Financial overhaul writers have ties to industry (this is all about a Global Tax )

Financial overhaul writers have ties to industry Despite apparent conflicts of interest, none have recused themselves WASHINGTON - Anyone with a bank account or credit card has a stake in the overhaul of financial rules Congress is working on. But the industry ties of some politicians writing the law go far beyond the norm. One senator's wife is a director of a securities exchange; another senator and his wife run a multimillion-dollar title company. And a congresswoman's husband drew salaries from three industry players last year. Several lawmakers hashing out a House-Senate compromise on the legislation have millions in financial services company investments or owe big mortgage debts to banks lobbying on the legislation, according to an Associated Press review of financial disclosure reports released Wednesday.

Among several other members involved in negotiations:

Rep. Darrell Issa, R-Calif., reported that he and his wife had $5 million to $25 million invested in a Goldman Sachs high-yield fund and a similar range invested in a JPMorgan Chase & Co. high-yield fund. The Justice Department is investigating mortgage speculation at Goldman Sachs, which also faces civil fraud charges from the Securities and Exchange Commission.

Rep. Carolyn Maloney, D-N.Y., reported that she owes CitiMortgage $500,000 to $1 million for a Washington, D.C., property and Cardinal Bank up to $500,000 for the mortgage on an Arlington, Va., condominium.

Rep. Maxine Waters, D-Calif., disclosed that her husband has $350,000 to $750,000 invested in OneUnited Bank.

Small Business Committee Chairwoman Nydia Velazquez, D-N.Y., disclosed a Chase mortgage of $1 million to $5 million on a property in Brooklyn, N.Y., and a Chase home equity line of credit debt of $100,000 to $250,000.

The wife of another conference committee member, Rep. Melvin Watt, D-N.C., used to be executive director of the Minbanc Foundation, a charity that promotes minority- and women-owned bank ownership. The foundation's board during Eulada Watt's years of service included top American Bankers Association lobbyist Ed Yingling.

Watt said he would not recuse himself from negotiations on the bill because of his wife's foundation employment, which appears to have ended in 2008.

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