by Mark Silva
Finally, the taxpayers have an army of federally financed lobbyists of their own looking out for -- uh, the banks.
Citigroup Inc., which has yet to repay $45 billion in federal bailout assistance, has more lobbyists than any other company registered to try to shape legislation regulating the financial industry, Bloomberg News has found in Senate records.
Our old friend Jonathan D. Salant and colleague Lizzie O'Leary report that "the New York-based bank, 34 percent-owned by the U.S. government, is listed as a client by 46 of the 1,537 lobbyists who filed with Congress to work on President Barack Obama's push for rules to limit financial risks and impose stricter consumer protections.
Them and what army?
Forty four hred advocates for the American Bankers Association, 41 for Prudential Financial Inc., and 29 for Goldman Sachs Group Inc.
"Altogether, lobbyists for companies, business organizations and financial industry groups outnumber, by 25 to 1, the 58 who registered to represent consumer groups, unions and other proponents of tougher regulations,'' Bloomberg reports.
"We're like Luke Skywalker and they're like the empire," says consumer lobbyist Ed Mierzwinski, (sounding a bit like Republican Sen. John McCain during the 2000 presidential campaign -- he said that about himself and George W. Bush in the Michigan primary.) Mierzwinski works for the Boston-based U.S. Public Interest Research Group.
Some people at outside firms hired by Citigroup are working on issues other than the regulatory overhaul, according to the bank's chief in-house lobbyist, Nicholas Calio.
"Obama and White House aides have gone on an offensive during the past week, criticizing banks for fighting new regulations so soon after taxpayer bailouts helped them through an economic meltdown,'' Salant and O'Leary note.
"You would hope after American taxpayers stepped in to save these companies from a disaster of their own making they would be deploying their army of lobbyists to strengthen and not thwart financial reform," senior Obama adviser David Axelrod told the Blooomberg crew. At some point, Axelrod said, industry lobbying and campaign contributions may cause a "tremendous backlash" from the public.
See Bloomberg's full report on the bailed out bank and its lobbyists.
Comments
The financial zombie army marches on, unstoppable.
Posted by: C.Morris | October 23, 2009 7:59 AM
"You would hope after American taxpayers stepped in to save these companies from a disaster of their own making they would be deploying their army of lobbyists to strengthen and not thwart financial reform," senior Obama adviser David Axelrod told the Blooomberg crew.
Again...no recognition of the politicians hand in the making of the financial crisis. I've worked in the banking industry for over 30 years. Citibank should have been sunk 30 years ago. They have blatantly ignored existing regulation and consumer protection laws for years. Who is to blame for that?
Posted by: Sue | October 23, 2009 8:20 AM
The Weasels of Wall Street are scurrying around our Congress trying their soft-touch approach. Give them the boot, Congress and if you happen to see the chief architect of the Wall Street's Grand Larceny of 2008, "Whiner" Gramm, give him two boots !! These mercenaries have no business trying to undermine our democracy and conspiracy charges should be considered against them !! Regulations must be put back in place, that includes the repeal of the Gramm-Leach-Bliley Act of 1999, which undid a lot of the safeguards put into place, to prevent another Great Depression. It was unfortunate that President Clinton signed this Act, for he unwittingly played into the hands of the financial Weasels of Wall Street and paved the way for Wall Street's Grand Larceny of 2008. Throw those hired bums out, the lobbyists, and enact legislative safeguards that will, once again, protect Main Street and reign in the Greed of Wall Street !! Anything less and we have failed America and Main Street, again !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, IL | October 23, 2009 8:39 AM
Government playing a bigger role in private business ALWAYS means that people will then be forced to hire more lobbyists to try and influence what government does to them. Duhhhhhh.
Only an ex-journalist turned White House flak, such as David Axelrod, would pretend to be surprised by this.
You want fewer lobbyists? Then don't have government trying (and failing) to run the economy. Duhhhh.
Posted by: Bruce | October 23, 2009 8:43 AM
Pick up the clue phone Don.
President Obama has opened the doors to the White House for these lobbyists. He's given them White House jobs and is "Stroking" their ego's. Where on earth do you come up with these statements of yours? They are the complete opposite of what's actually going on.
There can't be a bigger Masochist as you there donny boy. You love to be lied to over and over and keep taking those beatings with a smile on your face.
Posted by: springfield | October 23, 2009 10:24 AM
I stalk a lonely road
The only one that I have ever known
Don't know where it goes
But it's home and I zombie walk alone
I stalk alone
I naked short your stocks
On the Street of broken shell game schemes
When the city sleeps
I will stalk your silly retirement dreams
I stalk alone
You balk like stone
I walk alone
I walk a...
My zombie shadow's the one that walks beside me
My shallow heart's the thing that's not beating
Sometimes I wish someone out there would find me
Put a bullet in my zombie brain!!
I zombie down the line
That divides me somewhere short of life
On the border of the ledge
I'll shove you backwards over the edge
I stalk alone
(GDay)
Posted by: SocialistZombieTrader | October 23, 2009 10:59 AM