Late Donation from Bailed Out Bank Exec to Obama

From Fox News Friday:


A top executive of a Wall Street firm that had received federal bailout money was among the donors who contributed to President Obama’s 2010 Senate re-election campaign after he resigned his Illinois seat, the Washington Times reported.

Bruce A. Heyman, managing director at Goldman Sachs, which received a $10 billion bailout last year, donated a maximum $2,300 to the Obama 2010 fund the day after Christmas, the newspaper reported.

In all, the fund received four contributions totaling $4,800 on Dec. 26, according to Federal Election Commission reports.

Obama formally left the Senate on Nov. 16 and had a surplus in his Senate campaign treasury, making the donations unusual but not illegal.

Federal election law allows Obama and five other former members of Congress now serving in his Cabinet or the White House to retain congressional campaign funds for years and spend the money for any political purpose, even if they don’t plan to run for Congress again.

The question here is, why would a donation be made to a senatoral account when the Senator has already been elected as the President?  And why is Obama allowed to keep the money by law?