Friday, October 03, 2008

Crooks - all of them

The Center for Responsive Politics, a Washington nonprofit group that studies money and politics, reports that on average, lawmakers who voted in favor of the bailout bill have received 51% more in campaign contributions from sources in the finance, insurance and real estate industries (FIRE, for short) — over their congressional careers than those who opposed the emergency legislation.

In this election cycle, the 140 House Democrats who voted for the bailout bill collected 78% more from the FIRE industries than the Democrats who opposed it. Over their careers, they collected 88% more, the data show.

On the Republican side, the gap was smaller. Republicans in the House that voted yes on the bailout bill got an average of 23% more in contributions from the FIRE industries in this election cycle than House Republicans who voted against it. In the long run, they got 53% more.

Of the 37 Democrats that sit on the House Financial Services Committee, 25 voted for the bill, including the committee chairman, Barney Frank of Massachusetts. He received nearly $800,000 this election cycle from sources in the FIRE industries. Of the 33 Republicans on the committee, 8 voted for the bill. The ranking Republican member of the committee, Spencer Bachus from Alabama, was among those who voted in favor. He has received $822,000 from the FIRE industries this election cycle and $3.7 million since 1989.

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