Supporters of Bailout Received More Contributions from Banks and Securities

Maplight.org–a nonprofit organization revealing the connections between money and politics–is reporting that legislators who supported yesterday’s failed $700 billion Wall Street bailout received more money from banks and securities firms than those opposing the bailout. According to Maplight.org, banks and securities gave an average of $231,877 in campaign contributions over the past five years to each representative supporting the bill while giving an average of $150,892 to each that opposed it. Democrats supporting the bailout received almost twice as much ($212,700 compared to $107,993) as those who opposed it.

Grand Rapids area Representative Vern Ehlers–a Republican–supported the bill although he has not received anywhere near the average amount of contributions from banks and securities firms. Ehlers has said that the bailout package is necessary, although he has said that the bill would “…not ‘bail out’ Wall Street” and that its primary goal was to “prevent a major depression.”

Related Posts:

1. House Democrats who Changed their Votes on Telecommunications Immunity Received More PAC Contributions
2. Banks won’t say how they have Spent Bailout Money
3. Bailout Recipients Spent $114 Million on Politicking Last Year
4. Billions in Political Contributions Bought Financial Deregulation that Led to Current Crisis
5. Headlines: Outrage over AIG Bonuses; Banks Decreased Lending After Government Bailout

Tags: congress, economy, government, lobbying