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.