Thursday, March 10, 2005

 

Actually, there are 1,078,000 reasons why Oxley talks about Social Security in DC but not in Ohio

This is an update our earlier post suggesting why U.S. Rep. Mike Oxley is so fond of advocating - in DC - for the carving of private accounts out of Social Security. We've now had enought time to sort through all of Oxley's campaign contributions from 1997 til now and the pattern of heavy donations from the financial services community is even more obvious, to the tune of $1,078,000!

This is probably a conservative number. We did not count donations from law firms, some of whom may work for the banks, investment houses and insurance companies. We did not even count the donations from all insurance companies. The only insurance contributions we counted were those from companies that clearly market their annuity, 401k, pension and retirement financial services. Finally, we did not count the contributions from accounting firms even though it could be easily argued that they stand to benefit - albeit indirectly - from the private accounts.

Here is a roundup of the top 20 investment and financial services contributors to Oxley since 1997:

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