AIG: bailing out a political heavy hitter

On Tuesday the Federal Reserve announced that it will spend $85 billion to bailout American International Group, essentially putting taxpayers in the insurance business. Over the last two decades AIG has tossed cash around lavishly in Washington in order to have the ear of lawmakers. Since 1990 the company has spent $9.1 million on political contributions, an amount sufficient to place it on the list of “Heavy Hitters” compiled by the Center for Responsive Politics. Donations have flowed equally to Republicans and Democrats. As Capitol Eye notes, Sen. Chris Dodd (D-CT), chair of the Senate banking committee, has taken in the most from AIG, with a total of $281,400. Sen. Charles Schumer (D-N.Y.), a member of both the Senate Banking, Housing and Urban Affairs Committee and the Senate Finance Committee, ranks second with $116,400. Presidential candidates John McCain and Barack Obama have collected $103,000 and $82,600 from AIG, respectively.