Follow the $$: Big 3 Spent Millions On Lobbying
(CBS) -- As Congress mulls over a bailout for U.S. automakers, some may be thinking about more than jobs and the economy. The auto industry spent nearly $50 million lobbying Congress in the first nine months of this year. And people tied to the auto industry gave another $15 million in campaign contributions.
It's not surprising that a lot of that money went to members of Congress from Michigan, where the auto industry is the biggest employer and politicians are passionate advocates for their constituents.
Take Sen. Carl Levin, who received $438,304 from the automotive industry. And in the House, Rep. Joe Knollenberg received $879,327. Rep. John Dingell got nearly a million from the industry. All have enjoyed generous support from the auto industry over their careers, with GM and Ford as their two top contributors. All support a bailout.
But nobody's been a bigger advocate for Motor City interests than Dingell. And for him, the stakes aren't just political, they're personal. His personal financial health and the wealth of his family is tied up in the car industry.
Dingell's wife Debbie once worked as a lobbyist for GM. When she married the congressman, she became a senior GM executive at an undisclosed salary. And CBS found the couple has extensive GM assets. Dingell's current financial disclosure filed in May lists GM stock worth up to $350,000, options worth up to $1 million more, and a GM pension fund. In 2000, among the Dingells' GM assets were stock options worth up to $5 million.
MP: As P.J. O'Rourke reminds us, "When buying and selling are controlled by legislation, the first things to be bought and sold are legislators."
HT: Travis Walker