David Sirota and Matthew Cunningham-Cook report in the “International Business Times” that Governor Andrew Cuomo gave major contracts to banks that supported his campaign.

They write:

“The Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. have over the past 2 1/2 years received taxpayer-financed contracts to help manage the sale of more than $3 billion worth of bonds for New York state, according to a review of state records by International Business Times. The three banking companies secured this lucrative line of business during the same period they delivered more than $132,000 in campaign contributions to Gov. Andrew Cuomo through political action committees under their corporate control.

“The Cuomo administration handed out the bond-sale work to these banks despite federal rules that bar the firms from getting such business if they have donated campaign funds to the governor. The rules are designed to prevent public officials from awarding the bond work to their favored contributors, rather than awarding that work on the basis of the best fees and interest rates charged to taxpayers.

“As IBTimes reported Thursday, Cuomo officials have since October designated the three banks as the dealers handling $100 million worth of affordable-housing bonds. But a broader review of New York state records going back to 2012 found a total of 27 separate bond issues that the three banks have handled since the governor began receiving contributions from them. A Cuomo administration representative told the IBTimes this week that the government business was handed out without competitive bids.”