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[Sen. Scott] Brown cuts backroom deals he campaigned against
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Candidate
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| Contributor | Servo |
| Last Edited | Servo Jul 01, 2010 04:08pm |
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| Category | News |
| Author | Laurie Kellman |
| News Date | Wednesday, June 30, 2010 10:00:00 PM UTC0:0 |
| Description | Republican Scott Brown owes his election in part to the public furor over the so-called Cornhusker Kickback, the backroom deal that Sen. Ben Nelson of Nebraska struck for his vote to pass the health care bill. Now he is following Nelson's example, winning concessions in the financial overhaul bill on behalf of Massachusetts banks.
The "Massachusetts Miracle" who delivered Edward M. Kennedy's Senate seat to Republicans is now wheeling and dealing with both parties and hinting that he just might vote with Democrats if they agree to goodies for financial institutions in his state.
It's an instructive look this midterm election year at how quickly a candidate who campaigned against "closed-door meetings" and "backroom deals" can learn to craft them once in office.
Brown scored an exemption for home-state interests like Fidelity Investments and the Massachusetts Mutual Life Insurance Co. from some new restrictions on trading. He also persuaded congressional negotiators to let banks invest up to 3 percent of their capital in private equity funds and hedge funds, a change that would help such banks as Boston-based State Street Corp. |
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