Hillary Clinton: NY Banks Biggest Winner in Bailout

Hillary Clinton
Hillary Clinton / AP

In October 2008, then-Senator Hillary Clinton (D., N.Y.) told a radio station about her reasoning for voting for the Troubled Asset Relief Program, or TARP.

"I think the banks of New York and our other financial institutions are probably the biggest winners in this, which is one of the reasons why in the end, despite my serious questions about it, I supported it," Clinton said.

At a Democratic Party dinner in Ohio on Sunday, Clinton defended her stance, according to ABC News.

"There was a bill that mixed money for the auto rescue and money for other bailouts. That was not an easy vote, and I respect those who voted against it. But I’ll tell you this—I voted for it," Clinton said. "Then President-Elect Obama asked us to vote for it. I decided it was more important to save the auto industry and save our economy, and I am so glad I did."

At times, though, Clinton's words have not matched her actions.

"Look what happened in '08, AIG, Lehman brothers an investment bank, helped bring our economy down… I've said, if the big banks don't play by the rules, I will break them up," Clinton said in January.

Over the last couple of years, Clinton's relationship with Wall Street banks and investment firms seems pretty close as she gave several speeches to these firms behind closed doors for very large sums of money. During the current Democratic primary, there has been a large push for her to release the transcripts from these speeches, which she has so far refused to do.

Clinton's opponent in the Democratic primary, Sen. Bernie Sanders (I., Vt.), has criticized Clinton for her stance on TARP, which also included provisions for American car manufacturers who were also going bankrupt.