2012 Elections
Top Obama campaign aide lobbied for bank bailout
Senior campaign advisor Broderick Johnson was paid over $1 million to lobby for Wall St. over the past five years
Barack Obama and Broderick Johnson(Credit: AP) The Obama campaign is keeping mum on the role senior advisor Broderick Johnson played in lobbying for the 2008 Wall Street bailout when he worked as a hired gun for the country’s largest financial services companies.
Johnson’s past work as a lobbyist was noted in the press when he was appointed a top Obama surrogate in late October, but not the details of his extensive and lucrative work for the financial services industry. Johnson’s hiring despite his recent work for Wall Street strikes a dissonant note in view of the Obama camp’s reported strategy of “channeling anti-Wall Street anger” as a way to take on the Republicans.
Records show that in 2008, as an employee at Washington law firm Bryan Cave, Johnson lobbied for the $700 billion TARP bailout on behalf of the Financial Services Forum, which is composed of the CEOs of the 20 biggest financial institutions doing business in the United States. Forum members include big names like Goldman Sachs, UBS, AIG, Bank of America and Deutsche Bank.
From 2007 through the first quarter of 2011, Johnson and a handful of other Bryan Cave lobbyists were paid $450,000 by the Financial Services Forum, records show. Johnson and a small number of colleagues brought in a total of $1.3 million to Bryan Cave from the financial services industry over the past five years. That includes work he did for Fannie Mae, Bank of America, J.P. Morgan Chase, the Electronic Payments Coalition and the investment firm J.C. Flowers.
Asked for details about Johnson’s work on the bailout, an Obama campaign spokesperson responded only that “Broderick is no longer a lobbyist — he deregistered in April — and he will not discuss any matters related to his clients with the campaign or administration.”
Because of the campaign’s reticence, we don’t know many of the details of Johnson’s work for the Financial Services Forum beyond the fact that at the height of the fall 2008 crisis, he lobbied on the Emergency Economic Stabilization Act, which created the $700 billion TARP program. After the House narrowly defeated the first version of the bill in late September 2008, Financial Services Forum executive Rob Nichols sounded the alarm.
“Just as the cardiovascular system is the essential, life-sustaining system of the body, the financial system is the essential basis upon which the growth and vitality of all other sectors of the economy depend,” Nichols said. “We believe this legislation is critically important and should be enacted into law at the earliest possible time in order restore market stability and increase credit availability for Americans.”
Resentment over the bailouts lingers across the political spectrum, from the Tea Party to the Occupy movement. Supporters of the program point to the fact that much of the money has been paid back with interest; critics argue that it failed Main Street and that, in the words of Elizabeth Warren, the money given to banks had “no strings attached, no accountability, no transparency.” The Obama campaign declined to comment when asked whether the hiring of a former bailout lobbyist undercuts Obama’s critical message on Wall Street.
Johnson is known as an extremely well-connected Democratic operative. The husband of NPR’s Michele Norris, he has been through the revolving door a few times, working variously as a Capitol Hill staffer, lobbyist and Clinton administration official. Mary Beth Cahill, campaign manager for John Kerry’s 2004 presidential bid, told the Hill in 2008 that in his work for that campaign Johnson possessed a “smooth and adept way of managing crises” and “knew everybody.”
In February 2009, just as the new administration was getting underway and with Johnson fresh off his stint as an informal advisor to the Obama campaign, he touted his connections with the White House in an interview with Roll Call. “We are seeing growth across the board,” he said. “Health care, energy and financial services are key issues in 2009 where we have both expertise and strong relationships on the Hill and in the new administration.”
Johnson has lobbied for a lengthy roster of large corporate clients. His work for TransCanada, the company that wants to build the controversial Keystone XL pipeline, has already been explored in the media. In the past five years, he has also worked for Shell; Verizon; Anheuser Busch; Microsoft; Comcast; the Biotechnology Industry Organization; the trade group for the cable TV industry; private prison giant the GEO Group; and the Talx Corp., which specializes in helping employers fight unemployment claims and which has been criticized for shoddy and unfair practices.
Justin Elliott is a reporter for ProPublica. You can follow him on Twitter @ElliottJustin More Justin Elliott.
Romney releases birth certificate
Trump goes on another birther rant, and Mitt misspells "America." Wednesday's top political stories
FILE - In this Feb. 2, 2012, file photo, Donald Trump greets Republican presidential candidate and former Massachusetts Gov. Mitt Romney during a news conference in Las Vegas. Romney is set to clinch the Republican nomination for president on Tuesday with a win in the Texas primary, a feat of endurance for a candidate who came up short four years ago and watched this year as voters flirted with a carousel of front-runners before eventually warming to him. (AP Photo/Julie Jacobson, File) (Credit: AP) - Mitt Romney may just win this thing: Surprising no one, the candidate officially captured the last of the 1,144 delegates he needs to secure the GOP nomination last night in Texas, despite months of punditry about the possibility that the race could go all the way to the GOP convention.
But maybe Romney shouldn’t even bother. As Reuters reports, astrologists foresee that Obama will be reelected. Still, it may not be easy: “The ingress of Saturn into Scorpio may trouble him,” one said. “It won’t cost him the election, but it may indicate difficulties in the first half of his second term.”
Continue Reading CloseAlex Seitz-Wald is Salon's political reporter. Email him at aseitz-wald@salon.com, and follow him on Twitter @aseitzwald. More Alex Seitz-Wald.
Florida purging voter rolls
Governor Rick Scott moves forward with a plan to disqualify thousands of mostly Hispanic and Democratic voters
Rick Scott (Credit: Reuters/Brendan McDermid) Hated Florida Governor Rick Scott has a great idea: A big, massive purge of the state’s voter roll right before a sure-to-be-close presidential election. The governor ordered his secretary of state to compile a list of registered voters who might not be citizens, based on an unreliable and out-of-date state motor vehicle administration database. The secretary of state made a list and then realized the list was not actually very useful or accurate. Then he resigned, and now Scott is just purging away.
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Alex Pareene writes about politics for Salon and is the author of "The Rude Guide to Mitt." Email him at apareene@salon.com and follow him on Twitter @pareene More Alex Pareene.
Mitt Romney: Politics “like a sport”
What makes Mitt tick? The nominee says he likes politics because "I can't compete in competitive sports very well"
Republican presidential candidate and former Massachusetts Governor Mitt Romney gestures as he leaves a campaign event in Hillsborough, New Hampshire May 18, 2012. (Credit: Reuters/Jessica Rinaldi) Mitt Romney may have unintentionally opened a window onto his somewhat obscured motivations for running for president in an interview with the Wall Street Journal’s Peggy Noonan today, explaining that he likes sports, but isn’t very good at them, so he does politics instead.
Asked about whether he likes “the game” of politics, the presumed GOP nominee replied, “I like competition, and I think the game [of politics] is like a sport for old guys. I mean, you know, I can’t compete in competitive sports very well, but I can compete in politics, and there’s the — what was the old ABC ‘Wide World of Sports’ slogan? ‘The thrill of victory and the agony of defeat.’ The only difference is victory is still a thrill, but I don’t feel agony in loss.”
Continue Reading CloseAlex Seitz-Wald is Salon's political reporter. Email him at aseitz-wald@salon.com, and follow him on Twitter @aseitzwald. More Alex Seitz-Wald.
Trump insinuates self into Romney campaign
How a toxic attention-seeker (not Newt) will likely end up speaking at the RNC
Businessman and real estate developer Donald Trump (L) greets Mitt Romney after endorsing his candidacy for president at the Trump Hotel in Las Vegas, Nevada February 2, 2012. (Credit: Reuters/Steve Marcus) So. Donald Trump again? Are we really doing this again? I guess we are!
There were stories, recently, in the usual places, about how Trump was being seriously considered for a major speech at the Republican Convention. I did not dwell on the story much, because I assumed that these rumors were a product of Donald Trump’s prodigious vanity and powerful imagination. Ha ha ha, sure, the Republicans will definitely want the stupid make-believe TV mogul who pretends to fire people for a living, at their big party.
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Alex Pareene writes about politics for Salon and is the author of "The Rude Guide to Mitt." Email him at apareene@salon.com and follow him on Twitter @pareene More Alex Pareene.
“Battlefield Earth”: Romney vs. the Psychlos
The GOP's standard bearer calls L. Ron Hubbard's bizarro sci-fi epic his favorite novel. Is that cause for concern?
Republican presidential candidate and former Massachusetts Governor Mitt Romney reads a book to children in Manchester(Credit: Brian Snyder / Reuters) There’s a scene near the end of “Battlefield Earth,” Scientology founder L. Ron Hubbard’s 1982 science fiction epic, that may explain a bit of why Mitt Romney has said (most recently this week) that it’s his favorite novel.
Our hero, Jonnie Goodboy Tyler, has just finished taking down the Psychlo empire, which has ruled Earth for the past millennium and has dominated most of the known 16 universes for going on 300,000 years. Now Jonnie has to negotiate with the alien powers who are jockeying to fill the power vacuum left behind, and things aren’t looking so good for the human race.
Continue Reading CloseDaniel Oppenheimer's book "Turncoats: The Journey from Left to Right and How It’s Transformed America," a political and intellectual history of six prominent American intellectuals who journeyed from the left to the right of the political spectrum, will be published by Simon and Schuster More Daniel Oppenheimer.
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