O'Neill to LaTourette: It's Time to Give Back the Money from Bailed-Out Companies

Wickliffe, Ohio (September 24, 2008) – In light of the federal bailouts of several financial entities, Democratic congressional candidate Bill O'Neill called on Steve LaTourette to give back more than $20,000 in campaign contributions that he's taken from Fannie Mae, Freddie Mac, and Bear Stearns, just a portion of the more than $1 million LaTourette has received from the banking, investment and real estate industries. O'Neill said that the conflict of interest for LaTourette, who sits on the Financial Services Committee in the House, is obvious.

"I'm not sure how Steve LaTourette thought it was ethical to take money from the very corporations he was supposed to be regulating," O'Neill said. "What I know is that the Congressman voted to deregulate the banks in 1999, and the industry must have been very grateful, because they've given him more than $1 million in campaign contributions. Now he has to try to justify taking that million from the industry he was overseeing while this crisis got out of hand."

Of the $1,196,373 LaTourette has received from these industries, he has received $20,500 from Fannie Mae, Freddie Mac, and Bear Stearns, companies that have already been bailed out by the federal government. O'Neill is calling on LaTourette to return those funds.

"Just out of respect to the American taxpayer, it's time to give back the money from the companies the federal government is bailing out," O'Neill said. "Just as candidates for Congress are not permitted to receive contributions from federal employees or entities, it just makes sense that we should be prohibited from accepting contributions from these firms that are now on the federal dole."

O'Neill, who recently challenged LaTourette to own up to his role in the Wall Street meltdown, said earlier that he was disappointed but not surprised by the Congressman's refusal to admit his mistakes in this crisis. Last week on WCPN Steve LaTourette defended his vote in 1999 and sidestepped a question about whether the contributions he took from the financial services industry presented a conflict of interest.

"What's worse is that Steve LaTourette went to Congress on a mission to root out the influence of PACs and special interests. Now they make up 59% of his campaign coffers," O'Neill said. "I guess those lines get a whole lot fuzzier once you've spent 14 years immersed in the culture of Washington."