Who Supports Chris Coons ?

  Well since Christine O’Donnell defeated Mike castle to become the GOP’s, people’s endorsed candidate, I have had to find a new hobby. So instead of going cross-eyed going through Mr. Castle’s campaign funding, I am now going cross-eyed going through the campaign funding of Chris Coons, the Democrat challenger for the U.S. Senate.

 Let me first say that I am not surprised to find similarities between the two.

  The first thing that jumped out at me was the fact that Young, Conaway et al, came in as the third largest contributor to Mr. Coons, with an amount of $22,100 as of the last filing on August 25,2010. Young,Conaway was Mr. Castle’s number one contributor.Young,Conaway is a high-powered law firm that deals in corporate law and the financial sector. They were beaten out on Mr. Coons’ list by ActBlue with an amount of $283,749. ActBlue is a bundling warehouse. They collect funds that are earmarked for specific candidates. You may remember the bundling scandal that included Hillary Clinton that saw one man go to prison. Often these bundling warehouses are fronts for illegal donations, a way to get around donation limits.

  Number two on Mr. Coons list of donors is Skadden, Arps et al, with the amount of $22,800.  The following is directly from their website:

The “Litigation Outlook 2011” survey also noted that Skadden is one of the two most frequently named “securities litigation powerhouse” law firms. The same participants were asked which firms they consider best suited to help them with securities litigation. Skadden was distinguished for, among other strengths, its “ability to get in and talk issues through with clients before lawsuits come to fruition.”

   We have a candidate that has said on the Chris Matthews show Hardball, that he would have voted for FIN-REG bill that has increased the amount of regulations on the banking industry, and in so doing has no doubt increased the need for law firms that deal in securities litigation.  Does this mean that we can expect Mr. Coons to support more legislation that would increase the need of securities litigation law firms? We surely can assume he will be a rubber stamp for the Obama administration if elected to the Senate.

  A little further down the list but quite interesting is Drinker,Biddle & Reath with donations of $7,714 which keeps them in the top twenty. The following is again directly from their website:

  Our prominence today combines a comprehensive range of traditional legal practices with significant national roles in such practices as class action defense, corporate and securities, government relations, health law, intellectual property, insurance, investment management, private equity, bankruptcy, environmental, education and communications.

  The interesting part is again the fact that this law firm is again heavily involved in the financial sector. They seem to be again prominent in the field of corporate  and securities law, along with investment management, bankruptcy, and private equity. Now with Mr. Coons being  a safe bet to be voting in favor of pres. Obama’s agenda, and the fact that Pres. Obama’s agenda is leading the nation to more and more financial problems. Which again will lead to the need for more law firms that handle such issues, I guess these donations could be look upon as an investment in the future of law firms that handle financial issues.

  One might also have some concern about a law firm that handles,“government relations”, contributing to a candidate for the U.S. Senate. A position that would allow the Senator to make decisions that would directly affect the industry that said contributor is a part of. Have we totally lost the concept of conflict of interest?

 This is but a preliminary look at Mr. Coons’ donor list. In the coming days and weeks I will dissect it more. But I am already troubled by the image of a conflict of interest.

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