Sixth District Congressman Garland H. Barr IV raised $361,000 for his campaign in the 1st Quarter of 2014. Barr raised more money in the past month from the financial industry he oversees than he was able to raise over the entire quarter from Lexington, KY — the largest city in his district.
Andy Barr sits on the House Financial Services Committee, the Financial Institutions and Consumer Credit Subcommittee and the Financial Services Oversight and Investigations Subcommittee. Since going to Washington, the financial services industry has showered Andy Barr with cash. [link]
Cash from Too Big To Fail Banks. Cash from bailed out institutions, hedge fund profiteers, mortgage pirateers, payday lenders and… other captains of industry and masterminds of economic destruction.
Last month, we posted about a Wall Street fundraiser for the Barr Campaign in Lower Manhattan [link, link]. The fundraiser was to be hosted by Cadwalader, Wickersham & Taft — a firm with deep ties to America’s Too Big To Fail financial system, and a firm that’s taken a special interest in the Dodd Frank Wall Street reform law, the Volcker Rule and something called Collateralized Loan Obligations — a way of bundling debt that’s not dissimilar to the Collateralized Debt Obligations that collapsed the American economy.
Through mid-to-late February and into early March, Congressman Andy Barr was hard at work pushing legislation to protect Wall Street from regulation and their penchant for the largely unregulated C.L.O. market — 70% of which is controlled by the Too Big To Fail Banks that Cadwalader often represents.
In thanks for Barr’s hard work, Cadwalader planned to fete Congressman Andy at their headquarters:
That fundraiser, as you see on the invite, was scheduled for March 24th, 2014. On March 22nd, we posted Cadwalader’s invite, the fundraiser details and the background relationship of Cadwalader to Barr.
With the Barr Campaign’s 1Q financials now available, the question is now: How’d Garland Barr do? At first glance, not so great.
Andy Barr flew all the way to NYC, stayed in the Doubletree… and all he got was five grand? That doesn’t seem a very profitable venture. Perhaps the publicity of Cadwalader’s fundraiser for Barr depressed the turnout. Maybe some of the Cadwalader team had second thoughts about pouring money into the Barr campaign so soon after Barr’s push to undo parts of the Dodd Frank Wall Street Reform Act. Perhaps they were worried about an appearance of quid pro quo campaign giving.
Or… perhaps that five grand is only part of the story.
Combing through the rest of the disclosure, other details of the trip begin to emerge.
There’s a Peter J. Williams of Connecticut who gave $250 on March 24th. His occupation is listed by the FEC as “Information Requested” but there is a Peter J. Williams at Cadwalader Wickersham & Taft.
And then… well, what about other monied interests in the tri-state area around the time of his visit?
Pfizer PAC wrote a big check just days after Barr’s visit. It’s not Barr’s only check from Big PhRMA, but it did come within his NYC window. LSTA, Oakcliff Capital, Berkley Capital, Citi and CVC Credit Partners all have an interest in seeing Barr returned to DC to continue to ‘oversee’ their industry. CIT Group is a leading commercial lender and Morgan Stanley, of course, is Morgan Stanley — their check came in earlier in the month, closer to when Barr was overseeing his latest efforts to re-de-regulate the financial system.
Taking a still wider look at Barr’s 1Q reporting, we find a host of financial interests giving heavily to the Barr campaign — almost half of them in the window around Barr’s Wall Street campaign fundraiser:
The Barr campaign filing does mark a bit of a change for Andy, a sort of financial mainstreaming of his campaign cash. Last summer Barr joined five other Congressmen — all of them on the Financial Services Committee, and all but one of them on the Oversight and Investigations Subcommittee — in a Joint Committee that raised nearly $45,000 for the Barr Campaign from a handful of Texas-based payday lenders, hedge funders and the like. [link]
Barr’s 2014 1Q report shows that Texas payday lending spigot hasn’t yet dried up. Cash America International PAC from Fort Worth, TX gave Barr $2,500 on February 13th.
In all — the Barr Campaign brought in at least $62,450 from his Wall Street fundraiser and the financial services industry. All but the $2,500 from Cash America came within the last month. And that total doesn’t include individual donors outside the NYC area — just the Cadwalader folks, their associates, and the financial PACs.
Andy Barr’s Wall Street haul over just the past month is considerably more than Barr was able to raise (just $51,000) over the entire quarter in Lexington, KY — his hometown and the largest city in Kentucky’s 6th District.
With more money flowing from the folks Andy Barr oversees than the ones Andy Barr represents, one has to wonder: Who’s being represented, and who’s being overlooked?