TARP Recipients Spent $114 Million in 2008 on Congress and Political Campaigns

Posted by Ben Armbruster, Think Progress at 4:34 AM on February 5, 2009.

The Center for Responsive Politics reports today that beneficiaries of the $700 billion Troubled Assets Relief Program "have spent a total of $114.2 million on lobbying in the past year and contributions toward the 2008 election." The companies' political activities in 2008 "have, in part, yielded them $295.2 billion from the federal government," which the Center notes is "an extraordinary return of 258,449 percent." The Wall Street Journal reported last week that "Treasury Secretary Timothy Geithner announced rules aimed at curbing the influence of lobbyists, politicians and others in determining which firms get bailout cash."

Benjamin J. Armbruster is a Research Associate for The Progress Report and ThinkProgress.org at the Center for American Progress.