One Vote – One Campaign Contribution

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 us 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.

That’s right!

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.”)

Think about this for a moment (that’s all you should need) here elected officials receiving campaign contributions from the same guys in essence they’re investigating.  I haven’t looked up the word “kick backs” in the dictionary, but this sure sound’s like a synonym for the word.

The article from Michael Isikoff and Dina Fine Maron appeared in Newsweek and is entitled: “Follow the Bailout Cash”, which is very aptly titled.

Below a video of Fox News, interviewing Eric Cantor, House GOP Whip, videoed on January 15, 09, so could the real questions that need to be asked is when did congressman Cantor receive his campaign contribution, how did he vote on Troubled Asset Relief Program and how much of a fight did he put up before his vote?

TARP Trouble – Eric Cantor on Fox News

House, Senate to vote on release of $350 billion in bailout bucks.