Steny Hoyer and the Revolving Door

The chart below (hat tip Conn Carroll at Beltway Confidential) shows that minority Steny Hoyer’s former chief of staff Corey Alexander, was part of the revolving door at Fannie Mae during the time it was inflating the housing bubble that led to the crash of the housing market.

After Fannie Mae, Alexander went to UnitedHealth Group, which spent millions lobbying for Obamacare.
There are other Hoyer acolytes who cashed in on K Street lobbying for big tobacco, large corporate giants, and of course, Wall Street.
Then there is Terry Lierman, Hoyer’s most recent chief of staff, and former chair of the Maryland Democratic Party. Lierman was already slick K Street operator before going to work for Hoyer.
But by far the smelliest odor to emerge from this so-called public servant was captured by theWashington Post in a front-page story on October 31. Five days before signing on in June of 1999 to co-sponsor an ultimately unsuccessful bill to extend Schering-Plough Corp.’s patent on Claritin, he took an unsecured $25,000 loan from Terry Lierman, an outside lobbyist for the company. Lierman loaned his longtime friend the dough at 8 percent. The note set no repayment schedule, but it was callable anytime, effectively making Moran a puppet on Lierman’s string…

As for the influence, Moran says Lierman never lobbied him on the Claritin bill. Lierman told the Post, “[I] probably did lobby Jim,” on the Claritin bill, but he denied there was any connection to the loan. At any rate, on July 23, Moran sent a letter to his Democratic colleagues seeking support for the bill.
Remember this the next time Maryland’s Democratic drones yammer about working for the little guy.

Send this to a friend