Seems that the preferred definition of ‘bipartisanship’ in DC is the one that means ‘progressives and moderates get screwed while corporatists win’. There have been some moves to change that lately.
First, there’s this:
LEFT-RIGHT COALITION SAYS SENATE BANKING COMMITTEE MUST DELAY VOTE ON BERNANKE RENOMINATION
Letter Sent To Committee in Advance of Thursday Hearing; Group Also Behind Effort to Audit Actions of Federal Reserve at Early Stages of Financial Crisis
WASHINGTON – In a letter to members of the Senate Banking Committee today, a coalition of liberal and conservative leaders, strategists, activists and public interest advocates called for a delay of the nomination of Federal Reserve chairman Ben Bernanke to a second term.
The coalition includes Campaign for America’s Future co-director Robert Borosage, Americans for Tax Reform president Grover Norquist, Campaign for Liberty president John Tate, Center for Economic and Policy Research co-director Dean Baker and FreedomWorks president Matt Kibbe.
Borosage said it’s simply astounding that the Banking Committee plans to vote on Bernake’s nomination for another term after only a couple of hours of desultory hearings with the chairman.
Now, there’s this:
Today, Grover Norquist and I are calling for an investigation into Rahm Emanuel’s activities at Freddie Mac, and the White House’s blocking of an Inspector General who would look into it.
Rahm Emanuel was appointed to the board of Freddie Mac in February of 2000 by Bill Clinton, after serving as White House political director where he was a vocal defender of Mr. Clinton during the Monica Lewinski matter. He served there until leaving to run for Congress in 2001, which qualified him for $380,000 in stock and options and a $20,000 annual fee.
According to the Chicago Tribune, during his tenure the board was notified by executives of their plans to misstate the earnings of Freddie Mac: “On Emanuel’s watch, the board was told by executives of a plan to use accounting tricks to mislead shareholders about outsize profits the government-chartered firm was then reaping from risky investments. The goal was to push earnings onto the books in future years, ensuring that Freddie Mac would appear profitable on paper for years to come and helping maximize annual bonuses for company brass.” (3/5/2009)
The Tribune further reported that “during his brief time on the board, the company hatched a plan to enhance its political muscle. That scheme, also reviewed by the board, led to a record $3.8 million fine from the Federal Election Commission for illegally using corporate resources to host fundraisers for politicians. Emanuel was the beneficiary of one of those parties after he left the board and ran in 2002 for a seat in Congress from the North Side of Chicago.”
Keep an eye on Fire Dog Lake for further developments.