Tuesday, February 03, 2009

The Uses of those Bailout funds

The Hill Reports:
Financial firms and other companies receiving billions of dollars in federal bailout money spent hundreds of thousands of dollars to pay for meetings and charitable gifts on behalf of lawmakers.

In the last six months of 2008, as a financial crisis enveloped the country and lawmakers voted on a $700 billion financial rescue package, eight companies that would benefit from that package spent roughly $366,000 on events and charities connected to members of Congress, according to a review of congressional lobbying records.
There are some familiar names, Fannie Mae and Freddie Mac spent $330,000. It simply never ends.

The Instapundit asks: What kind of an economy is it where returns on political investments vastly outperform returns on actual investments?

I find the movement of money kind of interesting. It is not a direct connection, to be sure, but essentially Congress and the govenrment are indirectly funding their favored charities?

How is that ethical?

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