(I’ve been dying to do a title like that for some time.)
Follow the money.
A NEWSWEEK review of recent filings with the Federal Election Commission found that the political action committees of five big TARP recipients doled out $85,300 to members in the first two months of this year—with most of the cash going to those who serves on committees who oversee the TARP program. Among them: Bank of America (which got $15 billion in bailout money) sent out $24,500 in the first two months of 2009, including $1,500 to House Majority Leader Steny Hoyer and another $15,000 to members of the House and Senate banking panels. Citigroup ($25 billion) dished out $29,620, including $2,500 to House GOPWhip Eric Cantor, who also got $10,000 from UBS which, while not a TARP recipient, got $5 billion in bailout funds as an AIG “counterparty.” “This certainly appears to be a case of TARP funds being recycled into campaign contributions,” says Brett Kappel, a D.C. lawyer who tracks donations.
Nice to see how Congress works. Vote through crappy legislation where it rewards failing businesses. Failing businesses then fund the elections of the same folks who paid them earlier. It’s almost as if Congress is out to buy votes.
Michelle has this:
Related note: Just a reminder that I posted the names of the 85 Republicans including Rep. Cantor who supported the House Democrats’ AIG bonus tax. Keep an eye out for who puts what in their coffers.
Thanks to Fresh Tea.