Why'd Goldman Get an Earmark?
Here's a nominee for one of the 111th Congress' most dubious earmarks: $3 million to subsidize a mining concern owned primarily by Goldman Sachs, recipient of a $10 billion bailout (since repaid), and two hedge funds. Politico reports that the measure was slipped into the House defense appropriations bill by Rep. Jerry Lewis (R-Calif.), the top Republican on the House appropriations committee who's regularly featured on Citizens for Responsibility and Ethics' annual list of the most corrupt members of Congress. How'd he earn a spot on the list? For allegedly trading earmarks for campaign contributions—a matter for which he's presently under federal investigation.
Lewis and his supporters say this particular earmark is a matter of national security. The mining project in question, run by a company called Molycorp Minerals, is harvesting rare elements that are an ingredient in the magnets used in precision-guided missiles and smart bombs. (Among Lewis' top contributors are defense and aerospace firms that produce such munitions.) China, as Politico notes, is the world's primary producer of these hard-to-come-by minerals, but the country has threatened to stop exports, prompting a search for other sources.