Campaign 2010

Dec 14, 2010

Big Bank Bachus Named “Worst Person in the World” for Belief that Congress Should “Serve The Banks”

MSNBC’s Countdown with Keith Olbermann named incoming Financial Services Chairman Spencer Bachus (R-AL) as their “Worst Person in the World” for yesterday’s comments about governments being responsible to “serve the banks.” Spencer “Big Bank” Bachus has taken more than $1 million from Wall Street and was the Republican’s chief negotiator of the bank bailout (TARP).

Democrats began challenging newly-elected Republicans, especially those appointed to the House Financial Services Committee, about whether they regret allowing Bachus to become Chairman and whether they stand behind his remarks. Last week, House Republicans named the “Prince of Pork” Hal Rogers to regulate congressional spending. 

MSNBC’s Countdown with Keith Olbermann Naming Rep. Spencer Bachus as “Worst Person in the Word”

BACKGROUND

"In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks," he said.  [Birmingham News, 12/13/10] 

Bachus Has Taken More Than $1 Million from Wall Street. While in Congress, Bachus has taken over $1 million in contributions from Wall Street. Bachus has taken $410,508 from finance and credit companies and $686,116 from securities and investment companies while in Congress. [opensecrets.org, accessed 12/08/10]

Bachus Negotiated the Troubled Assets Relief Program. As the Ranking Member on House Financial Services, Bachus negotiated the TARP bailouts with Democrats “on behalf of House Republicans.” [Daily Caller, 12/08/10]

“The Democratic Congressional Campaign Committee is calling on five incoming Republican House members to say whether they agree with a controversial comment made by Republican Rep. Spencer Bachus about the role Congress has regulating banks.”  [POLITICO, 12/13/10]