Corporate Interests Bankroll Bush's Inauguration
With 10 days remaining until Bush takes the oath of office, corporate executives and other wealthy individuals have already poured into his inauguration fund about 13.5 million dollars, or roughly 70 percent of the total, AFP quoted the Center for Responsive Politics as saying Tuesday.
"The initial list of donors to the presidential inaugural committee confirms our worst fears about the potential for the inauguration to become yet another opportunity for wealthy corporate honchos to be able to purchase face-time with the next president and vice president," said Scott Harshbarger, president of Common Cause, an organization that is trying to fight the influence of money in politics.
Investment bankers and other individuals involved in the financial sector proved to be the most generous contributors, providing a total of 1.8 million dollars, according to the survey.
Carl Lindner, chairman of the American Financial Group, originally gave the inaugural committee 200,000 dollars but received half of it back because of the committee's self-imposed limit of 100,000 dollars per individual or corporation.
Maximum contributions came from Charles Cawley of MBNA America Bank, Lamar Smith of Visa USA, a credit card company, and William Forey of Fidelity National Financial, an investment firm.
These people are likely to have a huge stake in Bush's plan to cut taxes by 1.3 trillion dollars over the next 10 years, according to economists.
Banks and credit card companies are also pushing for tougher measures against delinquent debtors and may need the cooperation of the White House in that undertaking.
The list of 100,000-dollar contributors also includes Thomas Collamore, an executive with Tobacco Company Philip Morris, which faces an array of lawsuits seeking damages for selling harmful products.
John Kelly, the treasurer of Microsoft's Political Action Committee also forked over the maximum amount. The software maker is locked in an anti-trust legal battle with the Justice Department, which is seeking its breakup.
Donald Carty, the chief executive of American Airlines, which is reportedly about to gobble up Trans world airlines, also gave 100,000 dollar, said the center.
The anticipated acquisition will be subject to approval by federal regulators.
In all, distinct manufacturing and commerce interests have so far contributed to Bush inauguration one million dollars, oil and gas moguls -- 900,000 dollars, and real estate -- 800,000 dollars.
"The Presidential Inaugural Committee really is planning festivities on two tracks -- one free track, for large crowds and the general public, and another, very expensive track for an elite and exclusive group of well-heeled tycoons, many of whom will have business pending before the next administration and the Congress," commented Harshbarger.