Breaking Scandal-Republican National Committee Get An $8 Million Bailout From Failing Wachovia

[kpete]

FACING SOUTH INVESTIGATION: How did Republicans get an $8 million bailout from failing Wachovia?

Wachovia Corp., a once-thriving financial giant now teetering on the brink of collapse, confirmed today that it was extending an $8 million loan to the cash-strapped National Republican Congressional Committee for last-minute activites to support GOP House candidates.

Wachovia's decision to lend money to the NRCC -- itself reeling from a damaging financial scandal earlier this year -- is sure to draw charges of favoritism, as Wachovia denies credit and freezes assets for thousands of other customers.

Allegations of favoritism are especially delicate for Wachovia, given the disproportionate support of Republican campaigns and organizations by the company's leadership.

What's more, Wachovia's loan to the NRCC comes as Wachovia awaits the outcome of precarious buyout negotations which have relied on federal backing -- inviting questions over the political activities of companies whose survival depend on public support.

more at:
http://southernstudies.org/facingsouth/2008/10/investigation-how-did-republicans-get-8.asp
http://www.rollcall.com/news/29150-1.html
http://www.openleft.com/showDiary.do?diaryId=8937

[elkston]

1. Aack. This is my bank. ! (eom)

[Meshuga]

36. It's my bank too. n/t

[WeDidIt]

2. This is a clear conflict of interests

Wachovia should ahve its assets seized.

This is nothing short of a bribe.

[TornadoTN]

3. This is big news. If the AIG scum can have a $440k junket after the bailout - why is this allowed?

We need to be screaming from the rooftops about this. This is a bribe and a cashing in of political favors.

This is downright scary that they can be so blatant about this. If you are a customer or shareholder, get on the phone NOW.

[AndyA]

4. BULLSHIT! BULLSHIT! BULLSHIT!

BULLSHIT

STOP FLEECING AMERICA

BULLSHIT

Congress needs to come back from its break and deal with this crap. First AIG, and now this! Americans are losing their asses and the people responsible for this mess keep profiting! This is more than obscene, it's CRIMINAL!

[kpete]

5. follow the money

[Nicholas D Wolfwood]

6. It's really time for me to switch banks now! (nt)

[Skidmore]

7. Well, let's make our outrage as taxpayers known.

I have some congresspeople and a senator or two to contact. Let's get busy.

[OneGrassRoot]

8. Shit, didn't McCain say something to this effect about Obama's campaign...

as one of his crazy toss-outs in the last day or two?

It's like the only shit he says are 1) batshit crazy things for the racists; 2) ideas copied from Obama; and 3) mud ready to come his way so he tries to pre-emptively deflect it on Obama.

Unbelievable.

[JuniperLea]

9. I have a Roth IRA with Wachovia...

And my regular checking and savings is/was with WaMu... I'm just laughing... gotta laugh...

[ProSense]

10. "cash-strapped National Republican Congressional Committee "?

So all the media reports about their fundraising was BS?

[JohnMcCant2008]

11. BULLSHIT IS RIGHT! This shit needs to be exposed.

I've forwarded the link to Rachel Maddow for exposure...........

[Liberal Dose]

12. unfreakinreal

:kick:

[Alter Ego]

13. Ack! My parents have their mortgage through here.

Good thing it's not for much longer.

[ChiciB1]

14. MSM Needs To Give It A Shout Out!!! Will They??? n/t

[KathieG]

17. If they don't I'll be pissed.

[EnviroBat]

15. It's time to take to the streets kids.

Armed revolution is right around the corner.

[spanone]

16. sad

[PA Democrat]

18. Wait a second. Wachovia is screwing colleges that have funds invested with them but they have money

to LOAN to the RNC?

http://www.boston.com/news/education/higher/articles/2008/10/02/colleges_scramble_as_investment_fund_is_frozen/

NEW HAVEN, Conn.—An investment fund that serves about 1,000 colleges and private schools partially froze withdrawals this week amid the credit crunch, forcing colleges to develop new plans to pay bills.

Wachovia Bank, trustee for the $9.3 billion Short Term Fund offered by CommonFund, said Monday it was terminating the fund and establishing a process to ensure the orderly liquidation and distribution of the fund's assets. Wachovia initially told investors Monday that they could only withdraw 10 percent of their money, but that figure was increased to 34 percent by Wednesday.

[TornadoTN]

26. There was a professor here , I believe in Vermont, that was getting hit hard by this on his campus

I'll dig around and see if I can find the post, but they are pulling the funding from college funding to "offset costs" - of course, the costs they don't tell you about turn out to be huge loans to the RNC called in as corporate favors.

This is disgusting. I'd be just as disgusted if the money was coming our way. This is no time for this sort of game-playing, especially from a company that doesn't have its head above water in the first place!

[PA Democrat]

30. I agree. Many colleges are scrambling to get other forms of short term funding

and the costs will be passed onto students already struggling with tuition expenses. I would be just as angry if the Dems pulled something like this. It is despicable.

[TornadoTN]

37. Morning Bump n/t

[LuckyLib]

33. Those SOBs -- how can they be giving out new loans? And to the hand that feeds them!

[TexasObserver]

19. Congressional hearings on it NOW!

[TornadoTN]

20. I'm bumping this, because this needs to be read by everyone n/t

[ej510]

21. This needs to be sent cnn, abc, nbc, and msnbc.

[TornadoTN]

22. More importantly - it needs to get in front of the voter!

Anyone and everyone in the middle class, poor, and hell, even those of us who are smart enough to support Obama and we make good money - needs to read this and be beating down the walls of Congress and anyone else who will listen.

[JohnMcCant2008]

25. I forwarded the link to Rachel Maddow a few hours ago. n/t

[volstork]

23. kick!

:kick:

[TornadoTN]

24. Thanks - this needs to be front and center. REC it up! n/t

[Dr.Phool]

27. K&R

[beac]

28. K&R. Digg link inside:

http://digg.com/2008_us_elections/Wachovia_gives_NRCC_8_million_loan

[Ilsa]

29. Damn fascists have taken over everything.

The peasants need to revolt!

[stillcool]

31. Money laundering.

[Essene]

32. Good grief (no surprise tho)

[TheDonkey]

34. Kick!

[wellst0nev0ter]

35. Kick

For a Church Committee-style anal probe of these assholes :kick:

[JPZenger]

38. Here's the dailykos discussion on this topic

http://www.dailykos.com/story/2008/10/9/144138/991/200/625265