From my recent posts, I keep hyping how corrupt our Congress has become. And this seems to be independent of the flavor of who is in the majority. However, we must point out that Nanski Peloski made it a point to declare that her Congress will be the most ethical, honest and open EVAH!!
We examine whether the equity ownership in financial institutions held by members of the U.S. Congress is associated with these institutions receiving government support under the Troubled Asset Relief Program (TARP). We find that the equity ownership of members of the House of Representatives, but not the Senate, is positively associated with voting in favor of key legislative proposals to bailout the financial sector.
In a sample of 555 publicly listed financial institutions, we also find that the equity ownership of Congress members seated on the Senate Finance, the House Financial Services and the Senate Banking, Housing and Urban Affairs committees is positively associated with both the amount of bailout these institutions receive, as well as the timing of that bailout. We find that when the chairpersons and ranking members of these committees hold larger investments in a given financial institution, the amount of support committed thereto as well as their likeliness of receiving this support at an earlier time increases. ... In addition, we find a positive association between government support and the presence of a (former) politician on an institution’s board of directors.
Most ethical Congress ever?!?!!? How about the most corrupt Socialist government ever in ANY country's Congress?