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Sen. Cornyn Raising Money From Wall Street After Pledging to Block Wall Street Watchdog

Submitted by Adam Smith on Fri, 03/01/2013 - 18:44

A month after pledging to block President Barack Obama’s appointment to lead a Wall Street watchdog agency, Senator John Cornyn (R-Texas) will hold a “Financial Services Dinner” fundraiser in Washington, D.C.

Monday’s event will be at Wolfgang Puck’s The Source, according to an invitation obtained by the Sunlight Foundation. The requested contribution is $5,000 per political action committee (PAC).

The fundraiser with financial industry lobbyists comes just one month after Cornyn joined 42 of his colleagues in pledging to filibuster Rich Cordray’s appointment to lead the Consumer Financial Protection Bureau unless changes were made to weaken the agency’s ability to protect consumers from abuse by big banks and the financial sector.

On Thursday, he’ll hold a second fundraiser at the offices of Capital Tax Partners, a lobbying firm that represents financial industry clients like Capital One Financial, Citadel Investment Group, Citigroup, and Goldman Sachs.

Cornyn has received at least $828,000 from the finance, insurance, and real estate sector since 2009 (after his last re-election), according to analysis of data from the Center for Responsive Politics, and more than $5.5 million over his career. In the 2012 cycle, his leadership PAC, Alamo PAC, received nearly $600,000 in industry cash.

Earlier this week, powerhouse lobbyist Wayne Berman told The Hill, "I’m not seeking influence. I’m contributing to people who I know and respect.”

When a member of Congress spends one day helping an industry and then gets big checks from that same industry in the days and weeks following, it’s easy to see why most Americans disagree with Berman that donations are just about respect. They think Congress is for sale to the highest bidder.

(Photo via CNN)

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