As of Jan. 14, 42 corporate contributors chipped in $250,000 each, the self-imposed maximum donation accepted by the committee. Unlike campaign contributions, there's no legal limit to how much a donor can give.

Financial services companies and their executives have donated more than any other industry, with 26 financial services firms donating more than $4 million. The industry could reap a windfall if Congress approves Bush's plan for private investment accounts as part of Social Security. It also has an interest in Bush's goal of extending the tax cuts of his first term. Energy companies and their executives contributed more than $2.7 million. They've worked closely with the Bush Administration for years to pass an industry-friendly energy bill that remains stalled in Congress.

Here's what's wrong with it:

Critics say that for-profit companies don't give money away without a reason involving self-interest.

"It's part of their government relations and influence program," said Larry Noble, executive director of the Center for Responsive Politics, a nonpartisan group that monitors money in politics. "They're doing it to gain access to the White House and to members of Congress." The access works on two levels, Noble said. First, there's the immediate access that donors get from rubbing shoulders with the powers-that-be at inaugural activities such as luncheons and balls.

Beyond that, it's an investment in establishing relationships down the road, so that they will be heard when key issues come to the fore.

I don't really care that major donors get tickets to special events attended by Bush and Cheney. I care about their influence when it comes to legislation and policy. A $40 million inauguration seems excessive, especially for a second term president. The country is at war. Many at home are out of work and struggling financially just to survive. The tsunami left millions in need. Bush should have toned it down.

Update: Monday's New York Times has this report on the lobbyists who will be attending unofficial parties. More money being spent.