An Interesting Thought About The Wall Street Bailout Bill: Do Any In Congress Have A Financial Interest?

I’m sure there are websites out there that have this information. Somewhere, there has to be records of whether or not Representatives or Senators own stock or otherwise have any kind of financial interest in the Wall Street institutions that are being bailed out under this bill.

I would be very interested in seeing those records and comparing them to the voting record of the entire Congress, particularly for those who vote “Yes.”

If any member of Congress did have any financial interest in any institution that is about to recieve Federal monies, that would be a major conflict-of-interest and said member of Congress should have recused him/herself from voting.

If there are such connections, I wonder if the entire bill can be invalidated or declared unconstitutional?

It would certainly be an interesting exercise to see who has investments in these places.


4 Responses

  1. Well, Henry Paulson, the Treasury Secretary who mastermined the $700 billion scheme, has a lot of ties to Goldman Sachs, one of the principle firms involved in this mess. Goldman Sachs has also donated money to both Obama and McCain.

    As for Congress, according to this article over $18 million was spent by top firms like AIG, Fannie Mae, Freddie Mac, Lehman Brothers, Bear Stearns, Merrill Lynch and Countrywide Financial Corp to lobby Congress, and a further $1.5 million to federal candidates through corporate political action committees.

    Corporate lobbyists account for the vast majority of decisions in Washington—including this ridiculous bailout package.

  2. Kimchi,

    Thank you for taking the time to post a comment on my blog.

    I very much appreciate the links you’ve provided. I will use them in a posting I have planned for later that will show exactly how much money each member of the House of Representatives recieved for their vote.

    What I would really like to find though is some information about what stocks (if any) these members of Congress may own in the institutions being bailed out. I really think that if there are any, a conflict-of-interest suit could be brought against them.

  3. No problem :)

    Conflict-of-interest suit? Oh, I would love to see that. Unfortunately I have no idea how to get that sort of information, but I don’t think it would be too difficult…

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