Why are we not surprised by the story that appeared
last week on Bloomberg pointing out that Chicago's futures
exchanges were giving more money to members of Congress than
ever before? Citing data from an independent campaign-finance
website, politicalmoneyline.com, the story said Chicago
Mercantile Exchange had donated some $327,000 to candidates
through its political action committee (PAC) by end of
September, 79% more than it had given by the same point in any
other two-year period ending with congressional elections.
Chicago Board of Trade, meanwhile, gave $169,000, $13,000 more
than it has ever given in the first nine months of an election
cycle. The article noted, perhaps cynically, that increased
donations coincided with the intense lobbying both CME and CBoT
are undertaking in their attempt to prevent authorisation of
Eurex's US futures exchange. More surprising, though, is that
the Merc's donations totalled more than those handed out by
General Motors, Merck & Co or Cititgroup. The donations,
fundedby employee contributions to CME's political action
committee (PAC), propelled it to the 36th biggest corporate PAC
by spending this year, up from 89th in the 2001-2002 election
This article is available exclusively to subscribers
Please log in to continue reading.
Not yet a subscriber?
Click here to take a free trial.
Already have an account? |
Please fill in your details below and a customer service representative will contact you.