Politico has an article on how Wall Street now employs 73 former members of Congress to lobby for bankers and their allies. These days, most bankers and their friends would be much less rich than they are today if they weren’t repeatedly looting the American taxpayer, so they know the value of a good lobbyist.
But the lobbyists certainly benefit as well, and legislators who retire or who are thrown out of office, can find much larger paychecks as industry lobbyists. Bob Dole is certainly much richer for having lost the 1996 presidential campaign since he’s been a highly-paid shill for the AARP and others since his half-hearted final campaign.
I once endured a speech by a high-ranking elected official who put on a big show about what a martyr he was for choosing “public service” over the private sector. Dear reader, do you think that his earning power will be magnified greatly by his 8 years in office? The mid-to-high six-figure (or perhaps even seven-figure) salary he will command as a “consultant” after he retires should provide the answer.
8:08 pm on June 4, 2010
