Monday, November 2, 2009

Jamie Diamond Goes to Washington

In the first six months of the Obama Presidency, JP Morgan CEO Jamie Diamond visited the White House six times. How might money play into White House access?

JP Morgan contributed nearly $5 million to candidates in the 2008 election cycle. Nearly $3 million went to Democratic candidates.

Thus far in 2009 JP Morgan spent $4.3 million
on lobbying. That doesn't include £2million paid to Tony Blair for "part-time lobbying."
Here are some of JP Morgan's issues:

1. Discuss the issue of cross border market access with trade representatives

2. Promote legislation that would create a physical presence standard under which a state may tax the income of business

3. Extend the active finance exception to Subpart F of the IRC, which requires current taxation of income earned overseas

4. Discuss various proposals for immigration reform with members of Congress

5. Discuss the USDA rural housing program

6. Discuss the value of preserving health savings accounts in health reform legislation and the savings to be achieved by simplifying the payment system

7. Discuss short selling practices with members of Congress and agency officials

8. Discuss the value of derivatives with members of Congress

9. Discuss with members of Congress various aspects of a proposed "cap & trade" regime and the creation of a federally chartered financial institution to encourage renewable energy and energy efficiency

10. Discuss the use of electronic benefits transfer in the WIC program

What is JP Morgan not involved in? How many topics did he broach with White House officials?

The list is worthy of America's Government-Industrial Monstrosity, Eisenhower's MIC on steroids. Big ka-ching is washing around between the moneyed gentry. Detailing that would be "vigorous disclosure."