After announcing he was forming a presidential exploratory committee last month, former Republican Florida Governor Jeb Bush quickly began pulling together a political operation of strategists, consultants and donors. On Thursday, the Washington Post reported that DC insider Richard Hohlt, a Republican lobbyist, has become an informal member of the Jeb Bush campaign team. But the newspaper neglected to note that Hohlt is more than your average Washington influence-peddler.
Hohlt has been a key and somewhat infamous lobbyist for the financial industry, best known for assisting the corrupt savings-and-loan banking industry three decades ago in its battle with federal regulators—at a profound cost to US taxpayers. And in 2009, following the Wall Street-driven economic demise, Citigroup enlisted him to assist its efforts in Washington.
Hohlt has worked the halls of the nation’s capital for various corporate giants, including Chevron and Altria. But he is best known for assisting the S&L gang three decades ago. He kept regulators at bay on behalf of these thrifts, which were overextended and speculating with federally insured deposits. The ensuing S&L collapse, which happened during the Reagan and (first) Bush years, helped drive the US economy into the tank, launched a series of investigations, and yielded criminal convictions. As the New York Times reported six years ago, “Critics say that as a top lobbyist for the savings and loan industry in the 1980s, Mr. Hohlt blocked regulation of these institutions and played a pivotal role helping to prolong dubious industry practices that cost taxpayers $150 billion to clean up.” (Incidentally, an S&L run by Jeb Bush’s brother, Neil, went belly-up at a cost of $1 billion to taxpayers.)