Although GM suspended its contributions while it solicited the government for financial help, it is now back in the game of political giving, increasing donations from its federal PAC steadily over the past few months.
It is not alone. Companies that received federal bailout money, including some that still owe money to the government, are giving to political candidates with vigor. Among companies with PACs, the 23 that received $1 billion or more in federal money through the Troubled Assets Relief Program gave a total of $1.4 million to candidates in September, up from $466,000 the month before.
Most of those donations are going to Republican candidates, although the TARP program was approved primarily with Democratic support. President Obama expanded it to cover GM and other automakers.
…The bailouts have become campaign fodder for Republicans to use against their Democratic rivals. In a television commercial, former Republican senator Dan Coats pillories his opponent in the Indiana Senate race, Rep. Brad Ellsworth (D), for supporting "the Obama-Reid-Pelosi agenda," including "the disastrous bank bailout."
Coats has received more than $30,000 for his Senate campaign from companies, including J.P. Morgan Chase and GM, that took government money. No companies on the bailout list have donated to Ellsworth. Neither campaign responded to a request for comment.
For the entire story, see: