It was a Republican administration that created the risky bailout plan of the banking industry, and a Democratic administration that bailed out the auto industry, but it is Republicans who are hauling in the bulk of contributions this election from financial and big business interests.

 

The two top recipients of money from companies receiving TARP funds are the top two House Republicans, Minority Leader John Boehner of Ohio ($200,000) and Republican Whip Eric Cantor of Virginia ($187,000), according to The Washington Post. They are followed by Congressmen Spencer Bachus of Alabama, the top Republican on the House Financial Services Committee, and Dave Camp of Michigan, the senior GOP member on the tax-writing committee.

 

General Motors, which still is owned by the federal government, even gave $5,000 to Senate Minority Leader Mitch McConnell (R-Kentucky), who publicly slammed the Obama administration for rescuing GM and Chrysler. In just the last month, GM has handed out $190,000 in contributions to candidates.

 

Indiana Republican Senatorial candidate Dan Coats has attacked his Democratic opponent, Brad Ellsworth, for supporting “the disastrous bank bailout.” Yet it is Coats who has received $30,000 in campaign contributions from bailed out companies, including JPMorgan Chase, while Ellsworth has received none.

-Noel Brinkerhoff

 

Companies That Received Bailout Money Giving Generously to Candidates (by T.W. Farnam,

Washington Post)