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Before the Bailout, Firms Were Big Donors

By Matthew Mosk
Before the financial sector imploded, Wall Street firms made some substantial investments that went under the radar.

Several of the biggest beneficiaries of the federal government's corporate rescue made six-figure contributions to the Democratic and Republican Party conventions in the past year, according to reports filed with the Federal Election Commission this week.

Some of the top donors to both parties are familiar names. Insurance giant American International Group Inc., for instance, donated $750,000 to each party convention, FEC reports show. Another big giver: failing home mortgage giant Freddie Mac, which donated $250,000 to each convention. UBS, the Swiss bank that is now receiving government help, also gave a quarter million dollars to each.

Perhaps it's a just coincidence, but there is one familiar corporate name that did not follow the practice of even-handed giving to both conventions. That would be Lehman Bros. -- which gave $100,000 to the Democrats but reported no gifts to the GOP. Just a few weeks later, the Wall Street firm did not find an outstretched hand from the Republican administration when the going got tough.

By Web Politics Editor  |  October 17, 2008; 10:25 AM ET
Categories:  Conventions , Economy , The Green Zone  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: McCain, Letterman Make Amends
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Comments

IF PALIN IS SO QUALIFIED...
Then why didn't she run for president?

Posted by: thenotoriousflavio | October 18, 2008 7:24 AM | Report abuse

thecanulla spewed: "pray tell me how you "CUT" the bottom 30% who currently pay NO FEDERAL INCOME TAX under your friend and mine, George W Bush?"

Give'em a fricken loan to buy their bosses plumbing business. That way EVERYONE can make $250K/yr. -notoriousflavio
$$$$$$$$$$$$$$$$$$$$$$$$$

Hey "Nosfaratu"-

The Wizard gave the Scarecrow a diploma instead of a brain - I see you got a BOLD font key!
You go make the money to hand out 250k loans and let me know how it works out for ya-
I'm going to lay off a few workers and toil in my Rezko Memorial Side Yard garden, in order to cut both my outlay and my hours at work instead of giving my hard earned cash to Obama to fund ACORN and AYERS related education programs!

Posted by: thecannula | October 18, 2008 12:09 AM | Report abuse

thecanulla spewed: "pray tell me how you "CUT" the bottom 30% who currently pay NO FEDERAL INCOME TAX under your friend and mine, George W Bush?"

Give'em a fricken loan to buy their bosses plumbing business. That way EVERYONE can make $250K/yr.


Posted by: thenotoriousflavio | October 17, 2008 11:31 PM | Report abuse

IF PALIN IS SO QUALIFIED...

Then why didn't she run for president?

Posted by: thenotoriousflavio | October 17, 2008 11:27 PM | Report abuse

wow talk about big donors. obama has taken it upon himself to spend 845 BILLION dollars to eradicate world poverty .. spreading more of our wealth, without our permission. here's the story:

joe the plumber helped obama define his socialist economic policy .. but obama has much more going on than 'spreading the wealth around' just in america. last summer senator obama introduced the 'the global poverty act' to congress, which has been passed in the house and currently awaits approval in the senate. the global poverty act is a tax of 0.7% of the american gdp (gross domestic product), to be given to the united nations and distributed to third world countries in an attempt to eradicate 50% of the world's poverty. virtually no one knows about this, and yet it will cost americans 845 billion dollars over the next 13 years. what kind of insane agenda for our economy is obama working on? (let it be noted this has nothing to do with the recent 700+ billion dollar subprime bailout .. these are two totally separate activities.)

topics in this easy read include joe the plumber, the debate, socialism and finally the the global poverty act, which the heritage foundation calls "superfluous, misguided, and dangerous". check it out here:

http://make-informed-decisions.blogspot.com/2008/10/joe-plumber-helps-obama-define.html

Posted by: guesswhosreadytolead | October 17, 2008 8:47 PM | Report abuse

I find it very interesting that most of the pro McCain supporters miss the the very salient point:TO PAY MORE TAX YOU MUST EARN MORE MONEY. broedd2003
**********
Right genius, so after I have covered my nut, I'm going home and playing with my kids rather than killing myself so Obama can distribute my hard earned cash to ACORN and Radical Education Programs, like the one he supported with Ayres...I'll probably lay off 1/3rd of my employees- let Obama employ them, like FDR did in the last Depression....note I didn't call it the GREAT Depression- that one's coming soon to you and Obama- Hey, did you see the room service bill for Barack and Michelle at the Waldorf last night? Caviar and Champagne all the way!

Posted by: thecannula | October 17, 2008 6:13 PM | Report abuse

McCain had some issues during the debate. Medical Issues? What we didnt know. Watch complete 2 min video.
http://www.youtube.com/watch?v=YfG22Sjo2gM

tired of this election, try thinking of 2012 http://www.skip08.com

Posted by: pastor123 | October 17, 2008 3:35 PM | Report abuse

thecannula:

Your point is trivial. The real point is Only the top 5% (which account for only 29% of all taxes) will see an increase.

Posted by: Godhimself1 | October 17, 2008 12:27 PM | Report abuse


My point is- Let's call taking hard earned money from your plumber, dentist, accountant, psychologist, etc and giving checks to people who currently pay no income tax- welfare, period. If you agree with it, that's your perogative, just let's call it what it is.

Posted by: thecannula | October 17, 2008 12:46 PM | Report abuse

Oh The Times, They are a Changin'


(RCP today....I know most polls show Obama ahead But the trend is promising for Joe the Plumber and all of the rest of us small businessmen and women)

Florida SurveyUSA Obama 47, McCain 49 McCain +2

National Rasmussen Tracking Obama 50, McCain 46 Obama +4 (down from 8)

National GW/Battleground Tracking Obama 49, McCain 45 Obama +4 (down from 8)

Posted by: thecannula | October 17, 2008 12:34 PM | Report abuse

scrivener-

Why would a small businesswoman in Obama's America want to work longer hours, hire more people, and purchase more stationary from STAPLES, just to give it away? Why wouldn't she want to have more leisure/family time, downsize her business, and make a decent living without passing the income cut off where every dollar she makes gets divided with those NOT CURRENTLY paying Federal Income Tax, who will have their "taxes cut" by getting payments from Obama?

Sounds like a recipe for a depression...

Posted by: thecannula | October 17, 2008 12:01 PM | Report abuse

WHO else feels a WARM SPOT in their BELLY at the thought of VOTING for OBAMA?

Posted by: Tom22 | October 17, 2008 11:53 AM | Report abuse

thenotoriousflavio-

You seem like an intelligent FONT ENHANCED gentleman, pray tell me how you "CUT" the bottom 30% who currently pay NO FEDERAL INCOME TAX under your friend and mine, George W Bush?

............crickets..........

Is it by giving out money taken from Joe the Plumber? .............

Is that Welfare?

...............crickets................................................................................

Posted by: thecannula | October 17, 2008 11:52 AM | Report abuse

"
REGULATE GREED
Regulation = Taxpayer protection.
WHO didn't like regulation on Wall ST?...
REPUBLICANS!!!!
(by the way, Fannie and Freddie are the result of lack of regulation on Wall St NOT vice versa)
Posted by: thenotoriousflavio | October 17, 2008 11:22 AM | Report abuse"

then why did the dems fight to insure fannie and freddie escaped any kind of oversight when they knew there was a problem in 2005...
this could have been prevented but the dems made sure it happened...

Posted by: DwightHCollins | October 17, 2008 11:51 AM | Report abuse

"Coralman wrote:
If you want to know what is supporting McCain-Palin now, just watch some of the videos on the Internet. Reporters question McCain supporters at rallies. They are nearly all racists.
10/17/2008"

100% Agree. Over 90% of blacks are attending Obama's rallies and McCain doesn't have barely any attending his. McCain is such a racist based on that fact alone. When Rep. Murtha said all the people in Western Pennsylvania were Racists he was right. Barack supplied the reason (these are 2nd Amendment Loving, Pro-Life Republican nut jobs who attend Church - what a bunch of wacko, religious freaks!). The Whites who go to McCains rallies are all racists who are voting for McCain (solely based on his skin color). The Blacks who attend Obama rallies are open-minded people who are voting for Obama (solely because he is FAR MORE INTELLIGENT and it has nothing to do with his skin color - obviously if you vote for somoneone based on their skin color thenyou too are a racist and that would make you a HYPOCRITE).

McCain is a RACIST!
Obama is FAR MORE INTELLIGENT!

Vote for Obama/Biden in 2008!

Posted by: Tom22 | October 17, 2008 11:50 AM | Report abuse

"
REGULATE GREED
Regulation = Taxpayer protection.
WHO didn't like regulation on Wall ST?...
REPUBLICANS!!!!
(by the way, Fannie and Freddie are the result of lack of regulation on Wall St NOT vice versa)
Posted by: thenotoriousflavio | October 17, 2008 11:22 AM | Report abuse"

then why did the dems fight to insure fannie and freddie escaped any kind of oversight when they knew there was a problem in 2005...
this could have been prevented but the dems made sure it happened...

Posted by: DwightHCollins | October 17, 2008 11:50 AM | Report abuse


LETTERMAN CROSS-EXAMINATION CONVICTS MCCAIN

David Letterman eviscerated McCain on the William Ayers and Sarah Palin issues. He exposed the sophistry of McCain's argument that Palin is qualified... Letterman's provocations forced McCain to defend his association with convicted Watergate burglar G. Godon Liddy.

McCain's responses revealed himself. This should be front page news. You should be printing the transcript of Letterman's skillful interrogation.

Letterman did what the mainstream media has not been able to do -- get McCain to indict himself on these talking points.

ARE THE McCAIN-PALIN CROWD AGITATORS THE SAME STORMTROOPERS WHO DO THIS:

http://www.nowpublic.com/world/american-gestapo-state-supported-terrorism-targets-u-s-citizens

Posted by: scrivener50 | October 17, 2008 11:45 AM | Report abuse

thenotoriousflavio-

You seem like an intelligent FONT ENHANCED gentleman, pray tell me how you "CUT" the bottom 30% who currently pay NO FEDERAL INCOME TAX under your friend and mine, George W Bush?

............crickets..........

Is it by giving out money taken from Joe the Plumber? .............

Is that Welfare?

Posted by: thecannula | October 17, 2008 11:28 AM | Report abuse

The Tale of Joe the Senator and Joe the Plumber

McCain won the Debate by Introducing the Desires of Hard Working Americans to get Ahead Back into the Race in the Form of Joe the Plumber-

Joe the Plumber now has a voice, speaking for the middle and upper middle class, trying to get ahead. The REAL Rich has been represented by Penny Pritzker's Candidate. Joe said, sure today it's people making over 250K that will get killed by Obama's taxes, but soon, as Obama's agenda gets more expensive, it will be people making 150K, and so on...it's like that old saying about not speaking out when someone comes for your neighbors....soon there will no one left to speak out when someone comes for you.

Biden made over 250K each of the past 3 years and gave less than $1000 in charity total over that time; but he feels it's "Patriotic" to ask everyone else to redistribute THEIR earnings.


You know Joe the Senator, LOTS of us wouldn't mind pulling down 200K a year, not paying higher taxes, not giving much to charity....LIKE YOU!


Posted by: thecannula | October 17, 2008 11:24 AM | Report abuse

REGULATE GREED

Regulation = Taxpayer protection.

WHO didn't like regulation on Wall ST?...

REPUBLICANS!!!!

(by the way, Fannie and Freddie are the result of lack of regulation on Wall St NOT vice versa)

Posted by: thenotoriousflavio | October 17, 2008 11:22 AM | Report abuse

thecannula spewed: "If Barack Obama can effectively claim that his plan cuts taxes on 95 percent of Americans, then the term "tax cut" has no meaning.

The other 95% of us disagree with YOUR 5%.

It's a tax cut for us normal people.

Posted by: thenotoriousflavio | October 17, 2008 11:18 AM | Report abuse

It's Just an Illusion....

Searching for Obama's 95 Percent
Posted by Philip Klein on 10.16.08 @ 8:23AM

HEMPSTEAD. N.Y. -- "We are going to cut taxes for 95 percent of Americans," Barack Obama's campaign manager, David Plouffe, said in the spin room here at Hofstra University following the final debate of the 2008 presidential election.

Plouffe was repeating one of the boldest claims made by the Obama campaign. It's a claim that the Wall Street Journal editorial board dubbed "Obama's 95% Illusion," noting that more than a third of Americans don't pay any income taxes, and that what Obama's plan does do is offer a raft of subsidies and government payments to individuals and families that he redefines as "tax cuts." His proposal looks more like a redistribution scheme than an honest effort to reduce taxes -- as he revealed on Monday when he told a now famous Ohio plumber that his plan aimed to "spread the wealth around."

So when Plouffe reiterated the 95 percent claim, I asked him a simple question aimed at clarifying whether Obama's tax plan was about cutting rates, or merely handing out government checks. "What rates would actually go down"? I asked.

"Middle class people are going to see, systemically, their taxes reduced, and small businesses," Plouffe responded.

"But what rate would go down for lower-income Americans?" I persisted, seeking more information.

"We'll have to get you the exact details on that," Obama's campaign manager told me.


If Barack Obama can effectively claim that his plan cuts taxes on 95 percent of Americans, then the term "tax cut" has no meaning.

Posted by: thecannula | October 17, 2008 10:58 AM | Report abuse

This administration has allowed political considerations to preempt policy considerations as a operating method. Letting Lehman fail had to be allowed or this country would be at the mercy of large business institutions.

The method of regulating business may need to be by braking large companies up into smaller parts. We will suffer the inefficiency and cost of such a move but we will no longer have to suffer the huge consequences when the market has to punish a transgressing company.

Posted by: Gator-ron | October 17, 2008 10:51 AM | Report abuse

This bail out once again illustrates how the rich elite take from the middle class in another "redistribution of wealth" or reverse socialism. Their argument for this is if we don't play by their rules they will take all their money and leave America.
What they don't say is that they have been leaving ever since NAFTA.

Posted by: seemstome | October 17, 2008 10:46 AM | Report abuse

what was Bushes part in all of this, you don't hear anything in the news.

Posted by: woodard3 | October 17, 2008 10:28 AM | Report abuse

The comments to this entry are closed.

 
 
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