Catastrophe - Dick Morris [86]
But then, suddenly, Rangel changed his mind. He not only supported but sponsored the bill to impose a 90 percent tax on the bonuses paid to AIG and other employees of banks that received TARP bailout money.
Once Rangel saw which way the wind was blowing and got his marching orders from Pelosi and company, he was suddenly transformed into a populist avenger, ravaging everything in his path.
With his change of heart, he’s become outraged, furious, blaming those who received the bonuses of “getting away with murder”314 and destroying communities. During the debate on the House floor, his rage was in full force: “Are these guys going to get away with what they have done to our communities, what they have done to our homes, what they have done to our pride, what they have done to our country and what they have done for the world?”315 Rangel asked.
But Rangel’s first reaction—to oppose the tax—reflects his long and cozy relationship with the Wall Street and mortgage crowd. He’s taken plenty of campaign money from them over the years. Here’s a look at his top donors in 2008:
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TOP DONORS TO CHARLES RANGEL IN 2008
Source: “Top Contributors Charles B. Rangel, 2007–2008,” OpenSecrets.org, www.opensecrets.org/politicians/contrib.php?cycle=2008&cid=N00000964.
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You’ll notice that six of his top ten donors—those in boldface—are from the financial and banking field. He’s a real favorite of the Wall Street guys. Could it have something to do with his writing the tax code as chairman of the House Ways and Means Committee? These folks want access. Could that be why Rangel was number one on Citigroup’s list of recipients, receiving more than any other member of Congress? Or why he was number one on Credit Suisse’s list, too? And JPMorgan Chase as well? Only one House member received more than he did from AIG. This is nothing new. Throughout Charlie Rangel’s career, the banks have been contributing to him big time. Here’s a look at the total since 1989:
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TOP DONORS TO CHARLES RANGEL SINCE 1989
Source: “Top Contributors, Charles B. Rangel,” OpenSecrets.org, www.opensecrets.org/politicians/contrib.php?cid=N00000964&cycle=Career.
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But now Rangel has no use for his old friends with deep pockets. He has even criticized those in the Obama administration who permitted the bonuses, calling them “out of touch”316 Speaking on New York 1 television, Rangel said that Obama’s economic team had blown it:
Someone screwed up—period. With all due respect to [Tim] Geithner and [Henry] Paulson, they come out of Wall Street and Goldman Sachs. They don’t know what pain is…. So getting a $6 million bonus is just natural to them. They don’t know shame, they don’t know how to apologize. They never feel the awkwardness of seeing the people who’ve lost their lives economically as a result of their greed.317
Hmmm. Could Charlie have actually forgotten that he’d gone knocking on AIG’s big door last year looking for a $10 million handout for a school to be named after him? Isn’t that kind of like a bonus? Is getting a $10 million donation to feed your ego somehow less offensive than a $10 million bonus for anything else? And what about about the $5 million donation he had gotten for his school from a foundation controlled by Maurice Greenberg, the former CEO of AIG? How is that any different than a bonus?
Or could it actually be even worse—if published reports are true, that it was tied to a quid pro quo for legislation favorable to AIG?
THE CHARLES B. RANGEL CENTER FOR PUBLIC SERVICE
What is it about Washington that makes normally sensible men act crazy when they decide they want to build a monument to themselves or to their family?
Rangel seems to have become infected with this disease—at least when it comes to his decision to raise funds to pay for a school