The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Obama/Democrats Reverse Themselves on Lobbyists – Banks Who Recieved Billions in Bailout Dollars Spending Millions to Lobby Politicians for More. The Cycle of Curruption Continues.

Posted by iusbvision on January 25, 2009

Remember when the Obama campaign said that lobbyists were bad and criticized Mccain for having former lobbyists working on his campaign, all the while having ACTIVE lobbyists working on theirs?

Remember these statements and promises from the campaign:

And now the reversal…..

That was then, this is now – NYT:

Citigroup, recipient of another $45 billion, made the opposite call. While trying to keep a low profile, the company is still fielding an army of Washington lobbyists working on a host of issues, including the bailout. In the fourth quarter, it spent $1.77 million on lobbying fees, according to its lobbyists’ filings.

The different approaches from the two banks that have received the most money underscores the growing dilemma facing private companies, which increasingly deal with the federal government not only as rule-maker but also as shareholder, lender and trading partner.

Pressing federal policy makers risks the appearance of recycling public money to advance a private agenda, while staying on the sidelines could put a company at a comparative disadvantage.

Citigroup and Bank of America are hardly the only two financial firms to confront the issue. During the last three months of 2008, at least seven other firms receiving bailout funds – American Express, Capital One, Goldman Sachs, KeyCorp, Morgan Stanley, PNC and Bank of New York Mellon – all lobbied the government about the bailout, according to a review of their most recent disclosure reports.

Lobbyists work with PAC’s – they raise money, bundle money and spread it around. Remember when Lehmen Brothers and Fannie Mae in the mortgage industry spread $200 Million in partisan giveaways with Obama getting the second most in the Senate?

ABC News: Democratic Leader – I like Lobbyists and Obama does too….

In his historic speech Tuesday morning, President Barack Obama said the era of “protecting narrow interests” is over – an echo of his campaign promise that lobbyists and special interests would lose their clout in his White House. But lobbyists still have defenders in Washington D.C., including one of Obama’s most powerful allies, Senate Majority Leader Harry Reid (D-Nevada).

Reid invited top lobbyists to join him and his supporters for an inaugural brunch Monday where he told ABC News that he will still do plenty of business with them.

“And there’s nothing wrong with that,” said Reid. “And Obama will be meeting with them too.” When asked to clarify his remarks, given Obama’s promises to change that part of Capitol culture, Reid responded that lobbyists are part and parcel of the job.

“People should understand that lobbyists, per se, are someone’s father, mother, son, daughter,” said Reid. “They work for a living.” The Democratic leader’s sons and a son-in-law have worked as lobbyists.

Ed Morrissey comments HERE.

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