Tag Archives: Bailout

Did Political Contributions Drive Federal Bailout?

Did Political Contributions Drive Federal Bailout?

According to OpenSecrets.Org:

Banking / Financial Firms

  • AIG donated $586,000 to the Democrats while donating $268,000 to the Republicans, with 69% of total donations going to the Democratic Party. Since 1990, AIG has donated more than $9.3 Million to political candidates.
  • Goldman Sachs has donated nearly $20 Million to the Democratic Party since 1990.
  • In the 2008 election, Citigroup donated 61% of their nearly $4.4 Million to the Democratic Party.
  • In the 2008 election, Bank of America donated $2.3 Million, with 56% of donations going to the Democratic Party.
  • Merrill Lynch donated 62% of their $14.2 Million in contributions to the Republican Party since 1990.
  • Lehman Brothers level of political contributions did not make it to the Top 100 Political Contributors.

In examining this list, one can conclude that the two firms allowed to collapse or fold were not heavy contributors to the Democratic Party while those getting bailouts were heavy contributors.

Automotives Related

  • The Teamsters Union has donated nearly $25 Million to the Democratic Party since 1990.
  • The AFL-CIO has donated nearly $17 Million to the Democratic Party since 1990.
  • Sheet Metal Workers Union has donated $16 Million to the Democratic Party since 1990.
  • United Auto Workers has donated over $25 Million to the Democratic Party since 1990.

Is it any wonder that, while President Bush was in office, his administration offered no aide to the automotives industry, but President-Elect Obama pushed for financial assistance even before he took office?

Further Evidence of Political Favoritism to Heavy Democratic Contributors

In the meantime, both Senate Banking committee Chairman Christopher Dodd (Dem.) and Treasury Secretary Timothy Geithner have been implicated in designed the bonus plans for both AIG executives and Merrill Lynch. Add to the conspiracy that Freddie Mac and Fannie May, the two key federally controlled mortgage giants, are planning millions in retention bonuses to top executives. Will we find that Democratic Rep. Barney Frank, who failed in properly overseeing the two federal organizations, had something to do with these outrageously planned bonuses?

Poor President Obama!

Is President Obama the only Democrat in Washington D.C. who is straightforward and willing to take responsibility? Will he be the next Teddy Roosevelt (Rep. Pres.) in cleaning out corruption in Washington D.C. or will he fall victim to the corruption all around him? Obama survived the fallout in corrupt Democratic politicians in Illinois, but eventually his luck will run out unless he directly confronts the clear and evident pattern of political corruption all around him and his political party.

These are dire days for the U.S. economy, and a cloud of doom is building from the continuous ongoing exposure of political corruption in the party that controls Washington D.C.

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Filed under Corruption, Economy, Finance, Government