Washington (CNNMoney.com) – The financial industry has spent $251 million on lobbying so far this year as lawmakers hammered out new rules of the road for Wall Street, according to the latest lobbying reports compiled by a watchdog group.
The financial sector spent more than any other special interest group from April through the end of June - a whopping $126 million, according to the Center for Responsive Politics' latest estimates. Wall Street banks, as well as insurance and real estate firms, hiked the amount they spent on lobbying by 12% in the second quarter compared to the same period last year.
In the first half of 2010, Goldman Sachs spent $2.7 million, just $100,000 shy of the total the firm spent on lobbying in all of 2009. The firm's reports to the federal government said it lobbied Treasury, White House and the Commodity Futures Trading Commission, as well as Congress.
Other banks also flexed their muscle on Capitol Hill this year. Citigroup Inc. spent $3 million and Bank of America Corp. spent $2.1 million on lobbying during the first half of this year, the Center for Responsive Politics reports.
Wall Street controls our fifnacial sector. They, however, cannot be trusted.
And this is nothing compared to what Wall Street and other corporations will spend to "buy" elections thanks to the conservatives in the Supreme Court. The GOP always screams about legislating from the bench when Democratic Presidents' nominees come up for confirmation but gee what do ya know....Whose justices are now doing that very thing? Just one more HUGE example of Republican hypocrisy.
I guess I really don't understand economics. Didn't we just bail out part of Wall street and here they are spending Millions for lobbying.I guess there is no help anywhere for the little guy,but who'll do your dirty work when we are all gone?