Some of you may wonder why I spend so much time talking about money in politics on this site.
I do it because I find that it is the best way to understand the true motives of politicians. While many of us will spend hours and hours debating ideological issues, alliances are being made in the political world based on one thing only: Money. There is no “Mr. Smith” in Washington or in your state capital. Instead, we are dealing with a bunch of Tony Montanas.
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Source: ProPublica
BlackRock is forking out $13.5 billion to buy Barclays Global Investors, forming the largest money manager in the world, reports Bloomberg News. The acquisition means BlackRock will manage $2.7 trillion in assets—more than the Federal Reserve.
BlackRock has drawn scrutiny for the scope of its reach throughout federal bailout programs; it helps manage many of the Treasury Department’s big investments, like AIG, the New York Times reported last month. In addition, Blackrock announced in March that it would participate in the government’s toxic-asset program as a private investor.
Story 2
Source: AP
WASHINGTON (AP) – President Barack Obama on Thursday tapped four big Democratic Party donors for plum ambassadorships in Europe and Latin America while naming six career diplomats to posts in Africa, the Mideast and the Pacific.
Washington lawyer Howard Gutman, who raised more than $500,000 for Obama’s campaign and personally contributed the maximum $4,600 to it, was nominated to be the next U.S. envoy to Belgium, the White House said in a statement.
Gutman also contributed $2,300 to now Secretary of State Hillary Rodham Clinton’s presidential campaign, according to the Center for Responsive Politics, a nonpartisan group that tracks money in politics.
Obama named former Virginia Lt. Gov. Donald Beyer to be ambassador to Switzerland and Luxembourg. Beyer, who made his money as a car dealer, raised more than $500,000 for Obama and also contributed $4,600 to his campaign, according to the center.
Vinai Thummalapally, a Colorado business executive and Obama friend who raised between $100,000 and $200,000 for the campaign and donated $4,500 to it, was named the next U.S. ambassador to Belize. Thummalapally’s wife, Barbara, contributed $2,800 to Obama, according to the Center for Responsive Politics.
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