How Much An Industry Gives May Affect The Chance Of Its Getting Bailed Out

By Kleinheider Posted on December 5, 2008 at 6:53 pm

From Politico:

In 2008 alone, financial institutions that were hit hardest by the economic downturn donated at least $2.4 million to candidates for federal office and political committees, according to reports filed with the Federal Election Commission. For many firms, the level of giving is less than it has been in previous years – but it is still substantial.

For example, the PAC established by Wells Fargo, which has received $25 billion in bailout funds, donated some $543,000 to candidates this year, including thousands in October, when $3,000 went to Sen. Lamar Alexander (R-Tenn.) and $5,000 to Rep. Rob Andrews (D-N.J.).

The PAC belonging to Citigroup – which has also received billions in federal bailouts — donated to 402 congressional candidates this cycle, according to CQ Moneyline: $317,500 to Democrats and $297,600 to Republicans, with the largest contributions going to party leaders. Citigroup’s contributions trailed off this year – only $55,000 of the larger total was given in the year 2008.

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