IPSecure
02-06-2009, 05:33 AM
The Hill: Link (http://thehill.com/leading-the-news/tarp-firms-spent-more-than-114m-on-2008-lobbying-2009-02-05.html)
Companies that have received help through the Troubled Asset Relief Program (TARP) spent more than $114 million on lobbying and campaign contributions in 2008, according to a new report by the Center for Responsive Politics.
The companies, including American International Group (AIG), Bank of America Corp. and U.S. Bancorp, dished out about $77 million to lobbyists and $37 million on campaign contributions, the report found. Members of the Senate Banking Committee alone received $5.2 million in campaign contributions during the 2008 cycle.
http://ad.thehill.com/adview.php?what=zone:33&n=a5f6dd33 (http://ad.thehill.com/adclick.php?n=a5f6dd33)
Not every company that received TARP funding, though, spent a massive amount on lobbying. Just 25 of the 300 companies that have received money paid lobbyists.
Auto dealers that benefited from billions in bridge loans shelled out big bucks as well. General Motors Corp. spent $14 million on lobbying in 2008, and Chrysler Holding LLC's Washington representation cost it $7.9 million.
AIG, which turned over almost 80 percent of its equity to the Federal Reserve Bank in September in exchange for an $85 billion bailout, spent $9.7 million on lobbying in 2008, while employees donated about $930,000 to federal candidates.
Bank of America employees gave $5.7 million to federal candidates during the 2008 election cycle and spent about $8.8 million lobbying Congress. During the recent economic tumult, the company — which is the world's largest financial institution — acquired Countrywide Financial and investment brokerage Merrill Lynch and received $45 billion in TARP funding.
The Center for Responsive Politics used the report to call for TARP funding to be more transparent.
"Hundreds of billions of dollars have already been handed out with little more than a one-line announcement," said Sheila Krumholz, the organization's executive director.
"What qualified these companies for the money they're getting? What disqualified other companies? What contact has there been between members of Congress and the Treasury? What contact have lobbyists had with Congress and Treasury? These are reasonable questions, and taxpayers deserve answers."
In a climate in which public perception matters, several companies could take heat for the lobbying expenses. Wells Fargo was criticized for planning a lavish trip to Las Vegas, while Citigroup came under attack for moving to buy a new corporate jet.
I believe that it is time for a "Liberty Lobby"!
The Ron Paul Revolution raised over $18 million. It is time we compete on an equal level! I know this goes against our beliefs, but this is one heck of a return on investment. I know of no better purpose to spend the peoples money, than to save this country!
Companies that have received help through the Troubled Asset Relief Program (TARP) spent more than $114 million on lobbying and campaign contributions in 2008, according to a new report by the Center for Responsive Politics.
The companies, including American International Group (AIG), Bank of America Corp. and U.S. Bancorp, dished out about $77 million to lobbyists and $37 million on campaign contributions, the report found. Members of the Senate Banking Committee alone received $5.2 million in campaign contributions during the 2008 cycle.
http://ad.thehill.com/adview.php?what=zone:33&n=a5f6dd33 (http://ad.thehill.com/adclick.php?n=a5f6dd33)
Not every company that received TARP funding, though, spent a massive amount on lobbying. Just 25 of the 300 companies that have received money paid lobbyists.
Auto dealers that benefited from billions in bridge loans shelled out big bucks as well. General Motors Corp. spent $14 million on lobbying in 2008, and Chrysler Holding LLC's Washington representation cost it $7.9 million.
AIG, which turned over almost 80 percent of its equity to the Federal Reserve Bank in September in exchange for an $85 billion bailout, spent $9.7 million on lobbying in 2008, while employees donated about $930,000 to federal candidates.
Bank of America employees gave $5.7 million to federal candidates during the 2008 election cycle and spent about $8.8 million lobbying Congress. During the recent economic tumult, the company — which is the world's largest financial institution — acquired Countrywide Financial and investment brokerage Merrill Lynch and received $45 billion in TARP funding.
The Center for Responsive Politics used the report to call for TARP funding to be more transparent.
"Hundreds of billions of dollars have already been handed out with little more than a one-line announcement," said Sheila Krumholz, the organization's executive director.
"What qualified these companies for the money they're getting? What disqualified other companies? What contact has there been between members of Congress and the Treasury? What contact have lobbyists had with Congress and Treasury? These are reasonable questions, and taxpayers deserve answers."
In a climate in which public perception matters, several companies could take heat for the lobbying expenses. Wells Fargo was criticized for planning a lavish trip to Las Vegas, while Citigroup came under attack for moving to buy a new corporate jet.
I believe that it is time for a "Liberty Lobby"!
The Ron Paul Revolution raised over $18 million. It is time we compete on an equal level! I know this goes against our beliefs, but this is one heck of a return on investment. I know of no better purpose to spend the peoples money, than to save this country!