Top bailed-out firms have money for lobbying

WASHINGTON – The top 10 recipients of the government's $700 billion financial bailout spent about $9.5 million on federal lobbying during the first three months of the year. The biggest spender was bailed-out automaker General Motors Corp., which devoted $2.8 million to lobbying in the first quarter of 2009. It has received $13.4 billion in government loans and could get $5 billion more, according to a government report released Tuesday.
Failed insurance giant American International Group Inc. and banks Citigroup Inc. and JPMorgan Chase & Co. each reported spending more than $1 million to influence the government as they lived off federal money this year.
AIG has gotten some $70 billion from the bailout fund — including a fresh $30 billion infusion the government reported on Tuesday — while Citigroup has received $45 billion and JPMorgan $25 billion.
The lobbying activity was revealed publicly in reports required to be filed with Congress. This year's first quarterly report was due Monday.
Other major recipients of money from the so-called Troubled Assets Relief Program also had substantial lobbying costs in the first three months of this year, including: _Bank of America Corp., which reported spending $660,000 lobbying while receiving its $45 billion in help; _Wells Fargo & Company, with $700,000 in lobbying costs and $25 billion in bailout money; _Goldman Sachs, which spent $670,000 while receiving its $10 billion; _Morgan Stanley, which spent $540,000 while also getting $10 billion in assistance; _PNC Financial Services Group, spent $135,000 — nearly double what it did at the end of last year — on lobbying while receiving a $7.8 billion lifeline; _U.S. Bancorp spent $170,000 on lobbying and got $6.6 billion in government aid.

news.yahoo.com...

Pardon me..while I burst...into flames....

I don't know what to say anymore...I really don't.

Damnit!! What the hell is wrong with this country!

Does anyone not have any shame? Does anyone not have any sense of morality?

Holy cripes!!


[edit on 22-4-2009 by David9176]

At least in a nuclear war with Russia, the first hit will be the banks. They deserve it.

This news is really one more to add to their ``Why we must hang the banks CEOs`` list.

[edit on 22-4-2009 by Vitchilo]

I don't know if I can handle anymore of these bombshells. I'm getting so freaking pissed at some of this...it's nuts!

We are giving them taxpayer money to they can lobby politicians?

WHTL:EKJS:LFKJ?!?!?!?

Wow...just....wow.

I've got to stop watching and keeping tabs on the news....when in the hell am i going to see something good...it's all bad...all maddening....and almost no one in the media is sticking up for the little guy.

Mercy I say...MERCY!!!

Hey David! Star and flag!
Indeed, the raping continues! Becoming more brazen all the time arent they?
They gave up trying to hide it long ago. Now its just the norm.
That figures eh? We pay so they can lobby for even MORE of our money!
How many bailouts are enough anyway? I count three officially.(still going)
What happened to three strikes and your out?
Do we believe in free market principles or not?
I'm waiting for the collective realization that our former way of life is toast.
We know we cant live on borrowed time and money forever.
Somethings got to give. It will probaby end up being the little peeps!
You know same ones that pay for this all in the first place.
Try not to be mad, if anything disengage as much as possible from
the madness and just enjoy what we still have while we can.
(because they will take it all sooner or later anyway)

Edit to add: It looks like its working real good too!

Banks still in distress, Geithner tells overseers

America's banks are still broken despite all their bailout billions, Treasury Secretary Timothy Geithner told impatient rescue overseers Tuesday as they pressed him on when things will get better and how much it will cost.

finance.yahoo.com...
For those that dont like to read watch this it explains it very well.
www.youtube.com...
Listen close but plug your ears for the swear words! We are a little testy!

[edit on 22-4-2009 by dodadoom]

I know the money is small in relative to the money that was given to them....but quite honestly I don't even care about that.

This is just idiotic and stupid.

We need to end the lobbyist garbage and get Congressmen who will support this citizens of this country!

We are sitting in a S*** storm and there is nowhere to go...we just keep getting pelted with endless BS.

It's like a little kid pinching you..and then going "NA NA"..."what are you going to do about it?"

How many times are we going to let ourselves get pinched?

This is just another stupid thing to throw on the mountainous pile of crap we've all had to sit and take.

As for Geithner....heh...i think we all know how much of a criminal that man is.

The guy shouldn't be holding public office..let alone being head of the treasury.

Where is the common sense?

I could be wrong, but didn't President Obama say he was going put an end to lobbyist during the campaign?

If I am right then what happened to that promise?

Then again, like I said, I could be wrong.

Originally posted by Vitchilo
' 'Why we must hang the banks CEOs`` list.

What you don't understand is that corporate CEO's are charged with making a profit at any cost or face prison time.

It's just another reason why the entire system 'MUST BURN'.



[edit on 22-4-2009 by In nothing we trust]

reply to post by jd140

Great point! Ya know, theres so many great things we could be doing instead of carrying on the weirdness that is what this country has become now. We're tired, pissed and broke now. Too late. Duh, we blew it.
I chuckle to myself and think; we have kindergardners with no conscience running things!(into the ground)
But then I think no thats not right,... my friends kid is smart enough he'd probably do a way better job! He's about that age.

As for having a conscience, do kids know what that is nowdays?
Oops, another topic, sorry ;

In nothing we trust - you are right, its a failed system, top to bottom!
Sooner we admit and start over the sooner it will be better.
Thats sux bad too, but has to be done.
Bizaro world? Hah! Thats a good one! It really is!

[edit on 22-4-2009 by dodadoom]

Originally posted by dodadoom
... theres so many great things we could be doing instead of carrying on the weirdness that is what this country has become now.

I tell my wife at least once a week, 'welcome to bizzarro world'.

It's true things just keep getting weirdier every day.

An avid anti-gun nut, my wife's only complaint when I unvieled the shotgun that I had been hiding from her for the last 6 months was, 'how is it gonna do us any good when it's up in the attic?'

Now that she's been broken of her aversion to firearms (She'd be the first to use it. ) we have landmines on the front lawn.

[edit on 22-4-2009 by In nothing we trust]

LOL! That was good, in nothing we trust!
I keep thinking its either all planned, or these people aint got a clue
and the're too stupid to see the big picture. That narrows it down!
I think its a skull and bones thinga jigger myself!

Glad to hear bout the wifeys help with the attic!
Ya sure dont have to be a weatherman to see the s*** storm on the horizon and it may just be headed this way!
There it is finally.(thanks for the help dave!)I put it into words.
You sure don't have to be an economics major to see whats up.
Or, down as in the case of the current direction of the country.



[edit on 22-4-2009 by dodadoom]

Originally posted by dodadoom
I think its a skull and bones thinga jigger myself!

Arrrr Pirates, errrrrr I mean Skull and bones.

reply to post by David9176


The article is a good find . Really if there could any doubt that the Bail Outs were nothing more then one big scam then this should quell any remaining doubts . Eventually the recipients of the Bail Outs are going to fail and then the lobbyists will have to find work else where . The majority of lobbyists are like professional protesters they will lobby or protest against or for what ever depending on who is forking out the cash .