According to Jane Hamsher, founder of Firedoglake.com, during Q1’09 banks receiving federal bailout funds, such as Bank of America, JP Morgan and Wells Fargo spent over $13 million lobbying against consumer interests and for the financial benefit of their executives. Hamsher also notes banks lobbied aggressively and so far successfully, to prevent legislation that would have allowed bankruptcy judges to write down mortgage principle (“cramdown”). At the same time, they lobbied on behalf of their executives to be paid without limit.
This is a chart of recent lobbying activity from banks that have received TARP funds:
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