Wednesday, March 25, 2009
Outrage of the Day: Congress Receiving TARP Funds as Campaign ContributionsWho's getting bailout money?
Michael Isikoff and Dina Fine Maron, writing in Newsweek's March 30 edition, say it just might be your Congressman:
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.Businesses receiving bailout money, and/or businesses even partially owned by government, should not be making campaign or PAC contributions. Nor should Members of Congress or other candidates or officeholders accept these contributions if they are offered.
A Newsweek review of recent filings with the Federal Election Commission found that the political action committees of five big TARP recipients doled out $85,300 to members in the first two months of this year—with most of the cash going to those who serves on committees who oversee the TARP program...
And while we're on the subject, government-subsidized or owned or partially-owned businesses should not lobby or employ lobbyists until they are privately-owned and completely off the dole.
Hat tip: Patterico.
Posted by Amy Ridenour at 7:27 AM