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full article here: http://www.bloomberg.com/apps/news?p...d=acVfQNEL88UI
Jan. 22 (Bloomberg) -- A U.S. Supreme Court decision striking down federal restrictions on corporate political spending may pump millions of dollars into the 2010 campaign from companies with stakes in congressional action.
Insurers affected by pending health-care legislation, such as Indianapolis-based Wellpoint Inc., and banks targeted by President Barack Obama?s proposal yesterday to curb risk taking, such as New York-based JPMorgan Chase & Co., are among entities now able to spend unlimited amounts to help elect or defeat federal candidates.
Yesterday?s 5-4 ruling reverses a century?s worth of federal legislation and court decisions limiting the influence of corporate money in politics. Labor unions such as the Service Employees International Union, which supports legislation that would make it easier to organize workers, can also open their treasuries now.
?The decision drastically alters the landscape for candidates and political parties,? said Benjamin Ginsberg, a partner at Patton Boggs LLP in Washington and former counsel to President George W. Bush?s 2000 and 2004 campaigns. ?We can expect much more spending, a virtual cascade of spending, by outside groups.?
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full article here: http://www.bloomberg.com/apps/news?p...d=acVfQNEL88UI
Jan. 22 (Bloomberg) -- A U.S. Supreme Court decision striking down federal restrictions on corporate political spending may pump millions of dollars into the 2010 campaign from companies with stakes in congressional action.
Insurers affected by pending health-care legislation, such as Indianapolis-based Wellpoint Inc., and banks targeted by President Barack Obama?s proposal yesterday to curb risk taking, such as New York-based JPMorgan Chase & Co., are among entities now able to spend unlimited amounts to help elect or defeat federal candidates.
Yesterday?s 5-4 ruling reverses a century?s worth of federal legislation and court decisions limiting the influence of corporate money in politics. Labor unions such as the Service Employees International Union, which supports legislation that would make it easier to organize workers, can also open their treasuries now.
?The decision drastically alters the landscape for candidates and political parties,? said Benjamin Ginsberg, a partner at Patton Boggs LLP in Washington and former counsel to President George W. Bush?s 2000 and 2004 campaigns. ?We can expect much more spending, a virtual cascade of spending, by outside groups.?
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