Jim Reed Campaign: Doug LaMalfa’s Ties to the Financial Industry

Jim Reed for Congress Campaign
Contact: Jim Dyar, Communications Director
October 30, 2012
Doug LaMalfa’s most recent filing with the Federal Election Commission has revealed that he has taken at least $27,641 in contributions from the financial industry, including funds from Wells Fargo and National Venture Capital Association.
“Can you trust Doug LaMalfa to protect the district from the greed an excess of Wall Street when he is taking money from Wells Fargo and the National Venture Capital Association?” Jim Reed said. “I will always put the Main Street’s of Redding, Chico and the rest of the First District before Wall Street.”

LaMalfa has said that regulations must be cut across the board, which includes regulations on the financial sector that prevent unscrupulous lenders from taking advantage of every-day Americans. The deregulated environment of Wall Street helped trigger the economic collapse that left thousands without jobs in our district.

Wells Fargo was one of the worst offenders of the big banks that caused the collapse. The bank gave minority borrowers high-priced sub-prime mortgages that it knew they couldn’t afford, even calling them “ghetto loans” in internal documents. Even worse, they gave bonuses to loan officers who issued those loans. And now they are giving thousands of dollars to Doug LaMalfa’s campaign.
The National Venture Capital Association is the trade group that represents Bain Capital among other members. Bain is known for being a pioneer in outsourcing, making profits while the companies they bought went bankrupt, and laying off workers, leaving families without jobs and health care.

“Companies like Bain are the worst of the Wall Street vultures,” Reed said. “It’s no surprise that they’re giving their money to Doug LaMalfa. It is time to ask Doug. ‘Will you repeal regulations passed over the last four years to stop the excesses of Wall Street from hurting every day Americans?’ ”

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