Who Is Supporting Mike Castle ?
Jul 22nd, 2010 by Frank Knotts
The following are all recipients of TARP bailout money. Rep. Mike Castle who voted in favor of TARP received donations to his campaign fund from PACs representing these entities and their employees. The donations that are listed were made after TARP was signed into legislation. Donations just from these seven PACs over Rep. Castle’s career, would be in the millions. It is also important to remember that Rep. Castle is a member of the House Finacial Services Committee.
I will leave it up to those reading this, to come to their own conclusions.
TARP FUNDS DONATIONS
Citigroup Inc $25 Billion $5,500
JPMorgan Chase & Co $25 Billion $5,000
Wells Fargo & Co $25 Billion $1,000
Bank of America Corp $15 Billion $10,000
Goldman Sachs Group Inc $10 Billion $2,000
Morgan Stanley $10 Billion $5,500
US Bancorp $6.6 Billion $3,000
Total: $116.6 Billion $32,000
This is but a small sampling of both the TARP payouts and the donations received by Rep. Castle’s campaign from PACs representing these banks and their employees, who received taxpayer money in the bailout. And while it can be argued that PACs represent donations from individual employees, it cannot be ignored that these employees benefited from the TARP money, through wages and bonuses.
Some may believe that TARP was a good thing. That argument may be made another day. But this incestuous passing of tax payer’s money back and forth between the government and special interest groups and then into the campaign war chest of politicians, while technically not illegal, should raise concerns of every tax paying citizen.
Every American has benefited from TARP funds. President Bush understood this when he signed off on them.
“But this incestuous passing of tax payer’s money back and forth between the government and special interest groups and then into the campaign war chest of politicians, while technically not illegal, should raise concerns of every tax paying citizen.”
No money contributions from anyone in the military, Boeing, Gm, Chrysler, Big Oil, Big Pharma, city employees, state employees, farmers, fisherman,……..
The Castle/ Rollins Coalition
is proud to Announce:
The Blue-Blood Republican Barbeque
To be Held at;
Hotel DuPont
Rino Room
Wilmington, DE
The ‘Olde Fashioned Picnic’ menu includes;
Michelle’s ‘Jamaican Jerk Caviar’
Stuffed Dover Sole a la Rollins
Mike’s Pulled Pork
Castle’s Chicken
&
Mike and Michelle’s Cornball Fritters
Suggested Minimum Donation- $10,000, Thank You
R.S.V.P., Queen and Castle Productions, Washington D.C.
The thing that amazes me about all the outrage over TARP is simply this: what would these outraged folks have done? Would it have been better for the economy to have all these institutions fail? If you think 10% unemployment is bad (and it is), just imagine if we had 20%, there was no credit, no housing industry at all, the list of really bad consequences goes on and on. Get over it. Sometimes government action really is necessary.
As to the fact that 7 companies received TARP money are making political contributions…. please. How many companies that didn’t receive any TARP money made contributions? Castle has raised well over a million dollars in the less than the past year. Does anyone really think that a $1000 contribution, whether from a TARP company or an individual, is going to influence any votes? Businesses are donating to Castle and not Coons because they know Castle has a solid pro-business record.
Companies that received TARP money are still allowed to engage in normal business activities. (Citi, for example, is still paying for the naming rights to Citifield). I would be much more upset if government had attached a hundred strings to the TARP morney.
“Mikes pulled pork” That’s a good one .
Stossel-Fan, read the post. This was a sampling there are many more on Mr. Castle’s donor list that match up with TARP recipients.Also these are only donations after TARP was passed, most of these PACs have been donating to Mr. Castle since the 1990s, as I siad they would total in the millions, I guess that might buy a little influence. As for whether we would have been better off allowing them to fail,short term maybe not, long term definately. Just look at the next bill on Pres. Obama’s agenda to help small businesses. The bill has a $30 Billion government fund in it that the President says will allow community banks to leverage up to $300 Billions in loans to small businesses. This amounts to another bank bailout or another TARP by a differnet name. I guess they took over the mega banks and now they are going after the small community banks.
I also wonder how your name sake John Stossel would feel about your statement,”Sometimes government action really is necessary”, concerning TARP?