Outrage Du Jour - Sallie Mae Lobbies Against Student Loan Reform

The Outrage Du Jour is Sallie Mae spent $4 million dollars, U.S. taxpayer dollars to lobby against student loan reform.

This call out is coming from the White House and what a right on target to choose.

Sallie Mae had launched an intense lobbying effort to push the Senate's hand, including "sit-downs with lawmakers, town-hall-style meetings and petition drives to plead their case and stay in business." Over the past year, the company spent more than $4 million lobbying Congress, a review of campaign finance records showed. That was the equivalent of $25,000 for every day Congress was in session.

U.S. Education Secretary Duncan:

Sallie Mae executives have paid themselves hundreds of millions of dollars in the last decade while teachers, nurses, and scientists -- the backbone of the new economy -- face crushing debt because of runaway college tuition costs.

Where is this going on? The Senate. Are you surprised?

What we need is to clear out the Senate from all of the corruption. It's just a legislative lobbyists' wet dream.

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Securitization strikes again!

Interesting Student Loan ABS chart

From that same Nomura report:


Click for readability

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another useful post

might be to do a huge overview on what real derivatives reform would entail. It's gotten muddled, but you're right, they are out, at all costs, to save "securitization" or packaged up loan securities.

But Sallie Mae gets gov funds in the first place so the Obama administration doing call outs on those organizations who literally are using taxpayer funds to lobby against the national interest is truly "outrage du jour".

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