Sunday, December 14, 2008

Well this just figures

By LindaBeth

According to Open Secrets, a recent study by the Center for Responsive Politics reveals that many of the same corporations that have come to Washington spent a pretty penny underwriting this year's Republican and Democratic conventions, just a few short months ago.

Embattled insurance giant American International Group (AIG), which received an $85 billion loan from the government just weeks after the GOP convention, gave $750,000 to each gathering. And AIG isn't the only high-profile company that sought a handout from taxpayers after writing a big check toward the summer's political gatherings. Others included Citigroup (which spent a total of $600,000 on the conventions), Goldman Sachs (which spent $505,000), Ford Motor Co. ($100,000 to each convention) and Bank of America (which spent $100,000, entirely on the Democratic convention). The federal government took over Freddie Mac just weeks after the mortgage buyer split half a million dollars between the two conventions.

Even more recently, Citi, the recent recipient of $2o billion in bailout funds, will still be paying $20 million per year for 20 years for naming rights to the new Mets Stadium. AIG isn't trimming its sponsorship budget either.

Glad our taxpayer dollars are going to some good use: funding overpriced political proms and naming stadiums that make more rich white guys even richer!

(Cross-posted to Speak Truth to Power.)

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