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January 30th, 2009
03:10 PM ET

Bank employing GOP House leader’s wife got bailout bucks

Aram Roston and Paul Kiel
ProPublica

House Republican Whip Eric Cantor, a rising star in the Republican party, has been a prominent voice demanding accountability in how the government doles out hundreds of billions for bank bailouts.

"I think most American taxpayers now are sort of scratching their head," Cantor told CNN in December, "wondering when all this bailout stuff is going to end. And probably thinking, 'You know, when is my bailout coming?'"

This Thursday, Cantor cast a high-profile vote opposing release of another $350 billion in bailout funds. Unpublicized until now was a recent development: The Treasury Department used $267 million of taxpayer funds to buy preferred stock in a private banking company that employs Cantor's wife.

Read More at ProPublica...


Filed under: 360° Radar • Aram Roston • Bailout Turmoil • Economy • Paul Kiel • Republicans
soundoff (24 Responses)
  1. Sam PPines

    I love this country and voted for our current president because of the change I saw he could bring to the WHITE House... I do not believe that these banks should be given this bailout money without restrictions just like the ones placed on the constituents who are trying to seek aid from their mortgage companies, but are being denied for obvious reasons for example, I have been denied four times by Aurora Services the last time because unable to make monthly payments. I am not in pre-foreclosure nor have I been 30 days late with my payments. President Obama needs to implement a new sector of government, which will scrutinize their debt to see what is eligible for relief and if they are even able to receive this aid because unable to repay tax payers money... This bailout should be a loan and not just simply given because these banks are not honoring what they said they would do with out tax money....

    February 1, 2009 at 8:06 pm |
  2. Kent, Illinois

    Cantor is an idiot. If the GOP are looking to him for guidance they will be disappointed. He is like the snake who smiles at you and then bites you. Keep smiling Cantor........we are not fooled by Republicans anymore. We don't believe you in your lies, and do not look to us to support a Republican in anything in the future.........

    January 31, 2009 at 12:15 pm |
  3. Vernon, Lancaster, Ca.

    I can't believe anyone is shocked about this little Wife-Gate problem. Lobbiest stay in D.C. 24/7/365 to lobby Congressmen, the President and his Cabinet, to throw a bone their way. The politicians comply, the lobbyist get what he wants for his company & the politician gets a kick back to his future political campaigns. And some of his relatives gets lucrative jobs with the lobbyist mother company or a distant branch. I'll bet you there is more money flowing in and out of D.C. than there is on Wall Street. A poor individual can not get an audience with a congressman, guess why, he has no money to bring to the table!!!!!!! We are not a captalistic driven country, we are money driven. Think about it.........

    January 31, 2009 at 5:17 am |
  4. KSuzanne San Leandro, Ca.

    Well, greed gone mad again! The hypocrisy is really not surprising. This is the rhetoric we have heard repeatedly over and over in the years of republican rule! Folks I hope now we see these charlatans for who they really are...a party of greed, corruption and graft, slow to embrace a changing society, and quick to start cultural wars! I hope this nation does not sink into the trap of being fooled by trickle down economics, cultural wars, and the promise of down-sized government-when the threat of expensive and devastating wars, triple digit deficits, and increased greed, graft and blinders to fit the nation's eyes are always on the horizon when this party is truly in power! The rich have the upper hand and they are crushing every one else with the weight of their power!

    KSuzanne from San Leandro

    January 31, 2009 at 4:47 am |
  5. Angela

    I believe that everyone that received a bonus on wall street using taxes payers money should have to work..... for free for however long it takes to pay the money back. I would feel like justice has been served. The Republicans are so worried about Obama spending our childrens money what about "Wall Streert" and their private jets.
    Signed Jim Crow Era Over!!!

    January 31, 2009 at 1:15 am |
  6. peter

    President Obama, shortly after the election, countered criticism of the same old cronies being selected to his cabinet, by stating they he was at the helm. Even though his cabinet choices were old and familiar faces he would steer the ship in a new direction. He stated that we needed to "think outside the box". His stimulus program doesn't resonate "thinking outside the box". He could have at least given the program a new name.

    January 31, 2009 at 12:38 am |
  7. Mary

    This really steams me. If his wife’s bank was in the second round, I believe he would have voted yes on the release of funds.

    Cantor’s quote, “I think most American taxpayers now are sort of scratching their head,” Cantor told CNN in December, “wondering when all this bailout stuff is going to end. And probably thinking, ‘You know, when is my bailout coming?’”

    Cantor got “his” bailout by bailing out his wife’s bank. No Cantor, we aren’t thinking when will our bailout come, we’re thinking how convenient for you that you got your bailout and then changed your position.

    January 30, 2009 at 9:14 pm |
  8. Mary

    This really steams me. If his wife's bank was in the second round, I believe he have voted yes on the release of funds.

    Cantor's quote, “I think most American taxpayers now are sort of scratching their head,” Cantor told CNN in December, “wondering when all this bailout stuff is going to end. And probably thinking, ‘You know, when is my bailout coming?’”

    Cantor got "his" bailout by bailing out his wife's bank. No Cantor, we aren't thinking when will our bailout come, we're thinking how convenient for you that you got your bailout and then changed your position.

    January 30, 2009 at 9:13 pm |
  9. Phillip H

    The U.S. Government should give 100 K to every working man and woman over thirty and under fifty years old that earns less than 90k is a bona fide U.S. citizen and has no criminal record. (it narrows it down) That will be about a third or less of the US populationand that's a bailout!! We will start to spend that money faster than you can imagine and after the bailout like all responsible citizens we all deposit $50 to the IRS account every other pay period for three months to pay the deficit. If we do that twice a year for three years;"what" recession? Somebody think of something and cut out all the BS! (what are the wealthy people afraid of?

    January 30, 2009 at 8:55 pm |
  10. earle,florida

    This,my friends, is just a blatant case of "conflict of interest"! These politcian are cut from the same cloth. Ironically ,they also wash their hands with the,"stainless cloth of immunity"! His knowledge, and status clearly makes both husband,and wife co-conspirators. An example should be made of both? Apologies just don't cut it anymore,there must be some punishment! Although, it's difficult to get today, when these guys are the ones responsible for selecting the States Attorney's,Judges,Crime Enforcement Chiefs,anyone that possibly can bring restitution,... ?

    January 30, 2009 at 8:42 pm |
  11. suki

    Typical republican – hyprocrisy – does the man not know who his wife works for – please

    These people won't support Obama's programs because they will no longer be able to profit personally – its not the American people they care about it is their own bank accounts

    This man has lost any credibility he might have ever had!

    January 30, 2009 at 8:25 pm |
  12. StormerF

    Bet his wife does some bank work,More than I can say for the $100,000.00 of taxpayer money Pelosi pays her husband to give her advice.At least he did not know where the treasury was spending the money. No like Obama getting 4 million for the place where his wife worked and he knew it and she got a hugh raise in the tens of thousands.

    January 30, 2009 at 8:12 pm |
  13. Lucy n ga

    Peferred Stock .. He knew his wife would get a nice bonus

    January 30, 2009 at 7:47 pm |
  14. Alex

    As a Republican (for now at least), I am about getting sick and tired of this off-handed, Holier than thou, conflict of interest idiots who call themselves Republican leaders. Add Rush to the mix and it's no wonder why honest and sane people are leaving the Republican Party in droves. These clowns are like the bankers who can't seem to smell the roses and see their actions leave questions of honesty. I predict that if the Republicans don't clean up their act and start policing themselves, the Republican Party will only he read about in the history books.

    January 30, 2009 at 7:45 pm |
  15. jarrod

    this is how are country is ran and if anybody actually believes he did not know or his wife that is in charge of that branch not know that the main branch was recieving bailout money the we really need to limit corporation ability to expand beyond the visibilty of overseeing their company's and stop the excuses of (i can't watch everything) and letting these people off scott free and take from them plus the excact amount they were given start teaching these people a lesson...

    January 30, 2009 at 7:23 pm |
  16. Anne Flowerfields

    The greed and arrogance of these high paid executives who demand a bonus on top ot their high paid salaries is criminal. I do not think they should go to jail but they should have to do years of community service. It is criminal for anyone to get these salaries and then expect a bonus when others are losing their homes and struggeling just to pay for food, and everyday living expenses. Living hand to mouth.

    Also what about the schools. I live and substitute teach in the state of Florida. The school systems in our state are in desparate need and I am sure the schools in other states are also in need. Any of these executives care about our future generations. Bail out schools and not these criminal executive pigs..

    January 30, 2009 at 6:55 pm |
  17. JC- Los Angeles

    As Toto showed us in The Wizard of Oz, all you have to do is pull back the curtain to expose the frauds.

    Tom Brokaw eloquently depicted the greatest generation while today's horrid leaders continually represent the worst.

    January 30, 2009 at 6:33 pm |
  18. sarah

    I cant stand this senator/rep. whatever he is. He is so so so so so so smug its unbelievable.

    Shame on him. I am so so sick of republicans. look they just voted a black guy to head their party... .we all know why they voted him in. its just like mcain picking sarah palin.

    pathetic

    January 30, 2009 at 6:25 pm |
  19. Annie Kate

    In reading the whole article it does not sound as if the Cantors have done anything wrong. Neither knew the parent company was seeking a bailout and it does not seem that Ms. Cantor benefited from the bailout although if she did she should return it. Perhaps members of the House and Senate should do disclosure if anyone in their immediate family works for a financial institution that has received a bailout or are in line for receiving a bailout. If the disclosure is up front and then afterwards they can show no personal gain from the bailout then I haven't got a problem with it.

    January 30, 2009 at 6:21 pm |
  20. Lisa

    I'll believe that he didn't know his wife's employer was going to get bailout funds. Many banks made purchases just so they could qualify. That would have been a corporate call rather than at the branch level.

    However, if his wife received a bonus, he should ensure that it is returned.

    January 30, 2009 at 5:44 pm |
  21. Bill Skeat -- Athens, WV

    And they still wonder why they lost the last election?? I just hope they continue their stupidity and lose even more in 2010!!

    January 30, 2009 at 5:38 pm |
  22. michael petro

    just another shinning example of it is to be a republican. hope people remember these things when it is time to vote.

    January 30, 2009 at 5:31 pm |
  23. Rodney Roberts

    Maybe he has the same bank as Barney Frank

    January 30, 2009 at 5:19 pm |
  24. Bev, Town of Tonawanda, NY

    Typical Republicanism – do as I say, not as I do.

    January 30, 2009 at 3:59 pm |