Sunday, March 22, 2009

Bailed-out Banks Contributing to Campaign Funds

The federal bank bailouts may be giving new meaning to the term "kickback."Many of the banks rescued last year with taxpayer money have contributed to the campaign coffers of some politicians who approved the bailouts, according to recent filings with the Federal Election Commission.While some bailed-out banks, such as Wells Fargo and JP Morgan Chase, have reduced their campaign donations, others have discreetly made donations this year, Newsweek reported. Bank of America's political action committee (PAC) gave $24,500 in January and February, "including $1,500 to House Majority Leader Steny Hoyer and another $15,000 to members of the House and Senate banking panels," the weekly news magazine said."This certainly appears to be a case of TARP funds being recycled into campaign contributions," Newsweek quoted Brett Kappell, a D.C. lawyer who tracks donations, as saying. "TARP" refers to the federal Troubled Asset Relief Program, the $700 billion legislation passed in October.

No comments: