GOP Doesn’t Lack Public Funding

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>>> now an astounding move that gives the op and corporate donors even more power than they already got. they’ring aing it will save $600 million over ten years, in reali reality, it will cost us billions if not trillions. that means our politicians will be even more dependent on private cash to get elected. and then as usual, they will give away billions of our taxpayer money to pay back their private donors. unfortunately, that’s how the system works. and a perfect example of that is john boehner. today, we learned that john boehner will give the keynote address to insurance lobbyists dead set on repealing health care reform. boehner got over $240,000 in total from the insurance industry last year alone. and he knows how to pay them back. his first act as speaker of the house– trying to repeal health care reform. i’m sure it was yet another funny coincidence. and don’t forget, it was john boehner who got caught literally passing out checks from the tobacco lobby to members of congress on the floor of the house back in 1995. the guy has no shame, and now they’ve rigged the rules so that more people will have tos lead. with me know is a radio host on a.m. 760 in california and the author of “hostile takeover.” david, first on boehner, let’s talk about this vote sdsh before we get to boehner, let’s talk about the vote to end public financing for presidential campaigns. why do you think that’s such a bad idea?

>> because as you eluded to, it will further encourage presidential candidates to fund their campaigns, exclusively through private donations. now, a lot of the candidates already are talking about foregoing public financing of election. but once you eliminate the possibility of presidential candidates using a public source of money, you are effectively saying that presidential campaigns should be financed by the biggest of big money institutions and corporations in our economy, institutions and corporations, of course, that have business before our government. and as you suggested, cenk, when you allow these companies to invest in candidates like that, those candidates when they take office pay back that in terms of legislative favors.

>> i want to show you the campaign committee contributions to john boehner in 2010, david, and get your reaek. insurance gave him $243,590. financial companies, $207,650. electric utilities, $168,000. when people give this kind of money to a politician, do you think they’re doing this out of the goodness of their heart or doing it for a legislative payback.

>> it’s an investment. when you put money into a stock, you expect to get a return on your investment. the thing is john boehner has become a really good investment. i like to say that john boehner is the walking epitome of corporate personhood. he’s a corporation mas kwer raiding as — masquerading as a person. when money goes into the coffers of a politician, it’s not because people think — or industries think that the politician is a nice guy or a great guy. when that kind of money goes into a politician’s coffer, it is an investment. especially remember, many of these are for-profit corporations or employees for for-profit corporations with interests before the government. they’re investing that money in order to ultimately make a profit. so again, it is an investment for a return, a return in the case of legislative favors.

>> and by the way, i want people to be clear. boehner didn’t create the system. the system created boehner, right? so if we have a system where you put in private money and financial companies, or any kind of companies, corporations, multinational corporations not even beholden to the united states of america put money sboop that system, well, of course they’re going to buy the politicians. who do you work for? david, you work for the guy who pays you, right?

>> that’s exactly right. remember, we’re talking about corporations whose executives have a fiduciary responsibility, a legal responsibility to maximize profit for their companies. when these people are bundling money, packaging money from those employees, they are trying to maximize that private profit through the public politician and the public coffers.

>> david sirota, thank you so much for joining us. clear

About William Brighenti

William Brighenti is a Certified Public Accountant, Certified QuickBooks ProAdvisor, and Certified Business Valuation Analyst. Bill began his career in public accounting in 1979. Since then he has worked at various public accounting firms throughout Connecticut. Bill received a Master of Science in Professional Accounting degree from the University of Hartford, after attending the University of Connecticut and Central Connecticut State University for his Bachelor of Arts and Master of Arts degrees. He subsequently attended Purdue University for doctoral studies in Accounting and Quantitative Methods in Business. Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals throughout the country as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission. In addition to the blog, Accounting and Taxes Simplified, Bill writes a blog, "The Barefoot Accountant", for the Accounting Web, a Sift Media publication.
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