Lincoln goes to bat for Waltons | Arkansas Blog

Wednesday, June 23, 2010

Lincoln goes to bat for Waltons

Posted By on Wed, Jun 23, 2010 at 8:41 AM

You'd think working tirelessly for a multi-billion-dollar estate tax exemption for the Walton family would be work enough for Sen. Blanche Lincoln.

But, no. The Wall Street Journal reports that she's trying to write a special exception for the Waltons' Arvest Bank into financial legislation.

Under Ms. Lincoln's proposed change, Arvest would be excused from a provision that could require banks to raise more capital, in Arvest's case about $115 million. Other Senate Democrats had intended only to exempt banks with less than $10 billion in capital from the provision. Ms. Lincoln wants to raise that to $15 billion, a threshold that would exempt Arvest. It is the only bank in Arkansas with between $10 billion and $15 billion of assets, though there are some in other states.

White House officials have said they don't want changes that benefit specific companies, leery of the horse-trading that nearly sank their health-care overhaul. But the administration also can't afford to alienate Ms. Lincoln, head of the Senate Agriculture Committee, whose support on the broader overhaul is vital to its success.

... Ms. Lincoln "believes the threshold should be high enough to ensure no bank in Arkansas is subject to these new rules on existing capital, which would hinder their ability to generate lending for consumers and businesses at a time when access to credit is already difficult to come by," said Ms. Lincoln's spokeswoman, Marni Goldberg, "These banks did not cause the near-collapse of our financial system and should not be punished for Wall Street's actions."

For a family worth in the range of $90 billion, someone might observe that $115 million is small change. This also illustrates how the rich get richer. For combined contributions of only $85,000 or so, the Walton family has gained a friend in Congress worth millions here, and potentially billions down the line.

The comparison in this article to Ben Nelson's dickering for Nebraska is likely to be repeated a few dozen times in the days ahead. The good news for Lincoln is that it's hard to imagine her Republican opponent, John Boozman, decrying a special provision for his homeys, the Waltons.

Tags: , , ,


Favorite

Comments (13)

Showing 1-13 of 13

Add a comment

 
Subscribe to this thread:
Showing 1-13 of 13

Add a comment

More by Max Brantley

Readers also liked…

  • Your daily dose of Jason Rapert

    Sen. Jason Rapert really, really didn't like it when a KATV reporter asked him about the hypocrisy of his political arguments.
    • Feb 4, 2017
  • The LR chamber does the public's business. Is it accountable? Blue Hog on the case.

    Matt Campbell, lawyer and Blue Hog Report blogger, has sent a Freedom of Information Act request to Jay Chessir, director of the Little Rock Regional Chamber of Commerce, and Mayor Mark Stodola related to the publicity stunt yesterday  built around withdrawing from the mayor's rash pronouncement that the city would seek an Amazon HQ2 project even though the city  didn't meet the company's criteria.
    • Oct 20, 2017
  • Campus gun bill clears committee

    The so-called compromise amendment that will allow anyone 25 or older with a training certificate carry a concealed weapon on public college campuses was approved in a Senate committee this afternoon.
    • Feb 21, 2017

Most Viewed

Most Recent Comments

  • Re: Forecasting the House

    • I seem to remember that fivethirtyeight.com made a presidential prediction in October, 2016…

    • on August 20, 2018
  • Re: A question for French Hill

    • I believe that Clark Tucker will dump the Russian French Fry in November......

    • on August 20, 2018
  • Re: A question for French Hill

    • Mabye trump can bring Putin with him when he holds a rally in Little Rock…

    • on August 20, 2018

Slideshows

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation