Posted: October 24, 2014
Elizabeth Warren was recently in Albuquerque to support Tom Udall in his re-election bid. Elizabeth Warren and Tom Udall always strive to project populism, always try to suggest that they are against big banks, Wall Street, big corporations and anyone else that has more money than they do – and they have plenty of their own. When they stand on the stage and hold the mic, they talk in big voices about the need not to pass favorable legislation that benefits big interests. It is hard not to want to believe their rhetoric.
The linked article below, however, reminds us that there are no hero politicians. Even Elizabeth Warren, a contender for some future Presidential race, is not free of a clouded history. Tom Udall, as we know from our research, has always been glad to help big money interests and take their money, something he learned from Bill Clinton. Only recently has he decided to move over to Elizabeth Warrens petticoats where he thinks he can ride a new wave into a few more decades in Washington D.C. until he retires and draws big paychecks as a lobbyist.
In Boston, Elizabeth Warren recently had a chance to regulate Fidelity Investments, one of the countries largest investment houses. There was a law in the works that would require Fidelity have more assets on the books to back their game. In simple terms, they needed to cut back on their leverage and keep more money in reserve and un-invested. This would help stop the problems that arose in the derivatives trading in 2008.
She had a chance to the right thing and just let it go by without a fight. Fidelity got what it wanted. She was not alone. Ed Markey also let it go without a fight. We suspect Tom Udall let it go without a fight too.
So, the moral is, that politicians are not heroes. They are closer to the sinners that the church calls everyone.
One difference between us and Tom Udall is that we accept that we are not perfect, that we are in need of improvement, that the urge to help oneself first is always greater than the urge to help someone else.
Full article here >>>.