Thursday, April 30, 2009

Bailout Loot Used For Lobbying

I believe the proper term is kickbacks.

"Bailout recipients exceed $10m in lobbying" by Dan Eggen, The Washington Post | April 22, 2009

WASHINGTON - Major recipients of federal bailout money spent more than $10 million to lobby lawmakers in the first three months of 2009, including arguing against pay limits for corporate executives, according to newly filed disclosure records.

The biggest spenders among major financial firms and automakers included General Motors Corp., which spent nearly $1 million a month on lobbying so far this year, and Citigroup and J.P. Morgan Chase & Co., which together spent more than $2.5 million in their efforts to sway lawmakers and Obama administration officials on a wide range of financial issues.

The new statistics revive objections from public-interest groups and some lawmakers who argue it is improper for companies to be lobbying against stricter oversight and other regulations at the same time that they are benefiting from the government's massive Troubled Assets Relief Program.

"Taxpayers are subsidizing a legislative agenda that is inimical to their interests and offensive to what the whole TARP program is about," said William Patterson, executive director of CtW Investment Group, an activist group affiliated with a coalition of labor unions. "It's business as usual with taxpayers picking up the bill."

I'm hurt, angry, and tired of it all. Chop some heads off, please.

But several company representatives said none of the money borrowed from the government has been used to fund lobbying activities.

It's ALL in the SAME POOL!!!! The government money simply replaced that which they used to lobby the legislating looters!

GM spokesman Greg Martin said that maintaining a lobbying presence is vital to ensure that the automaker has a seat at the table when major policy decisions are made by Congress or the administration....

Where is YOUR LOBBY, American?

After Citigroup and J.P. Morgan Chase, top lobbying participants included American Express ($770,000); Wells Fargo Bank ($700,000); Goldman Sachs ($670,000); and Morgan Stanley ($540,000). Many of the companies spent less so far this year than they did during the first months of 2008, the records show.

Oh, they spent less last year, yaaaaay! They can buy off Congress on the cheap, whoopee!

--more--"