Today, I came across a website, Good Jobs First, which has built a database to track federal grants and tax credits awarded to big companies over the past fifteen years. It's quite fascinating.
It's comprehensive; it stores information from more than 160,000 awards from 137 programs. Over the past fifteen years, two-thirds of the $68 billion awarded by the federal government have gone to large corporations.
It also shows the relationship between subsidiary and parent. Among the fifty largest beneficiaries are Boeing, Ford Motor, General Electric, General Motors and JPMorgan Chase. Six of these parents - Iberdrola, NextEra Energy (parent of Florida Power & Light), NRG Energy, Southern Company, Summit Power and SCS Energy - have received at least received $1 billion or more in federal grants and allocated tax credits (those awarded to specific companies) since 2000; 21 have received $500 million or more; and 98 have received $100 million or more. Just 582 large companies account for 67 percent of the $68 billion total.
As you can see, the six big receivers are energy companies. The leader at $2.2 billion is Iberdrola, a Spanish energy company, which invested in wind farms in the U.S.
The database also looks at the bank bailouts. How's this for a bailout:
Bank of America at just under $3.5 trillion, Citigroup ($2.6 trillion), Morgan Stanley ($2.1 trillion) and JPMorgan Chase ($1.3 trillion). A dozen U.S. and foreign banks account for 78 percent of total face value of loans, loan guarantees and bailout.
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