According to influenceexplorer.com
, from 2011 to 2012 HSBC North Americas spent about $270,000 on campaign contributions, divided along a 51-49 split in favor of Democrats. This sample does not include the 2012 election year.
Another HSBC subsidiary, HSBC Holdings, contributed about $111,000 in the same period and included donations to Mitt Romney ($9,650), Barack Obama ($9,616) and Rick Perry ($2,500). The total breakdown for this subsidiary was 53-46 Dem (1% 'other').
GaryRissling wrote:The free market isn't free reign.
Yes it is.
Just look to the instances of corporate shenanigan we see on a daily basis in a world with
regulation. My mind spins when contemplating the possibilities of what would happen in a 'free' market.
My point about HSBC possibly influencing legislative/administrative proceedings through campaign contributions was a bit narrow on my end. I should have included money spent on lobbying as well. Again, I'm not arguing Republicans v Dems, as they're all the same.
Most Frequently Disclosed Lobbying Issues
Banking, Taxes, Trade, Copyright, Patent & Trademark
Most Frequently Disclosed Bills
Bill No. Title
H.R.1573 To facilitate implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, promote regulatory coordination, and avoid market disruption.
I was asserting that influence peddling is most rampant in activities that operate either outside the free market (public utilities) or in a closed/protected market (banking); whether that influence comes in the form of campaign contributions, lobbyist bribes, or promise of a cushy job outside politics is immaterial.
Regulatory bodies make our current system even worse as the public has little or no possibility of redress against the FDA, SEC, USDA, TSA, etc, etc.
And you do realize that by taking the position that the free market would be worse; you are going to be defending such regulatory bodies as the USDA, SEC, FDA, TSA, MMA, etc. Do you really think they operate on behalf of the the people; or do they work to protect the businesses they are supposed to regulate? I can pull disastrous instances of each one of these bodies utterly failing, and incentivized to put us at risk. Recently failing. Brazenly failing in the case of Deepwater Horizon and the financial meltdown. This isn't capitalism. Just look at the revolving door that exists between most of these agencies and the businesses they regulate.