For a while it looked like I might be able to climb down from my high horse on matters related to federal bailouts of the automobile and financial services industries. But no. I’m back in that saddle.
On April 22, The Washington Post reported: “Top recipients of federal bailout money spent more than $10 million on political lobbying in the first three months of this year.”
Lobbying? LOBBYING?
“…aggressive efforts aimed at blocking executive pay limits and tougher financial regulations, according to newly filed disclosure records.”
If you or I give money to an organization that’s even minimally involved in lobbying, can we deduct it as a contribution on our tax returns? No sir. But these guys can take stacks of the money you and I have paid in taxes, for which they pleaded and begged and sobbed and whined because they were on the verge of bankruptcy or collapse, and they can use it to try and influence (read “block”) legislation they don’t like. More specifically, they are lobbying to limit Congress’ ability to correct the abusive practices that pushed these businesses right up to – and maybe over – the brink of ruin. “Major bailout recipients have spent more than $22 million on lobbying in the six months since the government began doling out rescue funds, Senate disclosure records show.” That includes General Motors (spending $1 million a month) and Citigroup and JP Morgan Chase (proud new owner of WaMu) leading the pack among financial institutions.
Be still, my heart. Come down, my blood pressure.
Sure, $22 million is a pittance to our friends in Congress and in corporate boardrooms. But for the overwhelming majority of us on Planet Earth, it is a lot of money.
What else do we need to do to convince our elected officials to cut off the flow of any additional taxpayer money to prop up these monumental monuments to avarice, arrogance, corruption, and incompetence?
1 response so far ↓
Nathan // April 28, 2009 at 11:41 am |
I totally agree with you (isn’t it great to know that this is an issue that we agree on almost completely…)!
However, one thing that should be considered is that the total amount of lobbying monies (22 million?) is only minuscule fraction of the 700 Billion that was given them.
I don’t think we even have an idea of what 700 billion is really like…
But I think a comparison would be me getting a $500 unemployment check for the week and then spending 15 cents on postage to send a letter to my representative telling him that I don’t agree with his policies (although I can’t even buy a stamp for that little, so the analogy falls apart a little bit).
But, this doesn’t destroy the argument that they should not have the right to take that money in the first place! And after taking it, they shouldn’t throw it in our face with bonuses and lobbying, even if it’s only a fraction of the total amount.