Before handouts, big firms bankrolled conventions

[Robbien]

Source: AP

WASHINGTON (AP) — Financial giants now being bailed out by the government spent millions underwriting the Democratic and Republican conventions last summer, just weeks before coming to Washington begging for multibillion-dollar handouts.

. . .

Billionaire Kirk Kerkorian of Beverly Hills, Calif., was watching his investment in Ford Motor Co. dwindle in mid-August when he sent $2 million to the Republican convention in Minneapolis and $1.5 million to the Democrats.


Ford spent $100,000 on each of the two conventions. Ford could benefit from the proposed auto industry bailout being worked out in Washington. Ford wants a $9 billion standby line of credit in case a competitor fails.

. . .

Hedge fund operator Raymond Dalio of Bridgewater Associates in Westport, Conn., gave $2 million for the Republican convention. The Democratic convention received $500,000 from James Chanos of Kynikos Associates in New York City. In all, major hedge fund operators gave nearly $4 million, $2.7 million to support the Republican convention.

. . .

Among the biggest convention contributors, two retailers and a telecom company split their donations while giving mostly to the GOP: Target spent $3 million on the Republican convention, $400,000 on the Democratic; Qwest spent $2.9 million to support Republicans, $841,000 for the Democrats, and Best Buy gave $2.3 million to the Republican convention, $299,000 to support the Democrats.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5jPuoKl9evXBwxaVErc3CaDXqeRhAD9504FKG1

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Interesting that Best Buy and Target gave ten time more to GOPers than they did to Dems.

This practice of unlimited donations for conventions is pure pay to play politics. Ford smoozing GOPers and Dems to the tune of $200,000 and in return gets access to $9B. Not a bad return on their money.

[Gman2]

1. I say, allow a smidgeon of this to touch Obama, so we can reform

campaigns once and for all. Publically financed and free time required of MSM. And get ALL CORPS OUT. Make it highly illegal to have them involved in campaigns. It is bad enough that they are so entrenched in lobbying once pols are in power. Breaking the tie to getting reelected can only do good things.