From under TARP, banks add lobbying

From under TARP, banks add lobbying

dyn.politico.com

So, after a decline in lobbying activity during the first quarter of this year, the major recipients of cash from the Troubled Asset Relief Program — TARP — have stepped up their spending as drafts of a new financial regulatory system have begun to take shape, according to the second-quarter lobbying disclosure reports released last week.

Bank of America, which received $45 billion in bailout money, boosted its lobbying tab to $890,000 in the second quarter, up from $660,000 in the first.

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Citigroup, a $50 billion bailout recipient, nearly doubled its lobbying efforts, spending $2 million in the second quarter, compared with $1.35 million in the first.

Goldman Sachs, which received and has paid back $10 billion in TARP funds, reported spending $1 million on advocacy activity in the second quarter, compared with $670,000 in the first.

And Morgan Stanley, which has also repaid its $25 billion in bailout money, saw its lobbying tab increase to $935,000 in the second quarter, compared with $645,000 in the first.

Even Insurance giant American International Group, which is the biggest TARP recipient, at $70 billion, hasn’t left the lobbying field completely. It closed down its federal offices after the bail-out, but reported spending $950,000 on lobbying in the second quarter at the state level and in payments to trade organizations in Washington that advocate on their issues.

Ok so honestly I hope this infuriates the rest of you ATS'ers out there. First they get out taxpayers money for free and now they step up lobbying after they gain profits in the first and second quarter while still not lending money or giving out credit. disgusting...

dyn.politico.com
(visit the link for the full news article)