$37.5million – “pay to play” down payment

Connect the dots and you’ll see the $37.5 million the insurance industry invested in Congressional campaigns was a down payment on the industry’s  “pay to play” the regulatory game at the federal level.

“Pay to play” in 50 states may be too costly for an industry that undermined the world economy swapping worthless paper.  No doubt the  same “bright lights” that thought swapping worthless paper was an investment strategy, view consolidation of “pay to play” at the federal level as a cost-saving meansure.

The trickle down economic impact [sic] of the “pay” and the “play” going federal will be felt most in those states where the cost of competitive state-wide campaigns exceeds what the voting population can afford to contribute.

Mississippi is one of those states.  However, Commissioner Chaney who campaigned calling for the position to be appointed, is in better shape than his counterparts elsewhere.   In states with appointed commissioners, the insurance industry would only need need to pay the cost of one play – selecting the individual to fill the appointment.

Sop credits Katrina for his PhD in Hurricane.  I, on the other hand, credit the storm for my graduating summa cum laude from the School of Reality with a Specialty in Crushing Disappointments – Reuters has the story of the latest one.

Insurance industry reform will be the chief focus of a briefing scheduled for Thursday evening by Obama administration officials to financial industry lobbyists, said sources familiar with the agenda.

Topics possibly open for discussion include a proposal to establish a U.S. insurance regulator. The nation’s more than 6,000 insurers are now regulated largely by state and territorial governments.

While I expected a more of Obama, I was neither crushed nor surprised to learn

Insurance companies, including auto, home, business and life insurers, contributed more than $35.7 million to members of Congress over the last two election cycles, with an emphasis on those involved in the battle over federal oversight of insurance.

Based on the Consumer Watchdog analysis, the top recipients of insurer contributions, including those from Allstate, State Farm and Zurich, who each favor the optional federal charter, were Sen. John McCain (R-Ariz.) with $2,287,345, Sen. Christopher Dodd (D-Conn.) with $1,102,056 and Rep. Paul Kanjorski (D-Pa.) with $491,545.

Dodd heads the Senate Banking, Housing and Urban Affairs Committee, which has jurisdiction over insurance matters, and Kanjorski chairs the House Financial Services subcommittee.

Other top recipients include Rep. Melissa Bean (D-Ill.), who received $358,603, and Rep. Ed Royce (R-Calif.), who received $297,574. Bean and Royce sponsored legislation to allow large insurers to opt out of state regulation in favor of a federal regulator.

House Financial Services Committee Chairman Rep. Barney Frank (D-Mass.) received $342,796 from insurance industry sources.

Change? Not. So, don’t bother to Twitter.    I’m far too busy reading legal documents filed by Katrina victims the “players” have yet to “pay” to give a twit.

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