TARP aids jobs too

Rick Wagoner may be long gone from GM but a legacy lives on. You will recall that back in the fall of 2008, Wagoner told the Senate Banking Committee how much his corporation wanted to continue the vital role it has played for Americans for the past 100 years. Unfortunately, the GM exec reckoned, it just wasn’t gonna happen without Troubled Assets Relief Program (TARP) bailout assistance even as his G4 private jet engines cooled at nearby Dulles airport as he spoke. Fast forward to mid-term election season 2010. As Nonprofit Quarterly’s Rick Cohen reported yesterday in his article “Today’s Washington Post article about the generosity of TARP-subsidized companies to Political Action Committees is shocking for the hubris of companies like General Motors, which put $190,000 toward campaigns in the past month—including money to Senate Minority Leader Mitch McConnell (R-KY) who opposed TARP support for the automaker.” Cohen goes on to say that out of its 23 corporations (with PACs) that received $1billion in TARP funds, GM “donated just short of $1 million in August and $1.4 million in September to political candidates, most of them Republicans – the party that didn’t generally support the TARP bailout in the first place. The top two recipients of TARP corporations’ political donations have been House Minority Leader John Boehner (R-OH) and House Republican Whip Eric Cantor (R-VA).” Cohen’s point is that while PAC monies have to be disclosed, one can only venture what GM and other TARP-funded corporations have contributed in undisclosed funds thanks to the Citizens United decision past down from the Supreme Court in January. And the kicker? Most of these firms to date have not repaid the TARP assistance in full. Read Cohen’s full article: http://bit.ly/bZs4BC.

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