Congressman Mark Kirk: A 'Pig At The Trough' Of Wall Street
Post date: August 17, 2010
CHICAGO - Earlier this month, Republican Congressman Mark Kirk was called a "pig at the trough" of the securities industry by MarketWatch, part of the Wall Street Journal news group, for taking in over $826,000 in campaign contributions this cycle alone from an industry determined to halt meaningful reform in its tracks. That amount is more than all but one Member of Congress, and the most of anyone who opposed reform.
In response, the Alexi for Illinois campaign today released a web video that helps explain why this label is so fitting. The hollowness of Kirk's rhetoric - in a 2008 speech on the House floor he sounds like a reformer - is juxtaposed against a graph showing the dramatic increase in campaign contributions he's raised from Wall Street over the past year. In a show of utter hypocrisy, Congressman Kirk eventually voted against the very reforms he once advocated.
"Just like a typical Washington politician, Congressman Mark Kirk's rhetoric is rendered meaningless by his actions," Alexi for Illinois spokesman Kathleen Strand said. "Congressman Kirk was for reform before he was against it, and the reason for his change of heart is clear: he was fattening his campaign by feeding at the trough of Wall Street. The only thing Illinois voters can trust about Congressman Kirk is that he'll put the corporate special interests first every single time."
Last month, President Obama signed bipartisan landmark Wall Street reform legislation. The bill addresses many of the root causes of the financial crisis, particularly the unregulated and opaque derivatives market. It also limits the types of risky behavior that firms can engage in; increases capital reserve requirements so that firms are better leveraged and less likely to take on risky bets; establishes a consumer protection bureau to end the deceptive practices of some mortgage lenders and credit card companies; and sets up a much-needed council of regulators to pinpoint problems in the financial system and intercede before the entire economy is threatened.
Over the course of his career, Congressman Kirk has taken in over $1.5 million from Wall Street, with more than half of that coming since he announced his run for Senate one year ago. This is by far his largest source of contributions.
