Money and politics met on bailout
Commentary: 'Yes' votes came from reps who took more from Wall St.
By MarketWatch
NEW YORK (MarketWatch) -- Bailout backers wouldn't have been swayed by Wall Street money, would they?
On average, representatives that voted for the Wall Street bailout package received more campaign contributions from financial firms by a 2-to-1 margin than members who voted against the bailout, according to a Maplight.org study of data from the Center for Responsive Politics.
While the study doesn't exonerate House Speaker Nancy Pelosi from charges she riled up opponents, it does suggest there may have been more at play than angry constituents.
The study examined financial donations from 2003 to August 2008. Donors included commercial banks, savings and loans, and investment banks, credit unions, finance companies, stock exchanges, venture capital and private equity firms, hedge funds, and securities and commodities brokers and firms.
The breakdown went something like this:
House members who voted yes received an average $231,877. Those who voted no received only $150,982.
Democrats who voted yes received $212,700. Republican supporters received $273,181.
No-vote Democrats received only $107,993. Republicans who voted no received $181,688.
"Profit-driven companies wouldn't be making campaign contributions if it didn't buy them influence or access," Daniel Newman, MAPLight.org's executive director said in a statement. "Votes in Congress align with the river of money that flows through our political system."
Should a revamped H.R. 3997 come through the U.S. House again this week, it may be revealing to count the money as well as the votes.
-- David Weidner
