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Moore's Lobbyists Fight Over $700 Billion Bailout Money

Press Release

Location: Overland Park, KS

Moore's Lobbyists Fight Over $700 Billion Bailout Money

The day after his vote for the flawed bailout, Dennis Moore took money from the Financial Services Roundtable PAC, which is now lobbying to spread the wealth around to other financial institutions on Wall Street.

Dennis Moore has been linked to a number of financial institutions who donated to his campaign hours after his vote to bail them out -- he took in over $64,000 within 48-hours of the vote. One of the groups that Moore took money from was the Financial Services Roundtable PAC. Moore accepted $1000 from this group the day after he voted for the bailout.

Now the Associated Press reports that this group is lobbying to spread the wealth around:

"The bailout is now the hottest lobbying game in town. Insurers, automakers and American subsidiaries of foreign banks all want the Treasury Department to cut them a piece of the largest government rescue in U.S. history...

The Financial Services Roundtable wrote Treasury officials on Friday requesting that the initiative to buy $250 billion in bank stock grow to cover insurers, auto companies, securities dealers and U.S. subsidiaries of foreign companies, including banks." - The Associated Press, October 25, 2008.

This whole scenario brings to mind the famous scene in Charles Dickens' "A Christmas Carol" where Ebenezer Scrooge is visited by the Ghost of Christmas Yet to Come, who shows him a future where people are fighting and stealing his belongings...selling them to the highest bidder.

The thought of lobbyists arguing and fighting over getting a piece of $700 billion in taxpayer money is reminiscent of this scene; only the money doesn't belong to a lonely miser like Scrooge, it belongs to every hardworking American taxpayer.

"Dennis Moore and a broken Congress enabled this sad situation," said Nick Jordan. "First, Moore sat on the House Financial Services Committee for ten long years and failed to heed the warning signs and red flags about our economy. Moore opted instead to standby and allow Fannie Mae and Freddie Mac to increase the number of toxic high risk loans, which served as the catalyst for the entire economic crisis.

Second, Dennis Moore voted for the flawed $700 billion bailout -- blindly throwing the money of hardworking responsible Americans at the problem Dennis helped create without a real plan for reform," conlcuded Nick Jordan

"Now, we find out why Dennis Moore has acted so irresponsibly... it's all about the money," said Jordan for Congress campaign manager, Dustin Olson.

Not only did Moore take money from the Financial Services Roundtable PAC but he also took money from a host of others who benefited from this bailout, as documented by the Topeka Capital Journal:

"Others keeping tabs on Moore's position included Wachovia Corp., among the largest financial service providers in the United States. The company was in freefall, posting a third quarter loss of $23 billion. It stood to benefit from anything Washington produced in terms of a rescue package.

Within hours of the House's initial vote on a bailout, the Wachovia "good government" political action committee cut a $2,000 check to Moore's campaign. An employee PAC associated with banking giant Wells Fargo, which is in the process of acquiring Wachovia, donated $2,500 to Moore the following day.

Moore's two-day take from interests capable of benefiting from the bailout was $64,300."

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