Shady Stanford Paid Dems To Kill Money Laundering Bill


Allen Stanford wasn’t just a friend of Dubya’s, he was also in bed with some top Democrats, wining them over in his attempt to fight off an anti-money laundering bill that had been pushed by Bill Clinton.

Public Citizen has the rundown:

Stanford’s obbying disclosure reports in 2000 made it clear that the company had only one interest in federal policy: money-laundering legislation. Former Treasury Department official confirmed, in interviews with Public Citizen, that Stanford Financial vigorously opposed the legislation – along with several other Texas-border banking institutions – in meetings held on Capitol Hill. Between February 2000 and June 2001, Stanford Financial gave Republican party committees $208,000 and Democratic party committees $145,000.

But Stanford didn’t stop there. Stanford Financial and R. Allen Stanford gave another $95,000 to the 527 groups of three influential politicians – Senate Majority Leader Tom Daschle ($40,000), House Democratic Caucus Chairman Martin Frost ($50,000), and Senate Minority Leader Trent Lott ($5,000).

In doing so, Stanford became the single largest contributor between July 1, 2000 and June 30, 2001 to the 527 groups of Daschle and Frost.

Jeez, you have to wonder whether Daschle and Frost after asked why this guy was giving them so much money to kill the bill. We don’t know the details of it, and there may have been some pretty legitimate grounds to oppose them. Of course, Stanford, even if he weren’t engaged in money laundering, would’ve had a good reason to oppose any bill that would likely require much more disclosure from financial sirms.

We’d love to hear what Daschle and Frost say now. We’ll update if we hear anything from them.