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November 09, 1992 - Image 7

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The Michigan Daily, 1992-11-09

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The Michigan Daily - Monday, November 9, 1992- Page 7

The Michigan Daily .We've got it all
NEWS * SPORTS * ARTS * PHOTO * OPINION

rite it. Read It.
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TeMichigan Daily

Take the money and run
Three women help pick up the remaining dollar bills from the floor of Cliff Keen arena after the Dash for Cash, a
contest among four people to see who could pick up the most money within a time period. The contest was held
between two women's volleyball games against Penn State Friday night.
Corporations, fat-cat donors, PACs fill
owarchests for winning 1992 candidates

Career opportunities
at J.P. Morgan
for University of Michigan students interested in
Corporate Finance
Management Services (Consulting)
Sales, Trading, and Research
Please plan to attend our
information presentation on
Uhesday, November 10
Michigan Union
Kuenzel Room
6:30 pm
All majors welcome
JPMorgan
J.P. Morgan is an equal opportunity employer

WASHINGTON (AP) - Big
money was bigger than ever in the
1992 election.
An estimated $100 million
poured into the presidential election
from corporations and fat-cat donors
exactly the kind of donations that
post-Watergate reforms sought to
eliminate by financing White House
campaigns with tax dollars.
In the congressional races, big
* spending equaled winning once
again, as all but a few incumbents
survived the anti-Washington mood
of the electorate. As usual, their
warchests got plenty of help from
political action committees.
TXpayers
support
former
presidents
_ WASHINGTON (AP) -
,President Bush is about to join the
9 nation's most elite group of pen-
sioners - and the costliest to
taxpayers.
With the inauguration of Bill
Clinton as his successor Jan. 20,
:,Bush will bring to five the number
of living former presidents - join-
ing Richard Nixon, Gerald Ford,
'Jimmy Carter and Ronald Reagan in
comfortable, taxpayer-provided
* retirement.
The cost, including Secret
Service protection, totals $17.2 mil-
< lion this year for the first four.
Congress will have to provide more
money next year to cover Bush's
retirement.
"The budget did not contemplate
him becoming a former president,"
said Bill Early, budget director for
the General Services Administration.
Even without the security, the
taxpayers' bill for a six-figure pen-
;;sion, office space, staff and travel
wexpenses approaches half a million
dollars for each of the former presi-
dents - and more in the case of
'Reagan: $770,900 this fiscal year.
But security is the most expen-
sive item. Only Nixon among the
°:former presidents does not have
Secret Service protection, which he
waived in 1985.
_Congress has provided $15 mil-
-'ion for Secret Service protection of
the other three former presidents this
year.
"It's 24 hours a day," said Early.
"That's expensive - and it's
forever."
The cost of protecting former
presidents drew notice when Reagan
made a highly publicized trip to
Japan in 1989. He collected $2 mil-
'ion in honoraria from a Japanese
corporation while U.S. taxpayers
paid for his traveling security agents.
A provision added to an appro-
priations bill this year at the behest
of Sen. Dennis DeConcini (D-Ariz.)
requires the director of the Secret
Service to meet with each of the
former presidents by next spring to
discuss their protection and its cost.,
The idea is to find ways to cut or
eliminate the security.

Samuel Dash, who observed
these abuses as the former Senate
Watergate committee chief counsel,
agreed. "I think once again we're in
a situation unfortunately where
money is buying power," he said.
But Dash said Bill Clinton's in-
coming administration is poised to
make a change, noting the Democrat
has already said he would have
signed the sweeping campaign fi-
nance reform bill passed by
Congress earlier this year but vetoed
by President Bush.
That bill would have eliminated
the so-called soft money loophole
that unions and corporations, forbid-

den from donating directly to candi-
dates, have used to plow large sums
of money, often upwards of
$100,000, to the political parties.
Christine Varney, general counsel
to Clinton's campaign, predicted
campaign finance reform would be a
concern "early on. ... He's
committed to real change," she said.
Clinton's own campaign bene-
fited much from the Democratic
Party's explosion of soft money
from rich donors who'll now have an
interest in the policies his
administration crafts.

i

PAI D

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