Frank Rich: The Rabbit Ragu Democrats
[Frank Rich is an Op-Ed columnist for The New York Times.]
In the annals of American excess, there often arrives a moment when those with too much money, too much clout and too much hubris just can’t stop themselves from tempting the fates. They throw an over-the-top party in public, or parade their wealth and power before the press, and the next thing you know their world, and sometimes ours, has crashed.
In the go-go Reagan 1980s, the junk bond king Michael Milken bedazzled investors with lavish Predators’ Balls in Beverly Hills. Sure enough, he and Wall Street would end the decade in ruin. Back East, the financier Saul Steinberg celebrated his 50th birthday in 1989 with a $1 million party in the Hamptons. “Honey, if this moment were a stock, I’d short it,” he said when toasting his wife. He would soon suffer a stroke and see his company go bankrupt.
Steinberg sold his vast New York apartment to the private equity titan Stephen Schwarzman. In February 2007, Schwarzman marked his 60th birthday with a highly visible multimillion-dollar bacchanal in the Park Avenue Armory. Though Schwarzman hasn’t suffered much since — he is tied for 50th on the new Forbes list of the 400 wealthiest Americans — his bash presaged the bust to come. He became, as James Stewart wrote in The New Yorker, “the designated villain of an era on Wall Street — an era of rapacious capitalists and heedless self-indulgence.”
It’s in this context that you have to wonder what some of the Obama era’s most moneyed and White House-connected lobbyists were thinking as they preened before a Washington Post reporter recently for two lengthy articles. We’re not even nine months into the new administration, yet these swaggering, utterly un-self-aware influence peddlers seem determined to prove that nothing except the party affiliations has changed in the Beltway’s pay-for-play culture since Tom DeLay. If these lobbyists were stocks, I’d short them.
One of the articles focused on Heather Podesta — “The It Girl of a New Generation of Lobbyists” — who lobbies for health care players like Eli Lilly, HealthSouth and Cigna. Podesta is half of what The Post has called a “mega-lobbying” couple. Her husband, with his own separate (and larger) lobbying shop, is Tony Podesta, the brother of John Podesta, the Clinton White House chief of staff who ran the Obama transition. Back in November, Tony Podesta told The Times that only “very unsophisticated” clients would hire his firm because of his brother’s role in assembling the new administration. That encyclopedic and ever-expanding list of “unsophisticated” clients includes Amgen and the American Coalition for Clean Coal Electricity — and that’s just among the A’s. His business was up 57 percent from last year in the first six months of 2009. Heather Podesta’s was up 65 percent...
... Barack Obama promised a change from this revolving-door, behind-closed-doors collaboration between special interests and government. He vowed to “do our business in the light of day” — with health care negotiations broadcast on C-Span — and to “restore the vital trust between people and their government.” He said, “I intend to tell the corporate lobbyists that their days of setting the agenda in Washington are over.” That those lobbyists would so extravagantly flaunt their undiminished role shows just how little they believe that a new sheriff has arrived in Dodge.
In his scathing Wall Street Journal column on The Post articles last week, Thomas Frank crystallized the gap between Obama’s pledge and this reality. “There is something uniquely depressing about the fact that the National Portrait Gallery’s version of the Barack Obama ‘Hope’ poster previously belonged to a pair of lobbyists.” That’s no joke: It was donated by Tony and Heather Podesta...
Read entire article at NYT
In the annals of American excess, there often arrives a moment when those with too much money, too much clout and too much hubris just can’t stop themselves from tempting the fates. They throw an over-the-top party in public, or parade their wealth and power before the press, and the next thing you know their world, and sometimes ours, has crashed.
In the go-go Reagan 1980s, the junk bond king Michael Milken bedazzled investors with lavish Predators’ Balls in Beverly Hills. Sure enough, he and Wall Street would end the decade in ruin. Back East, the financier Saul Steinberg celebrated his 50th birthday in 1989 with a $1 million party in the Hamptons. “Honey, if this moment were a stock, I’d short it,” he said when toasting his wife. He would soon suffer a stroke and see his company go bankrupt.
Steinberg sold his vast New York apartment to the private equity titan Stephen Schwarzman. In February 2007, Schwarzman marked his 60th birthday with a highly visible multimillion-dollar bacchanal in the Park Avenue Armory. Though Schwarzman hasn’t suffered much since — he is tied for 50th on the new Forbes list of the 400 wealthiest Americans — his bash presaged the bust to come. He became, as James Stewart wrote in The New Yorker, “the designated villain of an era on Wall Street — an era of rapacious capitalists and heedless self-indulgence.”
It’s in this context that you have to wonder what some of the Obama era’s most moneyed and White House-connected lobbyists were thinking as they preened before a Washington Post reporter recently for two lengthy articles. We’re not even nine months into the new administration, yet these swaggering, utterly un-self-aware influence peddlers seem determined to prove that nothing except the party affiliations has changed in the Beltway’s pay-for-play culture since Tom DeLay. If these lobbyists were stocks, I’d short them.
One of the articles focused on Heather Podesta — “The It Girl of a New Generation of Lobbyists” — who lobbies for health care players like Eli Lilly, HealthSouth and Cigna. Podesta is half of what The Post has called a “mega-lobbying” couple. Her husband, with his own separate (and larger) lobbying shop, is Tony Podesta, the brother of John Podesta, the Clinton White House chief of staff who ran the Obama transition. Back in November, Tony Podesta told The Times that only “very unsophisticated” clients would hire his firm because of his brother’s role in assembling the new administration. That encyclopedic and ever-expanding list of “unsophisticated” clients includes Amgen and the American Coalition for Clean Coal Electricity — and that’s just among the A’s. His business was up 57 percent from last year in the first six months of 2009. Heather Podesta’s was up 65 percent...
... Barack Obama promised a change from this revolving-door, behind-closed-doors collaboration between special interests and government. He vowed to “do our business in the light of day” — with health care negotiations broadcast on C-Span — and to “restore the vital trust between people and their government.” He said, “I intend to tell the corporate lobbyists that their days of setting the agenda in Washington are over.” That those lobbyists would so extravagantly flaunt their undiminished role shows just how little they believe that a new sheriff has arrived in Dodge.
In his scathing Wall Street Journal column on The Post articles last week, Thomas Frank crystallized the gap between Obama’s pledge and this reality. “There is something uniquely depressing about the fact that the National Portrait Gallery’s version of the Barack Obama ‘Hope’ poster previously belonged to a pair of lobbyists.” That’s no joke: It was donated by Tony and Heather Podesta...