In wake of ruling, Wall Street CEOs form conservative ‘action tank’

By Raw Story
Saturday, February 6th, 2010 -- 8:00 pm
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supremecourtjusticesstateoftheunion In wake of ruling, Wall Street CEOs form conservative action tank

Just three weeks ago, the United States Supreme Court ended a ban on corporate spending in political elections, drawing intense criticism for the ruling's potential to erode the democratic process.

This week, a group that includes some of the wealthiest Republican CEOs on Wall Street have formed a group to take advantage of new fundraising possibilities for the GOP.

The Supreme Court ruling could potentially allow the group, called the American Action Network, to take unlimited contributions from corporations for use in political campaigns.

“This administration as well as Citizens United [the Supreme Court ruling] — when you combine the two the prospects for funding these types of efforts are greatly enhanced,” said Norm Coleman, one of the group's organizers.

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Coleman called the group an "action tank" or a "think-and-do tank."

Members of the groups include:

Kenneth Langone, a former director of the New York Stock Exchange who defended a $139.5 million bonus in 2004 and has been sued for “extortion, defamation, fraudulent misrepresentation."

Robert K. Steele, a former CEO of Goldman Sachs, helped Treasury Secretary Henry Paulson make his former bank one of the biggest beneficiaries of the $700 billion bailout.

Norm Coleman, who supported President Bush's 2005 bankruptcy bill.

Ed Gillespie, whose lobbying firm represents Enron, Citibank, Bank of America, Zurich Financial, and the U.S. Chamber of Commerce.

According to the New York Times, the group also includes:

"Republicans who are donors, board members or both include Haley Barbour, the governor of Mississippi; Jeb Bush, former governor of Florida; Mr. Barbour a former chairman of the Republican Party; Fred Malek, an investor and official in the Nixon and first Bush administrations."

During his State of the Union address, President Obama looked at the Supreme Court justices sitting before him and said, "With all due deference to the separation of powers, the Supreme Court reversed a century of law to open the floodgates for special interests — including foreign corporations — to spend without limit in our elections."

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Story comments are below...

  • brucejh
    The solution to the problem created by the SupremeCourt is simple and all of us can participate in it. Do not vote for any candidate who who either takes corporate donations or is being promoted by corporations. The Green Party does not accept corporate donations of any kind. Are there other parties who also make this same commitment? If so please post them and get the word out.
  • theghostpony
    Action Tank? Looks more like a Septic Tank from where I'm standing.
  • Rexozone
    This is the proof that our Supreme Court is solidly in the tank for Exxon and its ilk and should by law require them who voted for this craziness to be immediately impeached.

    I'd prefer a shill to Shell as a representative...but like any republican corporations don't feel or breathe.
  • Ren
    As in the 2000 election bush vs gore, the supreme court once again will cause the voters there honest right to elect a prepresentive of there choice. due to the action by the supreme court. every one knows that a corporation is not an individual and can put tons of money in an election that favors their bottom line.
  • turnip
    To me, that was the breach that could not be mended. I am past the insult, for I know the score. The war is on us, and we will pay for the financing of it as well.
  • malikk
    S.E.C. GENERAL COUNSEL ACKNOWLEDGES CMKX/CMKM $3.87 TRILLION COMPLAINT
    On 4th February, Kathleen Cody, Securities and Exchange Commission, Office of the General Counsel, Securities and Exchange Commission, wrote via Facsimile and Federal Express to Mr A. Clifton Hodges, lawyers for the CMKM/CMKX Plaintiffs, as indicated below.

    I received your January 27, 2010 letter addressed to SEC General Counsel David Becker regarding service of the above-captioned civil complaint. Please be advised that the defendants are in the process of obtaining representation. When they retain counsel, their attorney(s) will contact you regarding service of the complaint to the extent that it makes claims against the defendants in their individual capacities.

    To the extent that the complaint seeks declaratory relief against the current Chairman and Commissioners in their official capacities, I am authorized to accept service of the complaint for the official capacity claims only on behalf of the following defendants: Chairman Mary L Schapiro and Commissioners Kathleen L. Casey, Elisse Walter, Luis Aguilar, and Troy A. Paredes.

    Sincerely,

    Kathleen Cody, Esq.
    Securities and Exchange Commission
    Office of the General Counsel
    100 F Street, N.E.
    Washington, D.C. 20549-9612
    Tel: (202) 551-5126
    Fax: (202) 772-9263
  • damixaustex
    There is nothing conservative about this group. They will influence Congress to shift laws toward radical deregulation.
  • NadePaulKuciGravMcKi
    Bulls On Parade
    RAGE ~
  • Lucifer Bomwagen
    The photo-editor got it right. There has always been a conservative action bank in the U.S. It's the illegitimate travesty known as the Supreme Court.

    That filthy rabble have no rights and deserve no respect. If you say otherwise, neither do you.

    There is no legitimate authority in this country.
  • dougfath
    This is truly scary! George Orwell here we come.
  • PaPap
    Scary? Yes. Unexpected? Definitely NOT.
  • OldAtlantic
    Libs will go back to hating their "real enemy", Palin and the Tea Party. Because libs want someone from India to get an engineering degree at a US school and take their job, just like the CEO's. The CEO's will take your job and give it to someone from China if it requires a brain and someone from Mexico if it takes a back. But get back to your job of hating birthers as racists while the CEO's race replace you.
  • davewtf
    You are an ignorant fool, plain and simple.
  • Savantster
    Taking jobs from Americans and giving them to people in China is something the right-wing has done because it helps profits for the few white people at the top.

    If your abject ignorance wasn't so destructive, it would be funny. As it is, the only joke around here is you.
  • OldAtlantic
    So you support giving jobs whites have to Chinese so that the CEOs will get rich. You do it because you don't want to be racist. So you end up being racist against whites. You do the foot work of the CEOs and they get rich from your efforts to prevent whites from organizing to stop it. You are a useful idiot of the CEOs. So that you can say you are not racist. The CEOs are laughing at you.
  • shrodingerscat
    wha...huh?????
  • Savantster
    "So you support giving jobs whites have to Chinese so that the CEOs will get rich."

    Uh, moron? that's a RIGHT-WING tenant, and I'm not a right-winger. I'm also not a bigot, so I'm content to make sure we have jobs for blacks, mexicans, native americans, and all the rest right here in America before we go giving jobs to sweat shop conditions to anyone anywhere just so some rich prick can get richer.

    You really are that stupid, aren't you. It's funny how you keep voting Republican/bigot/racist to keep your pure race and those pieces of shit you elect give your jobs to the Chinese so their rich friends can get richer on YOUR misery.. I think you project when you say "useful idiot".. but, keep railing in the dark, brother!
  • enorceht
    the nwo guys have been planning this for at least the 80's years so why would they stop planning now ... i'm sure prescott bush is very proud of his family
  • JPMP
    "Action tank" for Wall St CEO's translates into "septic tank" for representative democracy.
  • holmessherlockholmes
    While it would be a long and horrifying slug-fest between the establishment and the people in terms of guerilla conflict, no one in the wealthy classes and corporate America should be naive to think it couldn't happen here in this country. Ignoring the masses continuously will be a costly mistake for such a self-centered and arrogant system that this new law could create and don't think for a moment that other countries would not side with the oppressed here for the obvious gains and opportunities such a struggle would present. This decision is abhorrent and dangerous to the peace and stability of this country.
  • motorfingaz
    This nation is sooooo yesterday!
  • greg789
    The Democrats still have a huge majority in Congress. Why don't they jam through some of the Bills Congressman Alan Grayson has proposed? The last email I got from him he had presented his 200,000 signature petition to Pelosi in an attempt to get her on board. Odd that he would have to work with ActBlue to raise funds and get petitions signed to move the Democrats to fight this corporate takeover of our political system. Oh I think I get it - unlimited corporate money will benefit incumbents regardless of party and heck if the incumbent happens to lose there will be just a ton of money to be made in the lobbying business. I suggest the left quit blaming the right wing - You have got to know by now that the left politicians are just as guilty and just as entrenched in the corruption.
  • LumberJock
    Yor condemnation lacks understanding of the rules of Congress. Reps can't, by rule, run into the Speaker's office ritualisticly with socially redeeming lege. Bills aren't delivered to the Speaker's Office.

    Your redress of Savanster was disengenuous.

    Your ID card is waiting over at BlueDog Corporate HQ.
  • greg789
    Lumberjack do you work for Pelosi?  You seem to be a professional apologist for the Democratic leadership.  The point is why wasn't Pelosi and Reid working publicly on this from the start?  Why wait for a rank and file congressman to start the ball going?  While we are at it, why hasn't the Democratic leadership got financial reform done?  Of course the answer is they profit from it.  Disingenuous my ass.
  • LumberJock
    No Greg, I work for myself. I'm not an 'apologist'. I'm a former page and have an insight into the system you lack - in spades. To wonder why the leadership hasn't taken the initiative is a reaonable question, and why the rank & file did it is not so spectacular. The answer to why they didn't start on reform from the front is simple --- In the beginning of an administration we take queues from the Party's leader ... O'Bama. It wasn't on his radar, much less above the horizon.

    Looks like you still have a disengenuous ass; so ... no more dirty cracks and keep on
    trying to ask good questions.
  • Savantster
    it's getting tiring having to point out that words have definitions.. "left" is not "democrat", period. There are right-wingers in the democratic party, which is what you're talking about.. it isn't "leftists" that want corporate money, it isn't leftists that killed single payer for the insurance companies.. it's right-wingers in the D party.

    The lie is D/R, not left/right. The right keeps vilifying "the left", but that's because the left cares about people and the right cares about themselves. There are a LOT of right-wing jackasses in the D party, which is why the two party system has failed. There is _nothing_ in reality that keeps "them" from getting into any party they want, hence you need to stop looking at party and start looking at individuals..

    Keep D/R apart from Left/Right. The two are not the same thing.
  • jon
    Lol, tired of nitpicking.
    You're totally wasting your time.
    Left and Right, do not exist.
    Dem and Rep, do not exist.
    They're on the same team.

    As if when one is in office, it's better than the other, is total BS. Anyone older than 10 should be able to see that.
  • greg789
    Savantster you are truly a little nit picker. That wouldn't be so bad but in your eagerness to correct, you often obscure your own point of view. Incidentally, I am not talking about right wingers in the Democratic party nor am I talking about Blue Dog Democrats. I wrote what I meant.
  • shrodingerscat
    nah, nitpicking would've included something about the difference between there and their.
  • Guest
    WAR in America is what this will lead to, the kind of nasty block by block fighting that came with the fall of the USSR in eastern Europe, the worst thing being that this is what the BAGGERS/BIRTHERS,MILITANT CHRISTIANS,WHITE SUPREMEISTS,MALE DOMINANCE GROUPS, ANTI-SEMITES, SECESSIONISTS etc.etc.etc., all the haters & wannabe dictators WILL BE looking to carve a piece out of America and they will be the soldiers equiped by CORPORATIONS who all ways see war as both profitable and desirable in their new quest to destroy the rule of law and replace it with the rule of men. They will only seek to provoke it after they have gained political control so as to be seen as the DEFENDERS of the GOVERNMENT and the protectors of the people. Sadly this includes my own brother, well you see all the above bad actors and he is one of them to the extreme, he even believes they faked the moon landings AND that's just one of his delusions. When the time comes I know what I will do, DO YOU? For me it is as simple as the oath I took when I served this nation. To Protect,Defend, and Up Hold the Constitution of the United States and the Rule of Law Against All Enemies Both Foreign and DOMESTIC. remember that we sometimes must water the tree of LIBERTY with the blood of tyrants and TRAITORS. Now by putting these words here I will be marked in the electronic databases as just one of the people they will seek to destroy when they have the chance to do so. REMEMBER it was RETHUGLICANS who wrote secessionist laws and made the preperations for the days they wished to bring on, who supported a president who claimed the legitamacy of his unlawful actions derived from the CONFEDERATE constitution, that claimed business contructs (CORPORATIONS) were entitled to rights as citizens over the rights of people, that have called for rebellion against the rule of law and the United States, who openly proclaim treason as a free speech right, who have substituted their choice through the supreme court for President, that declared the protections of the rule of law as un-constitutional, that corporations could compele women to sign consent to rape clauses as a condition of employment,.... the list is seemingly endless as nothing is beyond them when it comes to acts of evil.
  • LumberJock
    Some good points ... dial it back alittle; a little more detail in your explanation.
  • CarlPagan
    OMG never saw this coming ;)
  • walt
    looks and sounds like the dons of old when organized crime families would gather and figure out who got what action. the numbers racket, booze,prostitution.organized crime has never been wiped out. it is just a political party with corporations laundering the proceeds. use to the irs worked for us to wipe out this scum but i guess if you buy a supreme court ruling you can even become president and the skies the limit.
  • Cyberjazz
    Conservatives without conscience are the enemy of America. They make the Taliban
    look like Mary Poppins! This Nation could never be taken from abroad only from within!

    What's next from appointing President's (dubya) to overturning 100 yrs old case law
    to favor Property as a Person! Ironic Dred Scott vs. Sanford Property "not" a Person!

    When will the evil stupid white folks get it right?? I know when pigs fly!
  • wilburM
    Jesus Christ
  • growin
    (Clarence) Thomas said the Court's decisions should be questioned, but he is bothered by rhetoric suggesting its justices have ulterior motives, the Associated Press reports. He added that extreme criticism of the Court and other government branches can "run the risk in our society of undermining institutions that we need to preserve our liberties."
    Gee, I hope the corporate CEOs and Banksters will take that under advisement when they are tempted to spend hundreds of millions of dollars to get politicians elected and laws passed that are favorable to their bottom lines, but threaten the security of our country by dismantling our economy and destroying our natural resources.
  • Anonymous Bosch
    I find it interesting that even Justice Scalia says Justice Thomas is "crazy." Both clearly have agendas that extend far beyond stare decisis (or even original intent). It is entirely appropriate to point out that the right wing of this court is the most activist since the Warren years.

    However, to the degree that Justice Thomas was echoing the concerns of Justice O"Connor, I agree - the rhetoric of violence has gotten out of control in this society.
  • dabubba
    Looks like Jeb's got a new gig . Bet it pays well .
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