DENVER – Several big financial firms donated hundreds of thousands of dollars to the Democratic and Republican National Conventions just months before the companies went bankrupt or took billions of dollars in bailout money from taxpayers, according to 9Wants to Know's analysis of records released Thursday.
Insurance giant AIG gave $750,000 to both the DNC and RNC early this year for a combined donation total of $1.5 million.
This was before it accepted an $85 billion loan from the Federal Reserve in September and an additional $38 billion earlier this month. The money to help AIG is one of the largest private company bailouts in U.S. history.
Freddie Mac gave $250,000 to each convention for a total of $500,000 this year.
The government has pledged up to $200 billion to help Freddie Mac.
Lehman Brothers gave $100,000 to the DNC over two years.
The government refused to bail out Lehman Brothers because it said the company made too many risky decisions concerning its finances, according to 9NEWS business reporter Simone Wilkinson.
The DNC cost at least $53.86 million, according to financial disclosure forms released Thursday.
The Denver host committee generated more than $55 million in private cash donations and $5.46 million in in-kind contributions, the committee said.
The committee says its expenses included $14.1 million to modify the Pepsi Center, site of the convention for the first three days, and $5.3 million to modify the Denver Broncos' football stadium for Sen. Barack Obama's acceptance speech.
The Minneapolis-St. Paul host committee for the Republican convention reported this week it raised $51.2 million from individuals and corporations.
It spent $46.5 million, according to a news release from the RNC.
Other notable donations to the DNC from Colorado include:
Janus Fund: $100,000
Colorado Rockies: $110,000
Coors Brewing Company: $402,500
Ball Corporation: $250,000
Aspen Skiing Company: $150,000
Vail Resorts: $500,000
CoBank: $100,000
Ch2M Hill Companies: $250,000
Other notable donations to the RNC from Colorado include:
CoBank: $50,000
Ch2M Hill Companies: $50,000
To see the DNC report, click here.
To see the RNC report, click here.
Also on Thursday, Denver Mayor John Hickenlooper's office estimated that the DNC was $266.1 million regional economic benefic to the metro area. Hickenlooper's office estimates that $153.9 million was in Denver alone.
Click here to read the full impact report.
(Copyright KUSA*TV. The Associated Press contributed to this story. All Rights Reserved)
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