Bernie Sanders and Hillary Clinton are going toe to toe for the Democrat Presidential nomination. One of Sanders’ stump speech trademarks is Clinton’s acceptance of $675,000 for speeches given to Wall Street firms. Last night she called him on it and asked what exactly did this money do to change her views on policies? Hillary asked whether Bernie had a specific charge or was he just trying to “smear” her reputation? Hmmm.
Three hundred thousand plus does seem like a lot of money for an hours work. But is it?
Access to someone like Hillary, especially if she should become President would be “priceless”. And for these large banks, $325,000 is not too much money considering what they spend on lobbying anyways. And Hillary is not a new recipient, former Secretary of States Powell and Rice both have received large honorariums. So, is Bernie pointing out a naked attempt to influence a public figure and potential President, or is he just pointing out a questionable practice?
More probable these firms were willing to spend these large sums of money because Clinton (and former senior Government officials) had both fresh insight and direct knowledge of happenings around the world, including developments in foreign capitals. Hillary also had insight into thinking within the White House and the Administration’s view of the domestic economy. For global financial firms in the business of advising clients around the world, information such as Clinton might have is critically important.
Sanders makes a point of saying he has not accepted Wall Street money and has gone further, saying he has no “Super Pac” money either. Sanders emphasizes his campaign money comes from small donations by average Americans. The implication is that he will be immune to special interest pressure. Hmmm.
From an appearance perspective, Hillary might wish she had not accepted these paid speaking engagements. Sanders appears to have hit an awakening feeling that income inequality and general dissatisfaction with the American Dream is tied to Wall Street. In the general election, Wall Street money will not be an issue since if it isn’t Wall Street, its big oil, the NRA, or maybe even the Koch brothers. The Democrat primary, however, is another question.
Wall Street money is like salt and water. Too much is lethal while not enough is deadly too. Clinton can’t deny these paid speeches and can only minimize the damage to her campaign. Regardless, should Hillary become President, Wall Street will be only one of many potential special interests trying to reach her.
With the Supreme Court’s Citizens United decision, corporations are “people” and as such have a first amendment right to donate money to politicians. The issue remains whether free speech demands a kick back for the money donated. We shall see no matter who is elected President. The Supreme Court doesn’t seem so supreme in this light, however.