Connaughton wrote “The Payoff,” which came out last
month, in the fashion of guilt-racked whistle-blower: he was a party to a
corrupt system and now wants to blow the lid off the game.
“I came to D.C. a Democrat and left a plutocrat,” he confesses.
As chief of staff to former Sen. Ted Kaufman (D-Del.), Biden’s
successor, Connaughton was radicalized by his unsuccessful experience
trying to get an amendment to the Dodd-Frank financial regulation bill
that would have broken up the country’s largest banks. So he left
Washington politics and wrote what he believes is the unvarnished truth
about the country’s political system. The big reveal: Big banks control
both parties.
“It’s time people understand why – and how – Wall Street always wins,” Connaughton writes at the outset of his book.
He is harshly critical of his own party and the Obama administration,
arguing that the president is no different than most other Washington
Democrats in his willingness to kowtow to Wall Street.
President Obama and Biden, he writes, are “both financially illiterate.”
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