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'"Known as the "Senator from Wall Street" ' Hillary made 11 million in 14 months from Wall Street
Hillary Clinton’s Mixed Bag
By •Abby Scher
.... given her longstanding and continually renewed ties to corporate America, Clinton has a credibility gap that she needs to overcome, to win over progressives and turn out young people and the discouraged and disaffected who made the difference for Barack Obama in 2008 and 2012.
She is struggling to show she would take on the economic threat posed by big finance. She was known as the “Senator from Wall Street” when she represented New York State. Out of office, she, along with her husband, earned millions in speaker fees from banks and Wall Street companies. She charged as much as $350,000 per talk and reportedly made $11 million from January 2014 to March 2015 alone, according to Federal Election Commission disclosure forms.
Senator Elizabeth Warren, the key legislative scourge of Wall Street, still had not endorsed Hillary as she moved into critical primary races, long after all the other Democratic women senators stepped up to give Hillary their support. That sends a concerning message. Clinton laid out a strategy to take on Wall Street in a recent op-ed in The New York Times, calling for adding teeth to the Dodd-Frank banking reform law, sending Wall Street lawbreakers to jail, and curbing banks with fees on short-term trading so they are not “too big to fail.”
But she stopped short of backing Warren and John McCain’s bill to reinstate the Glass-Steagall Act to once again split retail banking from investment banking. Instead, she controversially focused on the role of “shadow banks,” like big insurance in that op-ed. Yet there is new risk in the consolidation that has swept banking since the crisis: The nation’s five biggest banks now control 45 percent of bank assets, up from 25 percent in 2000.
Clinton has received significant backing from lobbyists tied to Big Oil, raising concerns among environmentalists. She came late to her position opposing the Keystone XL pipeline. The same goes for the Trans-Pacific Partnership trade agreement, which green groups say will basically overturn environmental protections, treating them as an illegal restraint to free trade. And she oddly champions her leadership role while Secretary of State during the Copenhagen climate change meetings that are generally regarded as a complete failure.
- See more at: http://www.progressive.org/news/2016/02/188575/hillary-clinton%E2%80%99s-mixed-bag#sthash.233Z8qm6.dpuf
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