Follow the Bailout Cash Michael Isikoff and Dina Fine Maron NEWSWEEK From the magazine issue dated Mar 30, 2009 There was plenty of outrage on Capitol Hill last week over the executive bonuses paid out by AIG after getting federal bailout money. But another money trail could make voters just as angry: the campaign dollars to members of Congress from banks and firms that have received billions via the Troubled Asset Relief Program. While a few big firms, such as Wells Fargo and JP Morgan Chase, have curtailed their campaign giving, others are quietly doling out cash to select members of Congress, particularly those who serve on committees that oversee TARP. In recent filings with the Federal Election Commission, the political action committee for 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 GOP Whip 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 Kappell, a D.C. lawyer who tracks donations. (A spokesman for Cantor did not respond to requests for comment. A spokeswoman for Hoyer said it's his "policy to accept legal contributions.") The cash flow is already causing angst inside the Beltway. "The last thing I want to do is wake up one morning and see our PAC check being burned on C-Span," said one bank lobbyist, who asked not to be identified because of the issue's sensitivity. House Speaker Nancy Pelosi and House Financial Services chair Rep. Barney Frank both said recently they won't take donations from TARP recipients. But House Democratic fundraisers have quietly passed the word that the party's campaign committee will resume accepting themâbut down the road, not right now. Said one fundraiser, who also requested anonymity, "These are treacherous waters."
Companies who get TARP money shouldn't be allowed to give campaign contributions but wait, if that was the case there would be no reason to save the Companies.
Prediction: We will experience a homegrown terrorist attack before the next muslim attack. I think the militias are down but not out. The governement's complete and utter fraud and incompetance is a great recruiting tool and provides plenty of rationale.
If everybody gave all their savings as campaign contributions, that means they would get back that money exponentially from our elected officials, making everyone instant billionaires! Our problem is solved!!