Bad news, IMO: Hedge Fund Billionaires Help Push Wasserman Schultz to a Primary Win
Debbie Wasserman Schulz is, in effect, a corporate shill—or even worse, a corporate plant: someone who will sit in Congress, accept money from payday-lending industry lobbyists, and attack the Consumer Financial Protection Bureau when it attempted to protect consumers from that rapacious industry. She seems to operate on one single principle: “Show me the money.” It was she who changed the rules so that lobbyists could officially be part of the Democratic Central Committee—because, in her view, you cannot have too much corporate influence on the government.
I am disappointed, to say the least, but this is truly the direction the U.S. is going, as fast it can. Bernie was our best chance—in part because he recognized that the change we need is not something any one person can do (a sentiment with which I believe President Obama would wholeheartedly agree) but requires a movement, a national group of people who connect with each other to drive a change from the ground up.
I don’t think that will happen. At least, I see few signs of it. EpiPens are a case in point: they cost less than $12 in Canada, and the new special “generic” wholesale price is $150 each (a two-pack for $300).
But it will have a wholesale list price of $300 for a pack of two, half the price of the brand-name EpiPen.
When Mylan bought EpiPens, they sold in the US for $57 each.
The Mylan CEO is the very sort of person whom Debbie Wasserman Schulz has elected to serve. That, I think, is telling.
Pam Martens and Russ Martens report in Wall Street on Parade:
Democratic primary voters in South Florida’s 23rd Congressional District ignored the Democratic National Committee scandal that has engulfed Debbie Wasserman Schultz and gave the incumbent a 56.46 percent win over her Democratic challenger, Tim Canova, who claimed 43.54 percent of the vote. Unfortunately for Canova, who had the backing of Senator Bernie Sanders and his supporters, Independents were not allowed to vote in this closed primary.
Wasserman Schultz will still have to compete against a Republican rival, Joe Kaufman, in the November 8 general election. Her District is heavily Democratic, however, and she is expected to achieve an easy win – unless new scandals arrive between now and election day.
Canova is a law professor at Nova Southeastern University. This was his first endeavor in running for public office. His strong showing in this race and his ability to raise $3.3 million from predominantly small donors around the country suggests that voters have not heard the last from Tim Canova.
Fundraising data at the Center for Responsive Politics shows that Wasserman Schultz’s main campaign committee raised a similar $3,373,950 but her Leadership PAC spent an additional $1,193,571. According to Politico, the “super PAC Patriot Majority PAC also spent $640,000 to back her.”
Unlike Canova, whose small donors constituted 75 percent of his fundraising total, only 23 percent of Wasserman Schultz’s main campaign committee donors were small.
During the primary campaign, Canova had repeatedly challenged Wasserman Schultz on her ability to fairly represent the interests of her constituents when in her role as Chair of the DNC she has allowed the Wall Street takeover of the Democratic party. Campaign records for her primary campaign committee and/or her Leadership PAC show she was receiving large checks from many of the same Wall Street billionaire hedge fund or private equity titans as Hillary Clinton’s committees and PACs: S. Donald Sussman of Paloma Partners, Paul Tudor Jones of Tudor Investments, and Haim Saban of Saban Capital to name just a few. (See related articles below.)
Hedge funds and private equity firms are desperate to hold on to . . .