Posted on 07/08/2002 3:56:16 PM PDT by Sungirl
+ Congress and the Accounting Wars During the boom years of the 1990s, the accounting industry flexed its lobbying muscle on Capitol Hill as never before. Here's a look at the three major political battles of the decade's accounting wars: the fight over stock options, the fight over tort reform, and the all-out war over the attempt to separate auditing and consulting. The Accounting Industry and Campaign Money According to the Center for Responsive Politics, the accounting industry gave more than $50 million dollars in federal campaign contributions during the 1990s, with 56 percent going to Republicans and 43 percent going to Democrats. So far in the 2002 election cycle, the industry has made $5,298,849 in contributions, with 72 percent going to Republicans and 28 percent to Democrats. Below is a chart of accounting industry contribution trends from 1990 to today, followed by a breakdown of industry campaign contributions to Congress during the big three accounting battles of the decade, and the 2000 presidential election. [NOTE: All data is from OpenSecrets.org, the Web site of the Center for Responsive Politics, a non-partisan, non-profit research group in Washington, D.C. that tracks money in politics.] 1990-2002: FEDERAL CAMPAIGN CONTRIBUTION TRENDS Election Cycle Total Contributions Amt. to Democrats Amt. to Republicans % to Democrats % to Republicans 1990 $3,098,764 $1,553,042 $1,544,722 50% 50% 1992 $6,338,182 $3,399,397 $2,920,446 54% 46% 1994 $6,922,476 $3,490,177 $3,411,399 50% 49% 1996 $11,169,445 $4,561,535 $6,570,390 41% 59% 1998 $9,341,295 $3,617,141 $5,672,081 39% 61% 2000 $14,705,429 $5,631,400 $8,961,847 38% 61% 2002 $5,298,849 $1,480,893 $3,794,473 28% 72% TOTAL $56,874,440 $23,733,585 $32,875,358 42% 58% 2001-2002: TOP CONTRIBUTORS In the current election cycle, the accounting industry has contributed $5,298,849, with the majority of donations coming from the Big Five accounting firms and the industry trade association, the American Institute of Certified Public Accountants (AICPA). Here is a breakdown of their contributions. Rank Organization Amount % to Democrats % to Republicans 1 Ernst & Young $869,487 32% 68% 2 Deloitte & Touche $750,734 25% 75% 3 KPMGLLP $709,329 19% 81% 4 PricewaterhouseCoopers $624,001 19% 81% 5 Andersen $591,789 30% 70% 6 AICPA $334,332 26% 74% CONGRESSIONAL CONTRIBUTIONS 1993-1994 Election Cycle: Contributions to Members of Congress House # Members Avg. Contribution Total Contributions Democrats 219 $8,215 $1,799,021 Republicans 165 $8,800 $1,452,042 Independents 1 $500 $500 TOTAL 385 $8,446 $3,251,563 [NOTE: The House of Representatives has 435 members] Top Ten Recipients Rick Santorum (R-Pa.) -- $84,324 W.J. "Billy" Tauzin (D-La.) -- $71,200 Jack M. Fields Jr. (R-Texas) -- $52,550 Dave McCurdy (D-Okla.) -- $50,900 Jon Kyl (R-Ariz.) -- $42,800 Jim Cooper (D-Tenn.) -- $41,346 Sherrod Brown (D-Ohio) -- $38,793 E. Clay Shaw, Jr. (R-Fla.) -- $34,652 Collin Peterson (D-Minn.) -- $32,200 Richard Gephardt (D-Mo.) -- $28,250 Senate # Members Avg. Contribution Total Contributions Democrats 44 $17,516 $770,686 Republicans 29 $16,904 $490,215 Independents 0 $0 $0 TOTAL 73 $17,273 $1,260,901 [NOTE: The Senate has 100 members] Top Ten Recipients Kay Bailey Hutchison (R-Texas) -- $109,085 Edward M. Kennedy (D-Mass.) -- $77,600 Jim Sasser (D-Tenn.) -- $64,650 Joseph Lieberman (D-Conn.) -- $62,100 Frank Lautenberg (D-N.J) -- $60,137 Dianne Feinstein (D-Calif.) -- $58,300 Paul Sarbanes (D-Md.) -- $53,350 Slade Gorton (R-Wash.) -- $43,630 Kent Conrad (D-N.D.) -- $41,527 Daniel Patrick Moynihan (D-N.Y.) -- $41,500
You know, from a capitalist's perspective at one time I would have argued the point with you, but in short, you're right.
This has gone beyond capitalism and turned into outright piracy under the Clinton watch. Now we're paying the price of Clinton's legacy of lies.
Capitalism doesn't have anything to do with what these criminals are doing to large corporations. It's opening theft protected by high priced lawyers and loopholes in the bankrupcy laws which allow you to be a billion dollars in debt but keep your mansion in Boca Raton.
When you see how so many people are being laid off while goofy freaks like Michael Eisner are bringing home nearly a billion a year, it's sickening.
Still, I sure as hell don't trust the fate of Capitalism in the hands of the current Senate. Let's be careful for what we wish for...
Well said. Who's at fault for this is something we can talk about when we post mortem this mess. For now, the Bush administration has an opportunity to clean up this mess. They should take it. As someone who voted for Dubya in 2000, I demand he take this challenge head-on and not like Clinton would have. I don't even care if he succeeds, or even if his ratings sink, as long as he gets some good ideas for reform on the table and uses his bully pulpit to further them. Then he will have done his job.
My company pays its President $350,000- $400,000 a year. We just layed off another 70 employees. (a year ago it was about 100)...have about 200 left....and lost 7.5 million dollars in the last year and a half.
WHat is wrong with this picture? I had to work another hour again today for FREE to make up for the loss of employees.....
I just found out Florida is a RIGHT TO WORK state? What I was told was basically no unions allowed and employees have no rights....??
We have a situation where the patriot act limits the rights of ordinary folk, where are rights to privacy, an attorney, or being presented with charges is being denied. But the Worldcom execs show up in DC and and meet our congress and senate and just walk in and out the doors as criminals.
Two things, you can BET that the phones of these two criminals who took the 5th today aren't bugged, and secondly unlike the average schmoe who bounces a check and is charged with uterance they will never see jail.
What the real problem with wall street is that people are sitting in CLINTON (CBS NEWS) still in shock that they have been looted and under some type of learned helplessness that a remedy from their looters will be at hand.
I bought two suits and I have learned two thing! People with expensive suits do not go to jail. People with expensive suits still have civil rights.
This nation was never supposed to be:
" that this nation under God shall have a new birth of freedom, and that government of the corporation, by the corporation, for the corporation, shall ...
The people of Clinton/WORLDCOM interviewed by CBS reminded me of 9-11 survivors.
Do we have enough cruise missiles left in the national arsenal in order for Bush to enforce this crackdown? ;-)
IIRC, right to work means the right to get a job and not be forced to join a union. I've seen the dark side of unions up close and personal- believe me, you WILL want a choice given some of the locals out there. Like every other 'rat bastion except the abortion industry, the labor unions are definitely not pro-choice.
Me neither. If Bush waffles on this issue, however, I think you will see candidates who we haven't even thought of emerge from the political wilderness. Suddenly a lot of the electorate will be looking beyond a candidates support for snowmobiles in national parks or even his/her stance on abortion and looking to a candidate that will preserve this nations trust in capitalism. Without a functioning free market system, everything else matters much less. Atleast to me.
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