Banks Are Using Your Money to Lobby for More Money

Facts matter: Sign up for the free Mother Jones Daily newsletter. Support our nonprofit reporting. Subscribe to our print magazine.


Via the Sunlight Foundation blog, an excellent suggestion from Robert Reich:

…what’s happened to the Wall Street campaign contributions and to [Wall Street’s] lobbyists? They’re still going strong. We now know that many of the financial giants that have been bailed out by taxpayers continue to finance a platoon of Washington lobbyists, who are at this moment trying to influence TARP II and the next attempt to regulate Wall Street….

Would it not be a reasonable condition for receiving additional bailout funds — from TARP II — that a firm cease its lobbying activities and campaign contributions (as well as any contributions it makes indirectly through its executives) at least until it fully compensates taxpayers what we have provided it?

Paul Blumenthal of Sunlight puts it this way: “Essentially, we have taxpayer money cycling from the our wallets, to the government, to a bank, and then to a lobbyist, who then works to get more money for the bank.” He suggests supporting S. 133, a bill from Sens. Dianne Feinstein and Olympia Snowe that addresses Reich’s suggestion.

My $0.02: I suspect if Wall Street firms couldn’t use TARP funds to lobby lawmakers, we would have seen effective limitations on executive pay added to the bailout a long, long time ago.

THE END...

of our fiscal year is Thursday, June 30, and we have a much larger fundraising gap than we can easily manage with only days left to go.

Right now is no time to come up short: If you value the hard-hitting, democracy-protecting, justice-advancing journalism you get from Mother Jones, please help us keep charging as hard as we possibly can with a much-needed and much-appreciated donation today.

payment methods

THE END...

of our fiscal year is Thursday, June 30, and we have a much larger fundraising gap than we can easily manage with only days left to go.

Right now is no time to come up short: If you value the hard-hitting, democracy-protecting, justice-advancing journalism you get from Mother Jones, please help us keep charging as hard as we possibly can with a much-needed and much-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate