MBNA beats out Enron as Bush's biggest campaign supporter

[Timber Loftis]

Today's NY Times:

POLITICAL POINTS | 2.26 5:10 PM
Enron Overtaken as Bush's Top Financial Supporter
By GLEN JUSTICE

Enron is dropping in the rankings, if not from the rhetoric, in this year's presidential race.

The bankrupt energy trader has lost its standing as the top campaign contributor in President Bush's political career, a position it held for years, as company executives gave Mr. Bush $602,625 throughout his tenure as Texas governor and his days in the White House, according to the Center for Public Integrity.

Enron fell to second place in January behind the MBNA, a leading issuer of credit cards. MBNA took the top spot, with its employees giving more than $603,000 to Mr. Bush.

Campaign finance experts say the change symbolizes a continuing shift in the president's financial support, moving away from his usual backers like oil and gas companies and toward financial-services companies that have become increasingly supportive.

``The financial types have been closing fast and they did it: they overwhelmed Enron,'' said Charles Lewis, executive director of the Center for Public Integrity, which tracks the top contributors to presidential candidates over the course of their careers.

Brokerages, credit and accounting companies account for 7 of Mr. Bush's top 10 career contributors through Jan. 31, according to the center. In a similar study during the 2000 election, no major financial-services companies were listed among the top 10.

Mr. Bush has championed several initiatives that were applauded by the financial community, including cuts in the taxes on stock dividends and capital gains.

Among those companies that made Mr. Bush's list in January are Merrill Lynch at about $586,000, PricewaterhouseCoopers at $576,000; UBS AG Inc. at $488,500, Credit Suisse at $485,000, Ernst & Young at $426,000 and Goldman Sachs. The totals count money contributed by company employees and political action committees.

In several cases, company leaders also raised money for Mr. Bush. Several chief executives - Henry M. Paulson of Goldman Sachs, John J. Mack of Credit Suisse First Boston and Stanley O'Neal of Merrill Lynch - were among Mr. Bush's elite six-figure fund-raisers.

Executives at Enron continued to give to Mr. Bush in small amounts, despite the company's bankruptcy filing. The president received $3,000 in 2003 from four people who listed Enron as their employer, according to the center. Enron's collapse amid an accounting scandal gave rise to corporate accountability measures and helped pass the McCain-Feingold campaign finance legislation in 2002. The company was a sore spot for Mr. Bush, who was friends with the company's chief executive, Kenneth L. Lay.

Democrats, including the presidential candidates, have not been shy about trying to connect the company to the president - criticism that is likely to continue. An aide at the Bush campaign declined to comment on the company's change on Mr. Bush's rankings.

``If I'm the White House, I'm really happy,'' Mr. Lewis said. If Enron is your top patron, that's got to be embarrassing.''

[John D Harris]

WHAT!!!! where's Haliburton? [img]smile.gif[/img]

[Timber Loftis]

No, no, John D. This is a list of those who pay Bush, not those on Bush's payroll. Besides, Halliburton's a "preferred member" -- they don't have to pay as much.

Besides, you'll note the $1million "consulting fee" Halliburton paid Cheney during the first year or two of the administration (IIRC) exceeds the total campaign contributions by either Enron or MBNA.

[ 02-27-2004, 12:41 PM: Message edited by: Timber Loftis ]

[John D Harris]

Originally posted by Timber Loftis: No, no, John D. This is a list of those who pay Bush, not those on Bush's payroll. Besides, Halliburton's a "preferred member" -- they don't have to pay as much. Besides, you'll note the $1million "consulting fee" Halliburton paid Cheney during the first year or two of the administration (IIRC) exceeds the total campaign contributions by either Enron or MBNA.

Ok I glad to be set straight, you had me worried for awhile there