Documenting Corruption

Here's a press release from the University of Michigan's business school highlighting the results of their latest research:

Banks with strong political connections were more likely to receive bailout money from the government — and more of it — in the past year than those with weaker ties, say Ross researchers.

A new study by Ross professors Ran Duchin and Denis Sosyura found that banks with connections to members of congressional finance committees and banks whose executives served on Federal Reserve boards were more likely to receive funds from the Troubled Asset Relief Program, the federal government's program to purchase assets and equity from financial institutions to strengthen its financial sector.

Further, their research shows that TARP investment amounts were positively related to banks' political contributions and lobbying expenditures, and that, overall, the effect of political influence was strongest for poorly performing banks.

Let me translate that for you: THE POLITICAL SYSTEM IN THE UNITED STATES IS CORRUPTED BY MONEY. POLITICAL FAVOURS ARE BOUGHT. BANKS THAT BOUGHT POLITICIANS GOT THE MOST BAILOUT MONEY.