**Wachovia bails out the GOP**

[cynatnite]

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/2008/10/investigation-how-did-republicans-get-8.asp

[leftofthedial]

1. is this from the Onion?

[cynatnite]

5. Here are more sources....

http://www.rollcall.com/news/29150-1.html

http://www.openleft.com/showDiary.do?diaryId=8937

It's for real.

[dbonds]

2. Damn it, going to have to change banks now.

[KamaAina]

3. Good. Maybe the NRCC's checks will bounce.

:bounce: :bounce: :bounce:

[TechBear_Seattle]

8. Who cares? Wachovia's debts will be picked up by the US taxpayers anyway

The bank makes the loan, goes under, and the debt is written off, along with millions of dollars in other debt. This is little more than an attempt at moneylaundering, with the Junta handing the Treasury over to the NRCC.

[TechBear_Seattle]

4. Un-freaking-believable

They don't even bother hiding it anymore.

[trof]

6. From the Dept. of The Blind Leading the Blind. jeez

[TomInTib]

7. This simply blows me away.

Initially, I thought it was satire.

[jkshaw]

9. So WE'RE the people giving the

RNC eight million dollars to savage our candidate?

[progressoid]

10. Angry K&R!

[dchill]

11. Excellent top-rated diary at DailyKos on this.

http://www.dailykos.com/story/2008/10/9/144138/991

Check it out - many links and lots of info.

[dchill]

12. Oh, and K & R.

:kick:

[malaise]

13. WTF

This cannot be true - they cannot be this brazen.

[cynatnite]

14. They are...

more sources for the story at post #5.

[malaise]

16. Unfuggingbelievable

Thanks

[tom_paine]

15. Wow, under Bushie rules, EVERYTHING they do is legal.

That must feel pretty good. Like to try that myself, sometime.

If the Bushies starteed roasting hundreds of babies on spits in the public sqaure, then for that day and for those people, somehow roasting hudreds of babies on spits in the public square would be legal.

And the M$M would help with the backstory.