When the Big Three's best Rep. lost a key committee spot, their share prices dropped. That's not just business as usual, it's a sign of corruption.
By Joshua Holland
AlterNet
In a functional democracy -- one where lawmakers pursue the public interest -- the stock prices of politically connected companies or industries shouldn't be impacted by the changing fortunes of politicans with whom they're cozy.
But yesterday, Rep. Henry Waxman, D-Calif., wrested control of the influential House Energy and Commerce Committee from fellow Democrat John Dingell (MI), and auto stocks tanked on the news. It's an aspect of the story that will likely get little attention -- taken, with some justification, as just so much business as usual in Washington.
Dingell, who is quite progressive in some areas, is also firmly in Big Auto's pockets, and has clashed with Waxman on a number of issues over the years -- issues like beefing up regulation of vehicle emission standards. Over the course of his career, three of Dingell's top four contributors were GM, Ford and Daimler-Chrysler; his wife, Debbie, was an industry lobbyist until their marriage in the early 1980s and continues to work for GM today. According to disclosure forms, the couple owned more than a million bucks' worth of Big Auto stocks and options as of 2006. After the last election, Dingell hired a Daimler-Chrysler lobbyist whose previous job had been keeping Congress from increasing vehicle efficiency standards to serve as the committee's chief of staff.
Waxman is one of the most liberal lawmakers on the Hill and has fought tenaciously against the Corporate Right on issues ranging from oversight of the "security contractors" that have run amok in Iraq to stronger environmental standards....(Click for remainder).
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