The payday industry appears to have its hooks into attorney general-elect Chris Koster.
In the Nov. 3 Turner Report, I noted that payday loan interests funneled at least $6,500 into Koster's campaign during the last few days before the election, by contributing it to the Economic Growth Councill, which, in turn, placed it in Koster's account:
The council's Ethics Commission filing shows it received $5,000 from Check into Cash, Cleveland, Tenn. and $1,500 from Axcess Financial, Albuquerque, N. M.
The Economic Growth Council has been a useful tool for Koster throughout the primary and general election campaigns. In the Aug. 2 Turner Report I noted that the Council was used to begin the laundering process for $10,000 from Vacation Services of America, a company that the man Koster wants to succeed, Jay Nixon, accused of bilking customers just four years ago:
But that $6,500 was just a drop in the bucket. The man who contributed more money than anyone else into Koster's campaign, billionaire Rex Sinquefield, has made it clear he does not want any regulation of the payday loan industry. When Sinquefield was shutting down the 100 political action committees he formed to circumvent Missouri's previous campaign contribution limits, he contributed $46,550 to Koster on Nov. 25, which was noted in the Nov. 29 Turner Report.
Governor-elect Jay Nixon has promised payday loan reform. It looks like the attorney general from his own party may stand in his way.