4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Vargas backs bill that would allow big bank bailouts

In short time in Congress, he has received $14,500 from 4 major banks

The 2010 Dodd-Frank bill requires banks to spin off their derivatives activity into non-bank subsidiaries that can't rush to the government for a bailout if their gambling backfires, according to MapLight, a watchdog group that follows the money that special interests pour into the pockets of legislators. But H.R. 992, a bill in the hopper, would allow banks to get public funding for speculative derivatives activity, notes MapLight.

"A vote for H.R. 992 is a vote to expressly allow bailouts of our largest banks on Wall Street," says Americans for Financial Reform, a watchdog group focused on financial industry corruption. But H.R. 992 was approved by the House Agriculture Committee last month. Voting for the bill was Rep. Juan Vargas, Democrat of San Diego County, who was elected to the House last November and named to the Agriculture Committee in January. According to MapLight, Vargas has already collected $14,500 from the four biggest commercial banks (Bank of America, Goldman Sachs, JPMorgan Chase, and Citigroup), which among them have a whopping $208 trillion in notional value of derivatives contracts.

Since 2009, those four banks have given $313,000 to members of the House Agriculture Committee. Those who voted in favor of H.R. 992 got an average of $9,120, while those voting against got an average of $1,179, according to MapLight.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

Celluloid staycations: Where The Boys Are and Mr. Hobbs Takes a Vacation

If you’re the type that demands more, you’ve come to the wrong place.
Next Article

Dune buggies, the Marshal South hermit family, the human race at its worst

Golden eagles and chuck wallas, Carrizo Gorge tunnels, a narrow escape

The 2010 Dodd-Frank bill requires banks to spin off their derivatives activity into non-bank subsidiaries that can't rush to the government for a bailout if their gambling backfires, according to MapLight, a watchdog group that follows the money that special interests pour into the pockets of legislators. But H.R. 992, a bill in the hopper, would allow banks to get public funding for speculative derivatives activity, notes MapLight.

"A vote for H.R. 992 is a vote to expressly allow bailouts of our largest banks on Wall Street," says Americans for Financial Reform, a watchdog group focused on financial industry corruption. But H.R. 992 was approved by the House Agriculture Committee last month. Voting for the bill was Rep. Juan Vargas, Democrat of San Diego County, who was elected to the House last November and named to the Agriculture Committee in January. According to MapLight, Vargas has already collected $14,500 from the four biggest commercial banks (Bank of America, Goldman Sachs, JPMorgan Chase, and Citigroup), which among them have a whopping $208 trillion in notional value of derivatives contracts.

Since 2009, those four banks have given $313,000 to members of the House Agriculture Committee. Those who voted in favor of H.R. 992 got an average of $9,120, while those voting against got an average of $1,179, according to MapLight.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Comments
6

$14.5 k is a bargin in the buying influence racket these days.

April 4, 2013

Murphyjunk: Well, Vargas has only been on the committee since January, so it's a pretty good sum. Best, Don Bauder

April 4, 2013

Vargas has always had it both ways. A make-believe populist who solicits the big bucks where he can get them, and then votes with the big bucks. Or have I been seeing something in Matt Potter's columns that just wasn't there?

April 4, 2013

Visduh: Matt has covered Vargas very well, and his columns bear out exactly what you are saying; Vargas rakes in the big bucks and pays his donors back with votes, but talks the populist game. Best, Don Bauder

April 4, 2013

Juan Vargas has abandoned his job as Representative of the people, and has spent 99% of his time raising money for himself and his buddies and engaging in quid pro quo political money favors. Don't be surprised if he is busted by the FBI some day. He's very unscrupulous.

April 5, 2013

Sjtorres: Did Vargas ever represent the people? It seems to me that he has been for sale since the day he entered politics. Best, Don Bauder

April 5, 2013

Sign in to comment

Sign in

Art Reviews — W.S. Di Piero's eye on exhibits Ask a Hipster — Advice you didn't know you needed Best Buys — San Diego shopping Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits City Lights — News and politics Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Excerpts — Literary and spiritual excerpts Famous Former Neighbors — Next-door celebs Feast! — Food & drink reviews Feature Stories — Local news & stories From the Archives — Spotlight on the past Golden Dreams — Talk of the town Here's the Deal — Chad Deal's watering holes Just Announced — The scoop on shows Letters — Our inbox [email protected] — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Of Note — Concert picks Out & About — What's Happening Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Pour Over — Grab a cup Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Drinks All Around — Bartenders' drink recipes Sheep and Goats — Places of worship Special Issues — The best of Sports — Athletics without gush Street Style — San Diego streets have style Suit Up — Fashion tips for dudes Theater Reviews — Local productions Theater antireviews — Narrow your search Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Waterfront — All things ocean Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close