January 21, 2010 07:28 PM UTC

Goodbye corporate finance reform

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• by: Phoenix Rising

( – promoted by Middle of the Road)

POLS UPDATE: More from The Denver Post. Corporations and labor unions can now spend like Drunken Sailors on elections.

Today, the U.S. Supreme Court issued its ruling (PDF) in Citizens United vs. FEC, and it’s a nightmare.

If the analysis I’m seeing is correct, not only did the Court overturn the Federal law restricting contributions, it also overturned State and local laws.  A corporation according to the majority is no different from a real person except that it can’t pull the lever on election day.

From Justice Stevens’ dissent:

In the context of election to public office, the distinction between corporate and human speakers is significant. Although they make enormous contributions to our society, corporations are not actually members of it. They cannot vote or run for office. Because they may be managed and controlled by nonresidents, their interests may conflict in fundamental respects with the interests of eligible voters. The financial resources, legal structure,and instrumental orientation of corporations raise legitimate concerns about their role in the electoral process. Our lawmakers have a compelling constitutional basis, if not also a democratic duty, to take measures designed to guard against the potentially deleterious effects of corporate spending in local and national races.