Learning from lobbyist John Britton

John Britton, Missouri's top lobbyist who became a legend, died on Aug 5. He provided honest information on the issues he carried but always said, "If in doubt, vote your conscience." He made many friends (myself included) and few enemies (none of whom I am aware.)

In an interview from 1996 in the State Historical Society he listed the things that make a successful lobbyist (many of which could be applied to anyone's endeavor).

What it takes to become a lobbyist:

"You have to be able to learn quickly and then usually, you have to learn to forget quickly. You have to have patience. You have to take the time to really know what you're talking about. I guess that the euphemistic term is you have to be a 'fast study.' You also have to be willing to have the physical strength to talk to 120 people in the House and probably 25 in the Senate on any given issue. When you're getting over there at maybe 8:00 in the morning to try to catch somebody before they go into a committee hearing, or you're hanging around there to talk to them until 10:00 or 11:00 at night after they get through with one, you can become disenchanted. You can become tired. So, it requires a tenacity, I guess, and I think it also requires a fundamental belief in what you're doing. You have to have, not only an intellectual grasp of it, but you have to make that emotional commitment that you're willing to do whatever it takes to perform your function. You don't need a degree from Oxford. You don't have to have been a Rhodes Scholar in order to do that."

-- John Britton

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I've been wondering where the money was going on the fines and penalties by U.S. Attorney General Eric Holder. It looked like a big source of revenue, which I assumed was going to the U.S. government general revenue.

The following are excerpts from an editorial, "Holder: Master of Shakedowns," that originally appeared in the Friday edition of Investors Business Daily. I encourage you to read the full editorial. It's shocking as to the directions and use of billions of dollars.

"Extortion: The reported deal that the regime has inked with Bank of America to shell out a record $16 billion in subprime mortgage relief is being touted as the final shakedown. Don't bet on it.

"BofA CEO Brian Moynihan, who negotiated the deal in a recent nighttime call with Attorney General Eric Holder, is telling shareholders that the Justice Department deal is the last big crisis-era liability the bank has to worry about.

"Shareholders aren't so sure. The Charlotte-based giant's stock hasn't rallied. Shares have fallen 6 percent since July 3 and were down again Thursday on the news.

"In the first quarter, BofA shareholders were shocked to learn that the bank suffered a $276 million loss attributed in part to a $6 billion settlement with the Federal Housing Finance Agency over subprime loans and bonds and a legal set-aside of another $2.4 billion to cover future costs from additional Justice probes.

"The Holder regime has torn into BofA like a pinata. The bank already has forked over $60 billion to settle lawsuits and buy back mortgage securities -- more than any other big bank. Why would Holder stop shaking down such an easy mark now ..."

"... Even if you believe the securities fraud charges, which we don't, the victims would be the institutional buyers of their mortgage bonds. To make them whole, the government would have distributed the settlement proceeds to those investors. But it didn't. It's distributing billions to Democratic constituents and housing groups.

"In the JPMorgan deal, Holder set aside $4 million for 'consumer relief' for homeowners never ID'd as victims. But 'low- to moderate-income borrowers' in Detroit, Chicago and other Democratic strongholds will now get easy-term home loans.

"Meanwhile, Holder has ordered Citibank to earmark $2.5 billion for "consumer relief," including writing down mortgage debt for deadbeat borrowers. And he'll redistribute almost half -- $7 billion -- of the BofA settlement to consumers.

"In his consent orders, Holder has failed to provide the public with key info on even investor losses. He hasn't named guilty executives who supposedly duped people into buying subprime products. He lists no specific laws broken, no systemic illegal schemes or activities."

Gary Rust is chairman of the board of Rust Communications, which owns the Southeast Missourian, as well as a member of the editorial board.