Political seats for sale?

I continue to be concerned that the Occupy movement might be aiming its frustrations at only half of our nation’s economic problems.

It is certainly cause for concern when Wall Street power brokers earn hundreds of millions of dollars in salaries, bonuses and stock options.

However, as we are witnessing in two current events, it is difficult to separate the politicians from the Wall Street villains.

A federal judge in Illinois has just sentenced former Illinois governor Rod Blagojavich to 14 years in prison “for the attempted sale of a U.S.

Senate seat, illegally pressuring people for campaign cash and lying to federal agents.” Blagojavich was found guilty on 17 counts of the original 24-count indictment. Ironically, it is the senate seat formerly held by now president Obama that was placed on the auction block. It is tragic that political power placed in the wrong hands seems to always seek out the reassuring support of money.

It is an additional tragedy, yet more than just a footnote in history that four of the last nine governors in the State of Illinois have been convicted of crimes they committed prior to becoming governor, crimes they committed during the time they were in office or crimes after they left office. That is not a very strong testimony of the character of the state’s political leadership. Doesn’t it make one question who isactually behind the process that selects political candidates for state offices? Can you imagine the baggage a senator would be carrying to Washington if he or she were so well connected they could raise the necessary funds to “buy” the Senate seat? Unless they were enormously wealthy, they would owe their “contributors” a lot of tax dollars. And, how could a person filling the position be accountable to the citizens of the state under these circumstances? With the failure of the voters to elect men of moral character, able to withstand the temptations provided through the elected office of governor, is the system at fault or are the choices of candidates controlled by the dark side of the process?

On another front page news story, the calling of former MFGlobal CEO Jon Corzine to testify before a congressional committee about its bankruptcy further demonstrates the ties between the worlds of politics and (very high) finance. Jon Corzine rose to prominence in the banking community as Co-CEO of Goldman Sachs.

Unlike Blagojavich who was a lawyer, Corzine was a graduate of the University of Chicago with an MBAdegree in finance. The prime mover in taking Goldman Sachs public, Corzine received an estimated $400 million payout when he was forced out by his Co-CEO (Henry Paulson). With his fortune as a campaign fund, he ran for the U.S. Senate seat from New Jersey and was elected after spending $62 million of his own money in the campaign.

This is either an indication of his overwhelming desire to be an “independent” senator or wanting the political privileges associated with the office to spend that much to get elected (He was elected as a Democrat - the same party as Blagojavich).

In 2006, Corzine was elected as governor of New Jersey, giving up his seat in the Senate where he had been identified as very liberal.

In March 2010, after losing the governor’s seat, he was hired as CEO of MFGlobal.

It has now been revealed in their bankruptcy filing that at least $1.2 billion of clients’ invested funds are missing and no one can seem to locate them.

Not only do we recycle politicians from one elected office or political position to another, but the financial leaders with a reputation on Wall Street seem to bounce from one high profile banking firm to another. And, there always seems to be some connection between investment banking firms and political leaders as illustrated by MFGlobal reportedhiring of former President Bill Clinton’s organization to improve MFGlobal’s public image. The monthly fee was reported to be $50,000. It is perhaps significant that, according to Wikipedia, Corzine had chaired a presidential commission during the Clinton presidency.

And, exactly why do politicians write laws that allow the creation of fundraising organizations such as Super PACs? These are organizations established to “support a candidate’s ideas and candidacy” but supposedly are not directly tied to the candidates themselves.

There are no limits to the contributions an individual can give to these newlycreated schemes for fund raising. The more you delve into the ties between the wealthy of our nation and the politicians the more obvious it becomes that the Occupy movement faces an enormous challenge. Will the TEA Party, the Occupy Movement and the middle class ever get together with the common purpose of cleaning the corruption out of the system? The Washington enablers need to go as badly as the wealthy Wall Street moguls.

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Editor’s note: Leo Lynch, a native of Benton County has deep roots in northwest Arkansas. He is a retired industrial engineer and former Justice of the Peace. He can be contacted at [email protected].