…
Comment posted May 5, 2009 @ 7:51 pm
ahh as to why you are named chicken.
Too scared to open your mind to something else.
Would you rather have regulations in place to protect you from corporations gouging you, or having your freedom hindered because of your 25% credit card rate which wont let you go to the movies since you have to use every time to pay off your bill…
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