@gop Republicans reap rewards from bailed out companies #p2 @Pkatt

source http://www.dailykos.com/storyonly/2010/10/25/913391/-Republicans-reap-rewards-from-bailed-out-companies?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+dailykos%2Findex+%28Daily+Kos%29

Even though one of the favorite GOP talking points of this election cycle is railing against the "bailouts," the GOP is doing just fine by those very companies.

Companies that received federal bailout money, including some that still owe money to the government, are giving to political candidates with vigor. Among companies with PACs, the 23 that received $1 billion or more in federal money through the Troubled Assets Relief Program gave a total of $1.4 million to candidates in September, up from $466,000 the month before.

Most of those donations are going to Republican candidates, although the TARP program was approved primarily with Democratic support. President Obama expanded it to cover GM and other automakers....

Some of the generosity to Republicans can be explained by the expectation that the party will make huge gains in Congress. But another factor is the Democratic Party's push for financial-regulation legislation this year. The new law, which passed the Senate with the votes of three Republicans and all but one Democrat, placed new curbs on banks and introduced a regulator to vet financial products for consumers. Most Republicans, and banks, say the law creates too many new restrictions.

Scott Talbott, a lobbyist with the Financial Services Roundtable, said another factor could be the tone some Democrats used against financial firms. At one point, Obama called Wall Street executives "fat cats."

"The entire industry was painted with a broad brush, and there was dissatisfaction with that," Talbott said.

Democrats have been abandoned by individual Wall Street donors as well as corporate PACs, leaving the party without an important source of funding as it fends off aggressive Republican challengers.

Right, their problem was the "tone" of the Democrats. Never mind all the anti-bailout rhetoric of the GOP. Corporate America sees beyond the words. A Republican Congress will give them everything they ask for, and more, so they can handle a little tongue-in-cheek criticism from Republicans.

(H/T C&L)