JP Morgan Chase is biggest campaign contributor to the senator who’s chairing the investigation of JP Morgan Chase

Oops. I do remember that line from the First Amendment, though:

Congress shall make no law . . . abridging the freedom of rich guys to fund campaigns . . .

OK, not really. But there’s something about it in the Fourteenth Amendment, I’m sure.

3 Responses to JP Morgan Chase is biggest campaign contributor to the senator who’s chairing the investigation of JP Morgan Chase

  1. Stephen Baird May 18, 2012 at 9:22 pm #

    This certainly is troubling, and is unfortunately very common. Even more troubling would be the Wall Street Reform and Consumer Protection Act, which was spearheaded, in part, by Chris Dodd, who was formerly the second highest recipient of contributions from the finance, insurance and real estate sector. It is disconcerting that such an important piece of legislation focusing on financial reform was influenced by a politician who had received millions of dollars in contributions from the very same industry that the bill was targeting.

  2. RobW May 19, 2012 at 1:45 am #

    Actually, this is not surprising in the least bit. To expect anything else from politicians is to woefully misunderstand the incentives they face. Hopefully this and other episodes like it (Dodd-Frank, Basil III, the Volker Rule) serve only to show the foolishness of attempting to “regulate” any industry much less one so intimately connected to the huge racket that is the modern political campaign.

    If you want to get money out of politics, get politicians out of the business of (re)distributing money!!!

    • Andrew Gelman May 19, 2012 at 7:58 am #

      Rob:

      I agree that this sort of thing is not surprising. I think it would be better if these conflicts of interest were reported directly in news reports rather than being mentioned only occasionally.

      Regarding your last sentence, I don’t know how possible this could be. The Jamie Dimons of the world aren’t going to stop wanting politicians to redistribute money to them.