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Banks Recycling TARP Funds as Political Contributions

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posted on Mar, 22 2009 @ 12:44 PM
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Banks Recycling TARP Funds as Political Contributions


www.newsweek.com

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 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 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 them—but down the road, not right now. Said one fundraiser, who also requested anonymity, "These are treacherous waters."
(visit the link for the full news article)




posted on Mar, 22 2009 @ 12:44 PM
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These are treacherous waters.


Ya think?

When bush minor and treasury sec. Paulson told congress that the nation was days away from economic collapse and presented them with a page and a half bill they set the stage for a panic legislation... much like the weeks after 9/11 stage for a panic legislation that resulted in an unread but still voted on Patriot act.

In the case of last fall's TARP legislation it was herded though with little thought for oversight and there has been precious little since... SO
we end up reading stories about the AIG bonuses and nonsense like this.

I am beginning to think that the entire structure on Wall street should be dismantled... the level of corruption and arrogance is astounding... as for Congress... they can be voted out of office ya know.

Really the only way nonsense like this can be stopped is to instate the public financing of political campaigns and forbid any outside fund raising or contributions.

www.newsweek.com
(visit the link for the full news article)



posted on Mar, 22 2009 @ 01:11 PM
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Originally posted by grover
as for Congress... they can be voted out of office ya know.


When the approval rating of Congress was hovering at what, 8%, the US public still elected the same idiots into office. Across the board.

Do you honestly believe this is going to change in two years? Those in power have the name id, the fundraising machines, and now tax dollars to squash any dissent from a would be challenger. Maybe its time for term limits?

As for the story. What difference does it make? People are mad about the bonuses, people are upset about this, they are upset about the bailouts, and what happens? Nothing. Same old same old from the POTUS on down.



posted on Mar, 22 2009 @ 01:17 PM
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Its not going to change unless the system is changed and to do that with take a few up against the wall mo fo's.



posted on Mar, 22 2009 @ 01:47 PM
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Sorry to say but this doesn't really suprise me at all.

Congress is nothing but a bunch of ... how do I say this politely? ... umm .. darn, I can't ... Lot Lizzards ... prostitutes ... They don't give a flying flip about the American People ... all they care about is their pockets. The American People can't pad the pockets of Congress (nor would we want to) like Corporations can. Therefore we are ignored except when it comes election time and then the lies start flowing again.

Most people don't even pay attention to what Congress is doing during the time they're up there and all they hear during election time is what those running for Congress want them to hear.



posted on Mar, 22 2009 @ 02:05 PM
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Simply put... if congress refused the money... but then I am dealing with hypotheticals aren't I?

[edit on 22-3-2009 by grover]



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