Hi this is my first diary, but I think you'll be shocked at this bit of research. I also want to note that i'm not trying to stir up trouble for democrats-- but merely trying to highlight a very large campaign contributors handout that occurred because of the lack of oversight.
**Update** Apparently I'm an asshole.
A law firm (Katten Muchin Rosenman LLP) with tens of thousands in contributions to democrats was just handed a contract that could be worth millions in the bailout bill.
here is a link to the huffpost fundrace page for the law firm (but this isn't all of their contributions:
http://fundrace.huffingtonpost.com/...
here is one lawyer at the firm who was refunded money by the Obama administration because he gave too much (and he also has given about 82k in contributions to dems.. and some repubs.. since 2000):
http://www.campaignmoney.com/...
Here is the press release announcing the launch of "TARP":
http://www.mondaq.com/...
Here is an excerpt from the new TARP program:
"The Treasury Department, under the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008, will provide up to $100 billion (as noted, expanded by the Financial Stability Plan from the original $20 billion amount specified in the FRBNY's term sheet) of credit protection to the FRBNY in connection with the TALF."
...
Katten's TARP Task Force Katten Muchin Rosenman LLP's multidisciplinary TARP Task Force advises clients on the U.S. Treasury's Troubled Asset Relief Program created under the Emergency Economic Stabilization Act of 2008. Katten's TARP Task Force advises clients on obtaining TALF loans and issuing and underwriting TALF-eligible ABS. Katten's TARP Task Force also advises clients with respect to all aspects of other TARP-related programs such as (i) the Capital Purchase Program, whereby the U.S. Treasury is purchasing preferred shares in certain publicly traded and privately held financial institutions, (ii) the new Capital Assistance Program providing additional capital in the form of purchase of convertible securities to financial institutions which have been subject to a stress-test, (iii) the new $500 billion to $1 trillion Public-Private Investment Fund in which the government will finance purchases of legacy assets by private sector institutions, and (iv) the new $75 billion Making Home Affordable plan to prevent avoidable foreclosures.
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It's not clear exactly how much money this law firm will make from helping to manage this new program-- but it's clear to me that this bill is a GODSEND for their firm. They have sewn the field, and now they have reaped the rewards. This firm has never been properly scrutinized.