Banks, and credit unions to a certain extent, spend a massive amount of money lobbying. Yes that’s your money, that these organizations use for lobbying.
Here are some very curious statistics I gathered!
- Largest political contribution is also from the most hated bank in America. Bank of America contributed a total of $530,500 followed by Citigroup, Wells Fargo and JP Morgan Chase with $365,500, $289,000 and $258,037 respectively
- All 4 banks contributed more to the Republican party than to the Democratic party
- Of all donations, 43% went to the Democrats and 53% went to the Republicans
- All 4 banks were recipients of the tax payer funded bailouts
- Largest political contribution by a Credit Union: Wescom Credit Union with $24,550 (compare that to $530,500 by BofA)
- The top 4 credit unions contributed more the Democrats than to the Republicans!(This is the reverse of the top 4 commercial banks)
- Of all donations of Credit Unions, 58% went to the Democrats and 41% went to the Republicans. This is in stark contrast to the donations of Commercial Banks
To sum up, Credit Unions, favor Democrats. Big Banks favor Republicans.
When banks and credit unions go under, the tax payers have to bail them out. That begs the question: who lobbies for us, the people?
But then were the results really surprising?
Source of data: http://www.opensecrets.org/