Wisconsin Senate Candidate Buys Bank, Runs As Friend Of Wall Street

Already the 2012 elections are shaping up to provide voters a stark contrast in choices, and nowhere is that more apparent than in Wisconsin and the Senate race that has hedge fund manager Eric Hovde (R) running against Rep. Tammy Baldwin (D) for the seat vacated by retiring Sen. Herb Kohl (D).

Take the issue of the bank bailout. When Congress was considering the Troubled Assets Relief Program (TARP) Hovde slammed the program and called for an investigation into the “massive wealth transfer” from taxpayers to investment banking firms like Goldman Sachs.

Apparently Hovde had a change of heart on TARP. As reported by ThinkProgress, Hovde’s company invested in at least 33 banks that received $188 billion in TARP money. In fact, the deal was so good Hovde went all in and bought a bank that accepted $9.1 million in TARP funds in February 2009.

Baldwin’s supporters think someone who slams government assistance with one hand then turns the other out to willingly accept the money might not be the best choice for Wisconsin’s struggling middle class. Baldwin, who has long been an advocate for tax fairness couldn’t represent a starker contrast for Wisconsin voters, most of whom are more concerned about making monthly mortgage payments than whether or not they can buy a bank this month like Hovde.

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Photo from http2007 via flickr.


Ronald E.
Ronald E5 years ago

Steve R, we enjoy the comic relief provided by you contributors with single-digit IQ's. Keep up the good work!

Linda T.
Linda T5 years ago

Bet that wins him some vote. Not.

Steve R.
Steve R5 years ago

Jessica Pieklo - you're not very "worldly", are you?

Let's see - I oppose my taxes being used for certain purposes, and if they are anyway, and I can be a beneficiary, I'm going to reject the free money on principle.....


The name of the game is "if you can't beat 'em, join 'em"!

And that - thanks to your Democrat controlled Congress at the time making it possible, is exactly what Eric Hovde did!

That's why he's rich, and you and I are not!

And that's probably why he'll whip Tammy Baldwin!

Infuriating, isn't it?

Ken W.
Ken W5 years ago

By By Walker !!

Mark M.
Mark M5 years ago

This Hovde fellow is clearly someone whose leading philosophy is "Do as I say, not as I do." Stooping to hypocrisy, double-standards, double-dealing and self-dealing is not beneath Republican'ts when it comes to seeking power. No doubt that, if elected, Hovde will sooner or later be seeking a seat on some banking or finance committee. Of course, there will be no possible conflict of interest when it comes to proposing, reviewing or voting on legislation that could be of any potential benefit to him or the bank he owns.

By the way, the photo for this piece: if the article is primarily about voters and candidates of Wisconsin, why is the photo of Federal Hall (a national memorial, not even a bank, where George Washington -- the statue in photo -- was inaugurated) at the intersection of Wall St., Nassau St. and Broad St., across from the Stock Exchange? It specifically would have only a very indirect connection to Wisconsin. C'mon, Care 2, more relevant photos!

Don H.
Don H5 years ago

In light of Wall Street greed that took down the nation's economy, how could anyone consider voting for Eric Hovde, a hedge fund manager? Surely the voters of Wisconsin aren't that stupid.

Vicky Pitchford
Vicky P5 years ago

who would vote for him then, unless he rigs it

Chris Cole
Chris C5 years ago

Wisconsin deserves a break today...let's hope they get that break at the polls!

Sue H.
Sue H5 years ago

The Greedocracy at work. Unethical, corrupt people running for office should be outed, loudly!

Charli S.
Charlotte S5 years ago

hopefully people will look before they vote.