SUBMITTED RELEASE FROM RORY 2010
A new television ad points out Brian Sandoval’s cozy relationship with the banking industry and, in his own words, his deep ties with powerful special interests. The 30-second spot, titled “Risks,” began airing across Nevada today.
Sandoval was the sole sponsor of a banking deregulation bill that was literally written by banking industry lobbyists. In doing so, Sandoval demonstrated just how easy he is to push over. The bill liberalized the concept of bank capital in Nevada, allowing banks to invest their capital in risky investments backed by toxic mortgages.
As a result, taxpayers have had to pay at least $1.2 billion to bail out Nevada’s bad banks, and the state banking crisis is one of the major reasons that small businesses cannot get the credit they need to grow and create jobs.
And it’s Sandoval’s law firm that lobbies on behalf of nearly every bank in Nevada, including the Nevada Bankers Association and banks such as Wells Fargo and Bank of America, which received federal bailouts. One of the lobbyists running Sandoval’s campaign also represents bailed-out JP Morgan Chase.
It’s a powerful and simple truth. Brian Sandoval’s willingness to carry the water for the banking industry helped lead us to the state’s economic collapse. But more importantly, it tells us something about Sandoval’s character – he’s not strong enough to stand up to powerful special interests. Instead, he will do their bidding.
Rory Reid is the only candidate for governor to offer solutions for today and a plan for Nevada’s future success – supporting strong schools for a stronger economy. For more information about hiss campaign or to download his plans — visit Rory2010.com.