Firms who received bailout cash giving generously to Pols

This is pretty cynical even for Washington. Dozens of companies who got bailout money from taxpayers are donating millions to the politicians who voted them the cash in the first place.

According to this WaPo piece, many of those companies still owe the federal government:

Although GM suspended its contributions while it solicited the government for financial help, it is now back in the game of political giving, increasing donations from its federal PAC steadily over the past few months.It is not alone: Companies that received federal bailout money, including some that still owe money to the government, are giving to political candidates with vigor. Among companies with PACs, the 23 that received $1 billion or more in federal money through the Troubled Assets Relief Program gave a total of $1.4 million to candidates in September, up from $466,000 the month before.

Most of those donations are going to Republican candidates, although the TARP program was approved primarily with Democratic support. President Obama expanded it to cover GM and other automakers.

Greg Martin, a GM spokesman, said that the company's PAC donations come from voluntary contributions from its employees. "We contribute to candidates who thoughtfully approach issues that are important to the auto industry and manufacturing," he said. "If you look at our giving, we have given equally to both parties' leadership."

That last line is revealing. Once the GOP takes control, it will be up to them to continue to bail out GM once the inevitable crunch comes. What do you think the chances are that the GOP would cave and throw more good taxpayer money after the bad?





This is pretty cynical even for Washington. Dozens of companies who got bailout money from taxpayers are donating millions to the politicians who voted them the cash in the first place.

According to this WaPo piece, many of those companies still owe the federal government:

Although GM suspended its contributions while it solicited the government for financial help, it is now back in the game of political giving, increasing donations from its federal PAC steadily over the past few months.

It is not alone: Companies that received federal bailout money, including some that still owe money to the government, are giving to political candidates with vigor. Among companies with PACs, the 23 that received $1 billion or more in federal money through the Troubled Assets Relief Program gave a total of $1.4 million to candidates in September, up from $466,000 the month before.

Most of those donations are going to Republican candidates, although the TARP program was approved primarily with Democratic support. President Obama expanded it to cover GM and other automakers.

Greg Martin, a GM spokesman, said that the company's PAC donations come from voluntary contributions from its employees. "We contribute to candidates who thoughtfully approach issues that are important to the auto industry and manufacturing," he said. "If you look at our giving, we have given equally to both parties' leadership."

That last line is revealing. Once the GOP takes control, it will be up to them to continue to bail out GM once the inevitable crunch comes. What do you think the chances are that the GOP would cave and throw more good taxpayer money after the bad?





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