Normally I don’t have a problem with people, PAC’s (Political Action Committees), unions, or corporations making campaign contributions as long as those contributions are made public and done in accordance with the wishes and consent of the people represented by the groups named. I do have a problem, however, with one recent corporate contribution.
Yesterday the Wall Street Journal reported that General Motors has made $90,500 worth of contributions to political campaigns to politicians running in this election cycle. That’s the same General Motors that is majority-owned by the U.S. government. The U. S. government owns approximately roughly 61% of the company.
According to the article:
“GM spokesman Greg Martin said the company stopped making political contributions in spring 2009 to focus on its taxpayer-financed bankruptcy reorganization.
“As we’ve emerged as a new company, we’re not going to sit on the sidelines as our competitors and other industries who have PACs are participating in the political process,” Mr. Martin said. He called GM’s political action committee is “an effective means for our employees to pool their resources and have their collective voice heard.””
Until the company debuts its IPO (expected in November after the election) and again becomes a stockpayer owned corporation, I totally object to the company making political donations. That is, in essence, the government giving money to the people they think should be elected.
The entire buy-out of General Motors, paying unions over preferred stockholders, firing the head of the company, was wrong. This latest wrinkle only aggravates the situation. The Obama Administration needs a Congress that will keep it in check and prevent this sort of thing from happening in the future. The problem is not Wall Street–it is the federal government interferring in the free market–housing, automobiles, medical care, etc. We need to elect a Congress that will stop the intrusive growth of government. Please vote carefully in November.