Sallie Mae Owns About $182 Billion of Student Loans. And Melissa Bean Benefits.

Melissa Bean

Sallie Mae was giving out federal government guaranteed student loans. Lots and lots of them.

From Sallie Mae’s web site, it “manages $182 billion in education loans and serves 10 million student and parent customers.”

Guess who benefited?

Not just college students.

There’s also 8th District liberal Democratic Party Congresswoman Melissa Bean.

Being on the Financial Services Committee helps raise campaign cash.  Take a look.

  • SALLIE MAE INC. PAC 09/25/2006 1000
  • SALLIE MAE INC. PAC 10/25/2006 2000
  • SALLIE MAE INC. PAC 12/04/2006 2000
  • SALLIE MAE INC. PAC 02/13/2007 1000
  • SALLIE MAE INC. PAC 05/04/2007 1000
  • SALLIE MAE INC. PAC 09/20/2007 2500
  • SALLIE MAE INC. PAC 03/07/2008 1000

It is shown on the Federal Election Commission web site.

It added up to $10,500 of political contributions.

Got to keep the members of the U.S. House Majority happy.

Here’s a small sampling of influences that went into Bean’s deciding what details should be in financial reform legislation:

  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND 03/23/2005 1000
  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND 05/17/2005 2000
  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND 06/29/2005 1000
  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND 10/06/2005 1000
  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND 10/19/2005 2000
  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND 01/23/2006 3000
  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND 06/01/2005 1000
  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND 09/27/2005 1000
  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION PAC 06/18/2007 5000
  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION PAC 03/26/2008 1000
  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION PAC 05/22/2008 2000
  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION PAC 09/18/2008 2000
  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION PAC 03/30/2009 2500
  • SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION PAC 09/22/2009 2500
  • SECURITY TRADERS ASSOCIATION POLITICAL ACTION COMMITTEE 02/26/2007 1000
  • SECURITY TRADERS ASSOCIATION POLITICAL ACTION COMMITTEE 03/12/2009 1000

That’s $29,000 in campaign contributions. You can bet these and other banks and financial institutions’ PAC’s got their money worth.

No quid pro quo, you understand.

That would be illegal.

Governor Rod Blagojevich will verify that.

How about some dough from a Swiss insurance company doing business in America?

  • ZURICH HOLDING COMPANY OF AMERICA COMMITTEE FOR GOOD GOVERNMENT (Z-PAC) 03/27/2006 1000
  • ZURICH HOLDING COMPANY OF AMERICA COMMITTEE FOR GOOD GOVERNMENT (Z-PAC) 12/01/2006 5000
  • ZURICH HOLDING COMPANY OF AMERICA COMMITTEE FOR GOOD GOVERNMENT (Z-PAC) 03/26/2007 2500
  • ZURICH HOLDING COMPANY OF AMERICA COMMITTEE FOR GOOD GOVERNMENT (Z-PAC) 05/16/2007 1000
  • ZURICH HOLDING COMPANY OF AMERICA COMMITTEE FOR GOOD GOVERNMENT (Z-PAC) 07/16/2007 2000
  • ZURICH HOLDING COMPANY OF AMERICA COMMITTEE FOR GOOD GOVERNMENT (Z-PAC) 01/29/2008 500
  • ZURICH HOLDING COMPANY OF AMERICA COMMITTEE FOR GOOD GOVERNMENT (Z-PAC) 03/27/2008 1000
  • ZURICH HOLDING COMPANY OF AMERICA COMMITTEE FOR GOOD GOVERNMENT (Z-PAC) 03/09/2009 1000
  • ZURICH HOLDING COMPANY OF AMERICA COMMITTEE FOR GOOD GOVERNMENT (Z-PAC) 03/31/2009 3000
  • ZURICH HOLDING COMPANY OF AMERICA COMMITTEE FOR GOOD GOVERNMENT (Z-PAC) 09/14/2009 1000

Another $18,000 that Bean took.

When there was a nexus between campaign contributions and votes in Springfield, observers suggested that the legislator might not have been bought, just rented.

No wonder most incumbents are re-elected.

There’s plenty more.


Comments

Sallie Mae Owns About $182 Billion of Student Loans. And Melissa Bean Benefits. — 1 Comment

  1. Contrast that with the $299,805 “Contribution” Walsh got out of HSBC when he walked away from his Condo and you see Bean is way way way behind in the “fund raising” department. Especially since Beans contributions were obtained voluntarily….

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