Big Business: Undo the Damage of 'Citizens United'

[xchrom]

http://www.thenation.com/blog/163685/big-business-undo-damage-citizens-united

Massive amounts of money will be spent to influence upcoming federal elections, and if recent history is any guide, at least half of it will be totally secret. We won’t know who donated the money, nor for what exact purpose. In 2010, political committees and organizations spent $298 million—four times what was spent in the 2006 midterms—and about 50 percent was undisclosed.

A report released Monday says this raging river of secret cash has the potential to create massive scandal and distort the democratic process, and it calls for complete transparency of political donations and public financing options for federal campaigns. That’s not a particularly remarkable conclusion, but what’s notable is who issued the report.

“Hidden Money: The Need for Transparency in Political Finance” was signed by thirty-two business leaders and university professors—including representatives from Citigroup, Prudential Financial and others. Executives from the pharmaceutical companies Pfizer and Merck helped promote the findings at a public event this week.

[drm604]

1. But are they practicing what they preach?

That's the question.

[rfranklin]

2. No...that is the answer...

Especially these big pharma guys.

This has the aroma of a PR operation to cover their rear ends.

[Uncle Joe]

9. Some of them may be afraid to do so, sort of like riding on the back of a Tiger, they know

sooner or later the the Tiger is going to eat their ass but getting off might speed up the process.

[OneGrassRoot]

3. K&R n/t

[DocMac]

4. They now realize that even they

do not have as much money as do some foriegn countries to buy the politicians.

Imagine how much China would give to make sure tariffs remain low or none at all?

Hell, China could offer them debt reductions. The price of poker has gone up.

[Cassandra]

5. Exactly.

They're worrying about being outbid.

[elleng]

6. Good. Nothing like competition.

[musiclawyer]

7. I've been saying this since day one of CU

There are ALWAYS unintended consequences. Look at Stephen Colbert. Micro little fly buzzing around the GOP camp. Now imagine India/China/Russia, together or alone, exceeding Stephen Colbert's PAC x 10,000. Anonymously of course, through agents and third party PACs. They might decide uuum no, we can't afford a third world USA with a nut on the nukes. So they will donate to Obama or his successor............ Whole bunch of folks here back then said " oh no, nations can't /won't get involved." Are you freakin kidding me!

[DocMac]

8. Exactly.

They say that 50% of the donations are secret...I say it is much higher.

Having said that, the corporations don't even know who they are bidding against.

We wouldn't have these corporations saying these things if only the politicians would be clear and precise on their pledges...in writing of course.