TARP = Taxpayers’ Accounts Recycled to Politicians
The Crap Sandwich yields dividends for the Chicken Littles in Congress who rushed it through. Via Newsweek, we get a glimpse of how TARP funds have been recycled as political campaign contributions:
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 GOP Whip 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.”)
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Related note: Just a reminder that I posted the names of the 85 Republicans including Rep. Cantor who supported the House Democrats’ AIG bonus tax. Keep an eye out for who puts what in their coffers.
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Trackbacks
- TARP = Taxpayers’ Accounts Recycled to Politicians | The 2008 Elections
- Bloodthirsty Liberal » What Doesn’t TARP Stand For?
- Fresh Tea Daily » TARP Funds Going Back to Politicians as Campaign Donations
- There’s More Room For Rahm In AIG Bonus Abomination « Peace and Freedom Global Future
- PAXALLES
- Yet Another Trillion Dollars of Taxpayer Money… Gregg Warns That Obama’s Bailouts Will Bankrupt America « Frugal Café Blog Zone
- Unintended Consequences - MYSTERY SOLVED VIDEO UPDATE « Designated Conservative
- Say it isn’t so - Obama to give the commencement address at Notre Dame? « Jim Blazsik
- Friendly fire hits Obama! « Goodtimepolitics
- “Outraged” over the AIG bonuses? You ain’t seen nothing yet! | Fire Andrea Mitchell!
- A Small Corner of Sanity - An Online Oasis for Conservative Thought
- AIG-OBAMA: LAUNDERING OUR MONEY? « FactReal
- Members Of Congress Recieve Campaign Money From TARP Recipients And Small Donors But Mostly TARP Recipients « Richmond Tea Party: The Blog
- April Fool’s Day - Mail Order Tea Party « Designated Conservative
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A spokeswoman for Hoyer said it’s his “policy to accept legal contributions.”)
That’s fresh,what else would they say?
I can’t wait to hear Barney Frank demanding the names and threatening the banks if they don’t turn them over!!! (sarc)
Political campaign contributions = Retention Bonuses. How are they different?
Please tell me where anyone is surprised about this.
” How much is that congressman in the window ?”
The one with the wagily tail ?”
My suggestion for “fairness”. We ought to tell congress that since they think these “toxic” assets are such a good deal, we’ll pay congress with them. No salary – just pay them with toxic assets. Oh – and if you (congress) ever get a “deferred” benefit from these assets, we reserve the right to punitively tax your gain.
I used to think Eric Cantor was a rising star. Now, I think he’s a POS.
Where’s Paul Ryan?
Oops. I spoke too soon. I just checked MM’s link: Ryan was among the idiotic 85 who voted for this ridiculous tax.
Do any GOPers have any common sense?
Is there anyone in congress who’s looking out for us?
rambler, “Is there anyone in congress who’s looking out for us?”
That bus left the station Nov.20th and is not scheduled to return before 2012, if then. There is no one looking out for anyone but themselves in D.C..
With all of this re-cycling (laundering) of taxpayer money from bailoutees to politicians, and righteous indignation over bonuses, why hasn’t anyone in congress or the MSM gone after the UAW contracts. Aren’t they in fact similar to retention bonuses? Workers paid to do nothing in some cases, while their primary employers receive bailouts? So aren’t they also being paid with taxpayer funds?
Was there ever any doubt? They go after the AIG bonus recipiants yet Riens floats…Of course Obama, Dodd and Franks were on the recieving end of the Fanny paper shuffel. What a bunch of crap.
The republicans need to wise up, fight every democrat spending bill, and keep up the fight …
OR ELSE!
Tell you what, let’s tax political contributions by bailout recipients at 90 percent if the donor earns more than $250,000 a year. Sound fair?
No, I just changed my mind. Instead of taxing the donor, let’s tax the politician who receives the contribution from a bailout recipient, and let’s double-down on those who work on committees that regulate the companies involved, ie, Senate Banking Committee, etc.
The speed with which Congress managed to gin up a bill and vote for the confiscating tax on bonus’s was breathtaking. I’m certain that they’ll be just as quick to pass a bill that prohibits donations to politicians from TARP recipients./sarc.
This could be alot of fun. Imagine the stink of this getting the same “our tax dollars going to fund political vote buying” as was done to AIG. It would be great theater.
Wait a minute.
This sounds like the corruption in the Iraq/UN Oil for Food program. Only 100 times worse.
Seriously. How is this ANY different?
Someone needs to be in irons.
I’m thinking we might have a new job for Sheriff Joe.
At present Sheriff Joe is going after the symptom (illegals coming across the border) – he could be going after the cause (Congress).
Sorry folks – hit send too fast
Sheriff Joe would be going after those who do not “support and defend the constitution”.
Well I have to say I was wrong…
I thought for sure, Adolph Obama was just going to put America up against the wall and destroy it with one quick shot to the head…
…but that didn’t happen. America is going to die a death of “ten Trillion Cuts”. America is going to bleed to death before 2 years gets here and any chance of gaining some control through the congress.
If look at the halls of Congress…That’s a mighty long list. He’s going to need some help.
Just another case of good old boys scratching each other’s backs and just like the obama Chicago thugs, everybody’s got their hands in each other’s pockets.
Truly bad form to accept donations using bail out funds. There is little difference from bonuses. I suppose the similiarity is that there is this, “policy to accept legal contributions.”
Yep, both are legal, and maybe, just maybe, to be consistent, both should be made illegal uses of bailout funds. Yeah right. Though I would far more favor no campaign donations, than bonuses.
Don’t have a heart attack folks , but two Republican Reps from MN, yes MN ,voted “No”… John Kline and Michelle Bachmann….. I know them both…. talk about lost in the liberal woods…. but we’ll keep fighting.
Correct, my friend. It is no different. Pay to play.
Bottom line. Without them getting our money in the form of TARP funds, none of this would be happening.
Gomer Pyle is getting hoarse from saying “Surprise, surprise!”
That’s exactly what this is, and it’s a shame that the liberals are too hung up on beating the Republicans to see they’re getting hosed too.
On March 23rd, 2009 at 8:17 am, Ron said:
Tell you what, let’s tax political contributions by bailout recipients at 90 percent
if the donor earns more than $250,000 a year. Sound fair?Tax them all
The Long\the short\the tall
Tax them all
Contributor and Contributee
That would be a 180% tax on contributions TARP = Taxpayers’ Accounts Recycled to Politicians
That and a 25% surcharge on any Congressional recipients who have received earning from, or associated with, a pimp-straight or gay. THAT WOULD BE FAIR.
Congressional Retention Bonuses Act of 2008.
Good Bye America-you will be missed.
—
Keep the change-I’ll keep my guns
Lets tax ALL campaign contributions at 90%. I didn’t hear of any politician turning down their automatic pay raise either.
Depends on which bank officer is playing Barney’s “Husband” this week.
TARP = Totally Asinine Response to Problem
CRAP = Congressional Reaction to Any Problem
Collusion is anyone surprised? Totalitarian Corpocracy. Mr President sending his O Bots to CT., not convincing me of anything except Michelle was right this is “Kabuki theater”
http://cinie.wordpress.com/2009/03/21/ding-dong-obot-calling/
http://youhavetobethistalltogoonthisride.blogspot.com/2009/03/aig-taking-us-all-on-mr-toads-wild-ride.html
Its a Tarpoline!
But it only bounces down.
Further illustration on how incumbency corrupts the process. Vote out everyone and continue to do so until we get the real change.
aj
Your TARPoline has a hole in it …
By the way I got a Special Olympics donation mailer on Saturday, and I made a donation (first ever to that charity) for exactly $44… and I included some choice words about our 44th president in the memo field of my check
If others feel the same way, that’d be a nice way to support Special Olympics while at the same time making a statement about how they feel about B. Hussein
(Yes I know this isn’t the right article to post this comment to, but more people will see it here)
PKAmmo
Ugh, made me spit out breakfast drink…. good salvo, though.
yes, the one’s that did not vote for this POS bill…get rid of the rest, the cantankerous, arrogant, elitist bastards.
Seem Cantor and others talk a good story then they vote…their true colors come out.
Finally I get IT!!!! BONUSES = NO… CAMPAIGN CONTRIBUTIONS = YES… Boy it took me forever to figure that one out… Heard another good one this AM… New from your COVET THY NEIGHBOR’S WEALTH administration… Limit the salaries of the EXECS at all publicly traded companies… Neat HUH??? I wonder if this will carry on to the HOLLYWOOD CROWD, and all the SPORTS SUPER STARS???
At what point does the legality of all this blatantly unconstitutional and legal maneuvering come into question here? At what point can we start immediately unseating politicians who violate the laws and use their seat to line their own pockets?
ENOUGH IS ENOUGH!
Just plug it with more CRAP
We ought to have a “90% List”. When re-election time comes around, simply ask if they are on the 90% list – if they are, they must be opposed! Anybody that could possibly vote to confiscate 90% of someones wealth is NOT an American representative – they are either Socialist or Communist (or an Idiot-ist).
I don’t know what everyone is complaining about. Don’t you know that Citizens only exist so the government can grow and prosper. You thought you were ” We the people” ! Surprise!
It’s time to put the GOP out of our misery.
GOP-RIP
This “new” toxic asset plan is exactly what the original TARP was supposed to do. Why are we supposed to believe that this time they will actually do what they say they are going to do?
It is also predicated on private investors’ willingness to invest most of the money while taking on most of the risk. After last week’s hissy-fit in DC over the AIG bonuses, are we now to understand that this time it is okay for these investors to make money?
What assurance do these investors have that Congress will not, in another phony display of moral outrage, tear up this agreement too and again turn to demagoguery to rile up the lynch mobs?
tarp 1 worked so well, let’s keep doing it until every american owes every foriegn lender their entire yearly paycheck, then we can just default and go to work for the new owners directly. personally, i’m hoping i will be in the portion owned by the chinese, as i couldn’t handle the ups and downs of praying on a carpet 5 times a day if i’m in the muslim half.
HA! Congress has just proven that they can load up any bill they want with pork and the president has proven that he can lie about anything to get elected and get away with it. The president and VP make stupid, juvenile remarks on a daily basis and the liberal media makes up excuses for them or just looks the other way. The constitution is being violated repeatedly by the current administration with no recourse. It is painfully clear that Washington is ONLY looking out for itself, ONLY concerned with THEIR jobs and lining THEIR pockets (recent Congressional payraise approved and motion to eliminate automatic pay raises slapped down and ignored). As a matter of fact, the president himself is refusing to answer any questions submitted through the official white house contact site. THEY JUST DON’T CARE!
Out of spite, I just want to remind everyone that the man who coined the term “crap sandwich” as in “This TARP bill is a crap sandwich but I urge my fellow Republicans to support it.” is none other than John Boehner, another partially-pregnant politician. The worst of it is that he is still House Minority Leader.
I am more upset with Republicans today than I was with Democrats in 1980 which is why I became a Republican in the first place.