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Democrat State Treasurer Bill Lockyer is really upset with Wall Street. He wants them to prove that NONE of the profits they make is used to lobby for more bonds.
"California State Treasurer Bill Lockyer says taxpayer money used to fund state and national groups that lobby for Wall Street and finance political campaigns must be returned.
Some taxpayer money may have been used to try to persuade taxpayers to voter certain ways, the Treasurer’s Office says.
In a letter to the 86 firms in the state’s underwriter pool, Mr. Lockyer advised that he wants them to give taxpayers their money back. He says he has ordered an end to the practice of using bond proceeds to cover the costs of fees underwriters pay to the advocacy groups to fund their activities."
Of course if they add lobbying costs to the expenses--that should be illegal, not merely wrong. The bottom line is that is lobbying is not expensed; the Wall Streeters will simply raise the cost of the bonds...either way we pay. But it should be done properly. What do you think?
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"California State Treasurer Bill Lockyer says taxpayer money used to fund state and national groups that lobby for Wall Street and finance political campaigns must be returned.
Some taxpayer money may have been used to try to persuade taxpayers to voter certain ways, the Treasurer’s Office says.
In a letter to the 86 firms in the state’s underwriter pool, Mr. Lockyer advised that he wants them to give taxpayers their money back. He says he has ordered an end to the practice of using bond proceeds to cover the costs of fees underwriters pay to the advocacy groups to fund their activities."
Of course if they add lobbying costs to the expenses--that should be illegal, not merely wrong. The bottom line is that is lobbying is not expensed; the Wall Streeters will simply raise the cost of the bonds...either way we pay. But it should be done properly. What do you think?
More...