The largest companies in the world are very exacting with where they put their money. Investing properly is the most important part of maintaining their position of wealth and security.

However, not all of the investment has gone into stocks, bonds, and real estate. As evidenced by the 2007-2009 financial collapse, some of the most worthwhile investing is done in the halls and offices of Capitol Hill. When the financial titans were falling apart at the seams they could count on their political investments to come through with a rescue. In return for a few million in contributions sprinkled over decades of political leadership, the richest of the rich were given hundreds of billions of dollars in taxpayer-funded salvation.

Most Americans, for better or worse, would have happily watched these institutions collapse upon themselves. According to polling numbers at the time, most Americans thought the bailout was nothing more than a corporate hack job. Yet the people who were elected to represent constituent interests were resolute in their support of any and all means of rescue.

Now, another corporate giant is on the ropes. And just like before it is counting on those investments to come through in the clutch.

This time, the embattled company is BP, and its most prized investment may be the White House.

According to Reuters, data collected by the Center for Responsive Politics shows millions of dollars in BP contributions to President Obama’s campaign and affiliates.

The British-based oil giant has sprinkled $3.5 million to federal candidates over the last 20 years, but the largest chunk of all landed on then-Senator Barack Obama. The White House has certainly taken up hard-line language against BP in response to public criticism, but it isn’t doing much in practical terms. First and foremost, BP is still being allowed to run the cleanup operation as a sort of co-pilot. Many experts and analysts think that BP should be removed altogether, and that its operations should be commandeered by the military.

The president has the authority to make such a decision, but has opted not to do so for nearly two full months.

According to the Center for Responsive Politics, the issue goes even deeper than the hundreds of thousands of dollars doled out to President Obama.

BP has also significantly amped up its lobbying efforts over the past few years. Spoiled with enormous amounts of excess cash following the run-up in oil prices in 2007 and 2008 BP took lobbying to new heights. Last year the company dropped $15.9 million to have lobbyists patrol the beat on Capitol Hill. The money was not directly contributed to campaigns, but there is no way to underscore the pervasive influence of a well-funded and well-organized corporate lobby.

BP was able to encourage regulators during the Bush administration to slack off on oversight and allow them to monitor operations on their own. BP, along with every other oil company, was allowed to skip relief well drilling, blowout preventer tests, and basic contingency operations for the sake of saving nickels and dimes. It only takes a few thousands of well placed contribution dollars or lobbying fees to convince a panel of officials that a $300,000 blowout preventer is unnecessary.

Every politician staunchly stands by the belief that contributions to campaigns have zero affect on policy decisions. Every American knows that this is far from the truth. The foxes are allowed to take charge of the hen house in modern American politics, and one need look no further than the transfer of payments to see the reason why.

Print PDF