Thursday, December 04, 2008

"Bail-Out" for Who?...


Our Congress has been going to great lengths to bail-out the Top-three auto industries and the Auto workers who have supported our Congress people in the past. The question is who exactly are we bailing out?...

"The auto industry spent nearly $50 million lobbying Congress in the first nine months of this year. And people tied to the auto industry gave another $15 million in campaign contributions, CBS News investigative correspondent Sharyl Attkisson reports."

"It's not surprising that a lot of that money went to members of Congress from Michigan, where the auto industry is the biggest employer and politicians are passionate advocates for their constituents. Take Sen. Carl Levin, who received $438,304 from the automotive industry. And in the House, Rep. Joe Knollenberg received $879,327. Rep. John Dingell got nearly a million from the industry. All have enjoyed generous support from the auto industry over their careers, with GM and Ford as their two top contributors. All support a bailout."

"Dingell's wife Debbie once worked as a lobbyist for GM. When she married the congressman, she became a senior GM executive at an undisclosed salary. And we found the couple has extensive GM assets. Dingell's current financial disclosure filed in May lists GM stock worth up to $350,000, options worth up to $1 million more, and a GM pension fund. In 2000, among the Dingells' GM assets were stock options worth up to $5 million."

"And in 1998, the congressman reported selling GM stock options worth up to $1 million dollars."

1 comment:

Anonymous said...

Best thing that can happen in Chapter 11 and let them restructure!