Pat Toomey helped to create the investment banking crash of 2007.
If you are an investment banker who went from wealthy to obscenely wealthy after the crash of 2007 you have a man crush over Senator Pat Toomey. To non-investment bankers he is a swindler.
All you need to know about Pat Toomey:
“Toomey has strongly advocated deregulation of the financial services industry: "The trend in deregulation, beginning in the early 1980s, is one of the biggest reasons for the sustained economic expansion. I would like to see us continue to deregulate on many fronts, including the financial services industry,” he stated in the spring of 1999.“Investment banker elected to US Congress for three terms beginning in 1999,”
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“Toomey has strongly advocated deregulation of the financial services industry: "The trend in deregulation, beginning in the early 1980s, is one of the biggest reasons for the sustained economic expansion. I would like to see us continue to deregulate on many fronts, including the financial services industry,” he stated in the spring of 1999.[4]
While serving on the House Banking Committee, Toomey, in 1999, helped write House Resolution 10, which led to the repeal of parts of the Depression-era Glass-Steagall Act.[4][12] The repeal of the Act, which had regulated the separation of banks and investment firms, allowed for companies that combined banking and investment operations.
Toomey was also a strong supporter of the deregulation of the derivatives market, an area in which he had professional experience, stating that he believed the market to be adequately regulated by banking supervisors and state-level regulators.[45][46]
Toomey pressed the House to pass the Commodity Futures Modernization Act of 2000 because it would "eliminate most of the cloud of legal and regulatory uncertainty that has shadowed" derivatives since their invention.[45] He stated that he hoped that the Senate would modify the bill to "allow greater flexibility in the electronic trading" of over-the-counter derivatives.[45]
Toomey was a leading sponsor of the JOBS Act, which passed the Senate in March 2012. The Act would reduce costs for businesses that go public by phasing in SEC regulations for "emerging growth companies" over a five-year period. It would also help startup companies raise capital by reducing some SEC regulations.[47]”
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“The Club for Growth was founded in 1999 by Stephen Moore, Thomas L. Rhodes, and Richard Gilder. Moore served as the first president of the Club from 1999 until December 2004, when board members voted to remove Moore as president.[5] Pennsylvania United States Senator Pat Toomey served as president from 2005 through 2009. The Club's current president is former Indiana Congressman David McIntosh.[6]
In 2010, the Club’s political arms spent about $8.6 million directly on candidates and bundled another $6 million from Club members, directing those funds to candidates.[7] In 2012, according to the Center for Responsive Politics, Club members donated at least $4 million, and the Club’s political arms spent nearly $18 million on elections.[8]
MissionEdit
Founder Stephen Moore has said, "We want to be seen as the tax cut enforcer in the [Republican] party."[9] Unlike many other political action committees, the Club for Growth's PAC regularly participates in funding candidates for primary elections.[7] The Club focuses more on open seats than on challenging sitting Republicans, but it has helped to unseat a number of incumbent Republicans.[5][10] The Club for Growth has established a vetting process for potential candidates that involves one or more interviews, research on the race and the candidate's record, and a poll conducted to establish whether the candidate has a viable chance for victory.[11] Each election cycle, the Club's PAC endorses candidates and encourages donors to support the endorsed candidates.[5] Promoting a more conservative agenda, the Club is known for targeting "establishment" Republican candidates.[7]”
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