So, have you been wondering lately where all those taxpayer dollars involved in the Treasury’s brilliantly contrived “bailout” program are going? Lately, we – yes, us taxpayers – have been getting a few clues, and no thanks to officials at the Treasury who have written the actual checks. Press reports have shed some light on how companies are spending these “rescue” funds.
Interior decorating. Check.
Bad acquisitions. Check.
Exhorbitant executive bonuses. Check.
Lobbying. Uh, well, yeah…
The financial service sector contributed nearly $142 million to political campaigns, third-most among all industries, according to the Center for Responsive Politics’ OpenSecrets.org Web site (In case you’re wondering, 56% went to Democrats, 43% to Republicans); $131 million of this sum came from individuals. That’s about $130 million more than they would have contributed without bonus money. Apparently these lobbying expenditures last year have paid off. Clearly these financial companies have gotten what they paid for and much, much more. Thanks a bunch Mr. Paulson.
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