Cicilline Flip Flops on Wall Street Support
Monday, October 10, 2011
Congressman David Cicilline last week railed against the Wall Street banks and big corporations he claims are responsible for creating the nation’s housing crisis, but a review of campaign finance reports shows banks and investment companies are among his largest contributors.
Since 2010, Cicilline has received $84,800 from the Securities & Investment industry, including Goldman Sachs and Bain Capital, which make up two of his largest donors in the 2012 campaign cycle, according to Open Secrets. The only groups that have contributed more to Cicilline have been lawyers or law firms ($269,415), retired folks ($176,460) and real estate companies ($174,450).
Cicilline, who has consistently called on big corporations to be held accountable for their actions since taking office in January, also told GoLocalProv last week that he supports the Occupy Wall Street movement, which has seen spinoff groups created in communities across the country, including Providence.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST"Americans are tired of watching Wall Street speculators and corporate special interests call all the shots, and we’ve been held at their mercy for too long as they artificially drive up fuel prices and try to dodge responsibility for the housing crisis,” he said. “And these public protests have highlighted the urgency of addressing these important issues."
Can’t Play Both Sides
But some Cicilline critics say the Congressman isn’t being authentic if he continues to collect campaign contributions from the same people he blames for many of the country’s financial woes. Former State Rep. and Congressional candidate David Segal said Cicilline needs to pick a side.
“Taking that money creates all sorts of conflicts of interest,” Segal said. “Goldman Sachs took $12 billion in bailout money and weeks later paid out $14 billion in bonuses. They were able to get away with that because of the money they spread around Congress. Sometimes you have to decide what you believe in and choose sides: You can't stand with Occupy Wall St and the likes of Goldman and at the same time.”
Former Congressional candidate Anthony Gemma agreed with Segal, saying “this is consistent with David’s pattern of deceit. It’s hypocritical of him to say he’s now backing Occupy Wall Street.”
Democrats Tend To Try To Have It Both Ways
According to Jennifer Duffy of the Cook Political Report, Cicilline isn’t the only member of Congress that has criticized Wall Street and still accepted campaign donations from big corporations. She said Democrats have run into the potential conflict a lot in recent years and noted that Cicilline’s position on the House Small Business Committee may be one reason he continues to collect from the financial services sector.
“Members taking money from Wall Street and then trashing them started happening more frequently after the meltdown in 2008, though it tends to be Democrats trying to have it both ways,” Duffy said. “Republicans don’t criticize Wall Street much.”
Common Cause Executive Director John Marion also questioned how Cicilline could both criticize Wall Street and accept so much in donations from the big banks at the same time.
"According to Open Secrets, David Cicilline has raised $84,800 in his congressional career from the securities and investments industries, including $9000 from PACs in those industries," Marion said. "My reading of Occupy Wall Street is that one of it's guiding principles is that Wall Street banks have managed to corrupt our democracy in part through our campaign finance system. If that's so, then Cicilline's embrace of the burgeoning movement is at best hypocritical."
Cicilline Blasts Wall Street On Housing Crisis
But Cicilline supporters say the Congressman’s progressive voting record in Congress proves he cannot be bought. According to campaign spokeswoman Nicole Kayner, Cicilline has been consistent with his record for standing up to Wall Street.
"David Cicilline has a strong record of standing up to Wall Street and will continue to do so," she said. "Congressman Cicilline is a co-sponsor of the Fair Elections Now Act and has called for a lifetime ban on members of Congress from ever becoming lobbyists. He has also called for legislation to reverse Citizens United, a Supreme Court decision that has allowed for unaccounted special interest money to pour into races across the country. Cicilline believes that Wall Street must be held accountable for its actions in helping to create the current fiscal crisis. Just this week he sent a letter to U.S. Attorney General Eric Holder and RI Attorney General Peter Kilmartin urging them to reject any settlement with Wall Street that absolves them of their responsibility in the housing crisis."
The letter read in part:
"Meanwhile, the Wall Street banks and financial institutions that instigated and profited greatly from this housing crisis, continue to escape culpability for their significant contributions to the housing collapse, including the robo-signings, sub-prime loans, and securitization scandals.
We owe it to Rhode Island families, and those across this nation at risk of foreclosure or who have already lost their homes, to ensure that those responsible for pushing our housing market off a cliff, are held accountable. “
Occupy Supporter: A Huge Conflict
But others still question the Congressman’s commitment to holding the big corporations responsible. Occupy Providence supporter Paul Hubbard said he wasn’t sure what to make of Cicilline’s support for the Occupy Movement either. Like Segal, Hubbard said the Congressman can’t on one hand receive donations from the likes of Goldman Sachs and on the other, support anti-Wall Street protesters.
“I see it as a huge conflict,” Hubbard said. “This is part of the problem with our political process. The whole system down there is so corrupt.”
Note: Orrganizations themselves do not donate. The money comes from the organization's PAC, its individual members or employees or owners, and those individuals' immediate families.
Editor's Note: A previous version of this story included an incorrect spelling of Cicilline's spokeswoman Nicole Kayner's last name.
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