Bank of America spent $1.5B on lobbying
 

fuck, so US taxpayer gives them money and they use them for lobbying their shit, so they can get more or fuck their customers with high interest rates. "good ole" USA is on the way to become a kleptocracy like the rest of the world.:mad:


WASHINGTON, July 22 (UPI) -- Bank of America Corp., which accepted $45 billion
in taxpayer bailout money, has spent $1.5 billion on lobbying so far this year,
U.S. Senate records indicate.
The Charlotte, N.C., bank -- one of the nation's largest -- has sought to sway
senators and members of Congress on more than two dozen pieces of legislation,
records indicate.
BoA has lobbied for flexibility in spending government rescue funds and against
restrictions on executive compensation. It also has lobbied on home mortgage
issues and credit card fees, as well as a consumer-rights bill, student lending
issues and a proposed federal regulatory oversight agency, the records obtained
by The Charlotte Observer suggest.
The documents don't say what positions the bank took. Bank spokeswoman Shirley
Norton would not comment to the newspaper other than saying it was interested
in tax reform and regulatory issues.
Critics argue that until banks repay taxpayer bailout money, they should steer
clear of lobbying.
"As long as they hold on to a very substantial portion of public funds, and are
publicly owned essentially, they should not be using any of their funds for
lobbying purposes or campaign contributions," Craig Holman, government affairs
lobbyist for the non-profit advocacy group Public Citizen, told the newspaper.
"And you'll find Bank of America is doing both."
Bank of America's lobbying tab was $2.3 billion in the first half of 2008, the
Senate records state.
"We're cutting expenses across the company, including lobbying expenses,"
Norton said.

shocking ...

this is what is wrong with the american political system: not the one with the best ideas succeeds but the one who spends the most on lobbying

Thats the issue with politics the world over.

what do you call 1000 politicians at the bottom of the ocean...






A slow start

Just about every business spends money on lobbying. Including your Democrat labor unions... It is how democracy works.

its not only the problem of US political system. the public or hidden lobbying is everywhere in the world same or much worst.
just look here, in czech, we dont have any official lobbying, but to be a politician is a way how to game the system and become easily rich.