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Cyn's Corner
Posted by cynatnite in General Discussion (1/22-2007 thru 12/14/2010)
Thu Oct 09th 2008, 05:42 PM
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 activities 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 negotiations which have relied on federal backing -- inviting questions over the political activities of companies whose survival depend on public support.

http://southernstudies.org/facingsouth/200...
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