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Coincidentally, the Royal Bank of Scotland gave nearly a quarter of a million dollars to Senator Dodd, who is leading the bailout negotiations in the Senate.
Top 5 Contributors, 2003-2008
Citigroup Inc - $314,694
SAC Capital Partners - $282,000
United Technologies - $263,400
Royal Bank of Scotland - $229,950
American International Group - $224,678
The organizations themselves did not donate , rather the money came from the organization's PAC, its individual members or employees or owners, and those individuals' immediate families
The organizations listed as "Top Contributors" reached this list for one of two reasons: either they gave through a political action committee sponsored by the organization, or individuals connected with the organization contributed directly to the candidate.
Under federal law, all contributions over $200 must be itemized and the donor's occupation and employer must be requested and disclosed, if provided.
Rep. Brad Sherman, D California:
Larry I am glad you have a few seconds to talk to someone who voted against this bill. I am not changing my mind. I want to thank my colleagues who stood up to the purveyors of panic and voted against a very bad bill and voted with 400 eminent economists including three Nobel laureates who wrote to us and said don't panic, don't act hastily, hold hearings, work carefully. The fact is Larry if you read this bill, even you would have voted against it.
It provides hundreds of billions of dollars of bailouts to foreign investors. It provides no real control of Paulson's power. There is a critique board but not really a board that can step in and change what he does. It's a $700 billion program run by a part-time temporary employee and there is no limit on million dollar a month salaries.
Larry Kudlow: Let me just ask you one question. I think you are referring to foreign banks headquartered in the United States. I do not see how foreign investors get bailed out. Rep. Brad Sherman: Larry you have to read the bill. It's very clear. The Bank of Shanghai can transfer all of its toxic assets to the Bank of Shanghai of Los Angeles which can then sell them the next day to the Treasury. I had a provision to say if it wasn't owned by an American entity even a subsidiary, but at least an entity in the US, the Treasury can't buy it. It was rejected.
The bill is very clear. Assets now held in China and London can be sold to US entities on Monday and then sold to the Treasury on Tuesday. Paulson has made it clear he will recommend a veto of any bill that contained a clear provision that said if Americans did not own the asset on September 20th that it can't be sold to the Treasury. Hundreds of billions of dollars are going to bail out foreign investors. They know it, they demanded it and the bill has been carefully written to make sure that can happen.