During this time--what I call my "wilderness period"--I was having lunch one day with a liberal coworker when Richard Shelby's name came up. I opined that our U.S. senator, then a Democrat, seemed like an OK guy. My lunch companion reacted as if he had been struck with a red-hot poker.
Looking back, I'm not sure I've ever personally witnessed truer words being spoken. The latest example of Shelby's reptilian qualities came yesterday when he helped lead a Republican effort to block financial reform.
How big a reptile is Shelby? The progressive issue-advocacy group Americans United for Change (AUC) reports that yesterday's GOP blockade came after Shelby had received $5.3 million in contributions from the financial industry since 1998.
JP Morgan Chase--$101,321
In 2009 alone, Shelby raked in $806,838 from the financial industry. Tom McMahon, acting executive director for AUC, puts it in stark terms:
Pretending as if the financial crisis never happened, Senator Richard Shelby today stood with Wall Street over Main Streets in Alabama that suffered the consequences of the big banks' greed and recklessness. Senator Shelby voted against ending taxpayer bailouts, against shining a bright light on the shadowy derivatives markets, and against establishing a new watchdog agency on Wall Street that will protect American consumers against Madoff-style scams.
After taking over $5 million in contributions from the financial industry over the years, it doesn't look very good that Senator Shelby is now refusing to hold Wall Street accountable for laying waste to the economy and leaving over 8 million Americans without jobs.
Shelby's ties to big finance do not stop with cash contributions. AUC reports that Shelby's former staffers tend to land cushy jobs as lobbyists for the financial industry. These former staffers include:
* Jennifer Bendall, a former political advisor to Sen. Shelby, now works for Eris Group. In 2009, she lobbied on behalf of several companies with a stake in the current financial regulation reform debate. Her clients (and firm fees) include MetLife ($180,000), Morgan Stanley ($120,000), and the U.S. Chamber of Commerce ($20,000).
* Stewart Hall, former legislative director for Sen. Shelby, lobbied in 2009 for Ogilvy Government Relations on behalf of the Carlyle Group ($50,000) and the Community Financial Services Association ($300,000), the trade association for payday lenders
* Lendell Porterfield is a former aide to Sen. Shelby and is currently a principal at Porterfield, Lowenthal, and Fettig. In 2009, Porterfield's clients (and firm fees) included the American Bankers Association ($120,000), Prudential Financial ($30,000), and the New York Bankers Association ($50,000).
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