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Finance Industry Butters Adler’s Bread

December 29, 2009

Stanford, Adler, Madoff

This past year, Americans faced one of the most pronounced economic downturns in recent memory.  While the economy slumped, the nightly news was littered with numerous high-profile white-collar fraud cases, including, most notably, that of Bernie Madoff.

A post late last night on CBS’ about another accused Ponzi schemer – Allen Stanford – points out that NJ freshman Congressman John Adler had the fifth highest amount of contributions from the finance industry among members who “offered amendments to weaken consumer protections included in the [Wall Street Reform and Consumer Protection Protection Act].”

While his Congressional website boats that “John has taken major steps to bring accountability to the financial services industry and pass consumer protection reforms,” Adler received 15.5% of his $1,387,093 (or $215,598) in 2009 from the financial sector according to the Center for Responsive Politics.

For someone professing to “restore confidence in our financial system and reduce fraud and abuse,” he is heavily reliant on Wall Street money for his re-election bid.

Then again, it should come as no surprise that Adler has a soft spot for the Wall Street wizards with deep pockets…


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