Federal Politics

Published — March 30, 2009 Updated — May 19, 2014 at 12:19 pm ET

Obama top recipient of AIG’s hefty campaign contributions

Introduction

The American International Group, more commonly known as AIG, has become the poster child for the financial bailout. The company has received $170 billion from the Treasury Department and Federal Reserve since September 2008, and recently landed in a world of hurt when it was revealed that some $165 million of that money was given as bonuses to its employees — many of whom worked in the insurance giant’s financial arm.

As AIG CEO Edward Liddy told a House Financial Services subcommittee earlier this month, “The payment of large bonuses to people in the very unit that caused so much of AIG’s financial trouble does not sit well with the American taxpayer, and for very good reason.”

The company also came under fire when legislators and the public learned that $58 billion of the bailout money given to AIG was handed over to foreign banks, as payment on the credit default swaps contracts.

Politicians and the news media have expressed outrage about the money the company has given to foreign banks and its own workers. But there’s been considerably less scrutiny of the money AIG has given to elected officials.

Between 1993 and 2008, AIG contributed $8,526,940, according to data compiled by the Center for Responsive Politics. In the 2008 election cycle, as the company was nearing the precipice of its dramatic fall, it gave $854,905 to 100 different candidates. Most received donations of $3,000 or less, but those at the top of the donation heap got substantially more than that.

Barack Obama, the top recipient in the 2008 election cycle, collected more than $100,000 from AIG. Six other presidential candidates are among the top ten for the 2008 cycle: Chris Dodd, Hillary Clinton, John McCain, Mitt Romney, Joseph Biden, and Rudy Giuliani. Dodd, of course, is the chair of the Senate Committee on Banking, Housing, and Urban Affairs, now overseeing the re-regulation of the financial system and the bailout itself.

Top Recipients of AIG Contributions, 2008 Election Cycle

1. Obama, Barack (D-IL) — $104,332

2. Dodd, Chris (D-CT) — $103,900

3. McCain, John (R-AZ) — $59,499

4. Clinton, Hillary (D-NY) — $37,965

5. Baucus, Max (D-MT) — $24,750

6. Romney, Mitt (R-MA) — $20,850

7. Biden, Joseph R. Jr (D-DE) — $19,975

8. Larson, John B. (D-CT) — $19,750

9. Sununu, John E. (R-NH) — $18,500

10. Giuliani, Rudolph W. (R-NY) — $13,200

Source: Center for Responsive Politics.

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SOUTH JERSEYTed SiroisMark SullivanTom LarkinAnonymous Recent comment authors
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Mark Sullivan
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Mark Sullivan

Trump needs to conduct these activities because the entire MSM media, excluding Fox, is campaigning against him 24/7/365.

Didn’t Monica’s boyfriend’s wife and various criminal enterprises outspend Trump by almost 2-1?

CapitalistRoader
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CapitalistRoader

Why wouldn’t he get an early start on fund raising? Hillary outspent him two-to-one in 2016. The Dem’s are the party of big money. The President knows this and is attempting to get a jump on it. Of course the Dem candidate will outspend him in 2020 so it’s only rational that he starts fund raising now.

George Young
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George Young

Oh brother. We just 8 years of the Campaigner – in – Chief. Where was this journalistic rectal thermometer then. Just another article about 2000 words too long that merely takes another slap at Trump for something he far from initiated.

j stevenson
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j stevenson

The big difference between Trump and all the rest is his refusing to accept funds from lobbyists, so they don’t have the White House access they are used to. These are the donors who buy the presidency and are as pixxed off that he won the election as are the media and the Dems. Lobbyists have never been shut out of the WH and Trump has told them he is not for sale.

Anonymous
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Anonymous

Trump needs to be impeached and tossed in prison. Then have the key thrown away so he will never be free. Then he can see how it feels not to have freedom.

Mark Sullivan
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Mark Sullivan

Thank you for the usual insightful leftist low IQ Snowflake response.

barney
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hes not imprisoning them hes sending them back to their country chill tf out

SOUTH JERSEY
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SOUTH JERSEY

WHY DONT YOU HAVE FREEDOM?

Tom Larkin
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Tom Larkin

First, something positive. I was happy to learn of empirical information in article. BUT, the article was so slanted against President Trump as to be deemed fake news (“Perhaps Trump just lied.” (Two different issues)). The article mentions that President Trump raised over $67 million, but ended 2018 with $19 million. President Trump spent over $40 million 2016 and 2017. President Trump conducted 57 political rallies. The article notes the hats and T-shirts sold, but NEVER MENTIONS THE INCREASE IN THE NUMBER OF REPUBLICAN SENATORS during a mid-term election that lost the House and the number of political rallies in… Read more »

Ted Sirois
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Ted Sirois

At least Trump is getting donations from willing donors. Fresh from his first election, Obama used billions of our children’s tax dollars to save thousands of union jobs in the car industry and bailed out the banks and many Wall Street businesses. This secured his source of reelection funds for his reelection four years later.

South Jersey
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South Jersey

TRUMP 2020; IS AN AMAZINGLY SMART MAN! VERY ORIGINAL & CREATIVE. I AM HAPPY TO HAVE HIS AS POTUS.

SOUTH JERSEY
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SOUTH JERSEY

THIS ARTICLE WAS OBVIOUSLY WRITTEN BY, A TRUMP-HATE-GROUP. THAT FEELS; IT IS NOT NORMAL TO BE SUCCESSFUL WITH YOUR OWN BRAND NAME. WHEN, IF FACT, IT IS NORMAL! >>>>> THIS IS >>> FAKE NEWS!!! <<<< ie: A PACK-OF-LIES; SPUN INTO; DEFAMATION OF CHARACTER. FOR A SINISTER-AGENDA OF; FASCIST DEMOCRATIC SOCIALIST, COUP D'ETAT

David
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David

Are you on some kind of drugs? Writing in caps makes me think that you are grumpy old fart or a uneducated hillbilly.