Bailout for Breakfast: Lobbying The Hand That Feeds You

Source: ProPublica

This is the latest from our new bailout blog <1>. Check out our all-seeing database <2> of the bailout billions.

The theme today: The big banks may have taken billions in bailout money, but on Capitol Hill, they’re still giving their two cents, lobbying hard.

We noted earlier that banks were pushing for the Treasury Department to dump the warrants <3> it received as part of its investments. Doing so would steeply cut the cost for big banks like Goldman Sachs and JPMorgan Chase to pull out of the TARP program. The Wall Street Journal reports the banks continue to “aggressively” lobby Treasury <4>.

And when it comes to pro-consumer legislation to combat credit card fees or lower mortgage payments, the banks are also fighting hard <5>—and appear to be winning.

Putting a number on those efforts, both the Washington Post <6> and AP <7> report that the top bailout recipients <2> spent about $10 million lobbying Congress in the first three months of this year.



Other links:
U.S. in Standoff With Banks Over Chrysler
http://www.nytimes.com/2009/04/22/business/22chrysler.html?partner=rss&emc=rss

Freddy Acting CEO Found Dead
http://online.wsj.com/article/SB124040188797343215.html#mod=rss_whats_news_us

Geithner Hints at High Bar In Letting Banks Repay Aid <13>
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/21/AR2009042103539.html?nav=rss_email/components

For Housing Crisis, End Probably Isn't Near
http://www.nytimes.com/2009/04/22/business/economy/22leonhardt.html

Fed Official: “Too Big to Fail” a Farce
http://www.housingwire.com/2009/04/21/feds-hoenig-too-big-to-fail-a-farce/

Read more: http://www.propublica.org/ion/bailout/item/bailout-for-breakfast-lobbying-the-hand-that-feeds-you/