Bailed-Out Banks Gave to Charities Tied to Congress

In the last six months of 2008, eight companies that would benefit from the Troubled Asset Relief Program (commonly known as TARP) spent roughly $366,000 on events and charities connected to members of Congress, according to a review of Congressional lobbying records, reports The Hill, a newspaper that covers Congressional activities.

Some members of Congress object to this use of funds: Sens. Dianne Feinstein, Democrat of California, and Olympia Snowe, Republican of Maine, have introduced legislation that would restrict banks’ political influence. If passed, their bill would ban TARP funds from being used for lobbying expenses.