John McCain calls Supreme Court ‘uniformed, arrogant, naive’ for Citizens United: Says he’s “worried” that billionaire Sheldon Adelson, who reportedly may contribute up to $100 million in support of GOP hopeful Mitt Romney, much of it from foreign sources, could have an undue influence on elections…
Former Republican presidential nominee John McCain says he’s “worried” that billionaire Sheldon Adelson, who reportedly may contribute up to $100 million in support of GOP hopeful Mitt Romney, and others could have an undue influence on elections as a result of the Supreme Court’s Citizens United decision.
“I’m not only worried about him, I’m worried about may others,” McCain told NBC’s David Gregory on Sunday. “I’ve always been concerned about the labor unions who take money from their union members and without their permission, contribute to causes that they may not support. So am I concerned about the incredible amount of money that’s washing around? Yeah.”
“Sheldon Adelson makes money from a foreign casino as well,” Gregory noted. “You said this week it’s tantamount to foreign money getting into the [Romney] campaign.”
“I think there will scandals as associated with the worse decision of the United States Supreme Court in the 21st century,” McCain explained. “Uninformed, arrogant, naive. I just wish one of [the justices] had run for county sheriff. That’s why we miss people like [former Chief Justice] William Rehnquist and [former Justice] Sandra Day O’Connor, who had some experience with congressional and other races.”
“Do you think Adelson himself will have undo influence on Mitt Romney?” Gregory pressed.
“Not any more than other people who give lots of money,” McCain replied. “The whole system is broken and it’s a wash. I don’t pick out Mr. Adelson and more than I pick out [AFL-CIO President Richard] Trumka.”
“So the fact is that the system is broken. I predict to you that there will be scandals and I predict to you that there will be reform again.”
In a Friday interview on PBS, McCain had said that Adelson’s contributions to Romney’s presidential ambitions amounted to “foreign money” influencing a U.S. political campaign.
I don’t agree with McCain on unions (or a lot of other subjects) but he’s spot on here.
Obama campaigned on getting money out of politics, which is really where we need to start if we care to fix anything else. That’s how corrupted our system has become.
Unfortunately, Obama hasn’t done a thing yet… but should he team up with John McCain, his former opponent, he could finally start a conversation about something the entire country agrees is fundamentally damaging to our political system. Until we get money out of politics, everything else is a band-aid until then.
If Greece goes down, investors start fleeing Ireland, Spain, Italy, and Portugal as well. All of this sends big French and German banks reeling. If one of these banks collapses, or show signs of major strain, Wall Street is in big trouble. Possibly even bigger trouble than it was in after Lehman Brothers went down.
That’s why shares of the biggest U.S. banks have been falling for the past month. Morgan Stanley closed Monday at its lowest since December 2008 – and the cost of insuring Morgan’s debt has jumped to levels not seen since November 2008.
It’s rumored that Morgan could lose as much as $30 billion if some French and German banks fail. […] $30 billion is roughly $2 billion more than the assets Morgan owns (in terms of current market capitalization.)
But Morgan says its exposure to French banks is zero. Why the discrepancy? Morgan has probably taken out insurance against its loans to European banks, as well as collateral from them. So Morgan feels as if it’s not exposed. But does anyone remember something spelled AIG? That was the giant insurance firm that went bust when Wall Street began going under. Wall Street thought it had insured its bets with AIG. Turned out, AIG couldn’t pay up.
Haven’t we been here before?
Republicans and Wall Street executives who continue to yell about Dodd-Frank overkill are dead wrong. The fact no one seems to know Morgan’s exposure to European banks or derivatives – or that of most other giant Wall Street banks – shows Dodd-Frank didn’t go nearly far enough.
Regulators still don’t know what’s happening on the Street. They have no clear picture of the derivatives exposure of giant U.S. financial institutions. […]
One of the many ironies here is some badly-indebted European nations (Ireland is the best example) went deeply into debt in the first place bailing out their banks from the crisis that began on Wall Street.
In other words, Greece isn’t the real problem. Nor is Ireland, Italy, Portugal, or Spain. The real problem is the financial system — centered on Wall Street. And we still haven’t solved it.
It’s always the money…