GM resumed donations through its political action committee
By Andrew, 23 Sep, 2010. 0 Comments
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Federal Election Commission reports indicate that General Motors Co., which is preparing for its initial public offering this November, has made its first campaign contributions since 2008. GM’s August FEC report shows that it resumed donations through its political action committee. GM, which is 61% owned by the US Treasury, has given $91,500 to candidates of both political parties. For the 2008 elections, the PAC was able to contribute $710,008.
GM spokesman Greg Martin said that as GM emerges as a new company, it will be “participating in the political process.” Martin explained, “We will not sit on the sidelines while our competitors in other industries have their voices heard.”
The recipients of the GM contributions include US Reps. Eric Cantor, R-Va., the No. 2 House Republican, and the leadership PAC of House Majority Leader Steny Hoyer, D-Md. It was in July 2009 that GM emerged from bankruptcy and got a $50 billion taxpayer bailout. GM has set a target of raising as much as $16 billion through its IPO. [via autonews - sub. required]
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