JPMorgan spent nearly $1.8 million lobbying gov't in second quarter

Source: AP

JPMorgan Chase & Co. spent nearly $1.8 million in the second quarter to lobby on credit cards, mortgage programs and other issues, according to a recent disclosure report.

The New York-based bank has reaped benefits to its investment banking business from a shrunken playing field of competitors, posting a 36 percent jump in second-quarter profit to $2.72 billion. The Wall Street powerhouse also has repaid $25 billion in loans it received from the U.S. government as part of the Troubled Asset Relief Program.

JPMorgan also lobbied credit card practices and pricing, mortgage lending and reform, bankruptcy reform, energy reform, patents and taxes in the April-June period.

Besides Congress, the company lobbied the Securities and Exchange Commission, Department of Education, Department of Energy, Department of Commerce, Treasury Department and the White House, according to the report filed July 20 with the House clerk's office.



Read more: http://www.forbes.com/feeds/ap/2009/08/18/ap6790163.html

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and another bankster:

Wells Fargo spent $690K lobbying gov't in second quarter
http://www.forbes.com/feeds/ap/2009/08/18/ap6790156.html

Wells Fargo & Co. spent $690,000 in the second quarter to lobby on credit cards, mortgage programs and other issues, according to a recent disclosure report.

The San Francisco-based bank has been under the government's watchful eye since it has received $25 billion from the $700 billion bank rescue program. Wells Fargo bought Charlotte, N.C.-based Wachovia Corp. last fall at the height of the credit crisis.

Like nearly all retail banks, Wells Fargo has come under pressure from mounting loan and mortgage losses. Wachovia suffered massive loan losses from exotic mortgages before regulators forced its sale.

Wells Fargo also lobbied credit card practices and pricing, bankruptcy reform and taxes in the April-June period, according to the report filed July 20 with the House clerk's office.


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Our taxpayer dollars hard at work.

*sigh*

Rp