Brendan Calling

Not Just Snider

Wachovia Bank, with one foot in the grave and another on a banana peel, found $8 million to loan the GOP at the last minute:

The announcement that Wachovia is throwing a lifeline to the RNCC for the home stretch of the 2008 elections is remarkable for several reasons.

First, the timing – shortly after Wachovia had cut off credit to nearly 1,000 colleges and in the middle of precarious and bitterly-contested buyout negotiations – is a PR problem and financially risky for a company that is still on financial life support.

Wachovia’s loan also raises questions about the political involvements of businesses that get the support of the federal government…

Like most financial companies, Wachovia spreads its political giving to both parties. But in 2008, Wachovia’s PAC contributions to Republicans have been nearly double that given to Democrats. According to campaign finance reports at OpenSecrets.org, 62% of contributions in 2008 from Wachovia’s biggest PAC went to Republican candidates and 38% to Democrats.

Wachovia’s newly-installed CEO, Robert K. Steel is also a major supporter of the Republican Party. A North Carolina native, in 2006 Steel was appointed by President Bush to serve as Under Secretary of Domestic Finance in the U.S. Department of the Treasury, where he served from October 2006 to July 2008. In July 2008, Steel resigned from the Treasury and was named President and CEO of Wachovia.

According to OpenSecrets.org, Steel has contributed $99,600 to candidates and parties in the 2004, 2006 and 2008 election cycles. Of those contributions, $94,600 — 95% — have gone to Republicans and only 5% to Democrats, and that includes a $1,000 donation to Democrat John Edwards that was returned.

With their stock going down like a Pawtucket crack whore, nearly 30% today, thanks to GOP policies of deregulation, why are they trying to bailout the GOP?

One Response to “Not Just Snider”

1. Money, Stock and Finance » Blog Archive » Not Just Snider Says:
   October 9th, 2008 at 9:15 pm

   [...] Wachovia Bank , with one foot in the grave and another on a banana peel, found $8 million to loan the GOP at the last minute:. The announcement that Wachovia is throwing a lifeline to the RNCC for the home stretch of the 2008 elections …[Continue Reading] [...]