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    we banned leaded fuels and lead-based paints because this isn't exactly rocket science..., 2009-12-05 16:17:51 | Main | we're in good hands..., 2009-12-08 21:43:14

    Barney Frank: "the big banks have no influence":

    really!

    In the first three quarters of 2009, financial-industry interests have spent $344 million on lobbying efforts, putting them on pace to break all records, according to the Center for Responsive Politics. That’s just for lobbyists’ and lawyers’ salaries, junkets, and dinners, and doesn’t include political donations and issue ads. Even more impressive is the lobbying strategy that money is buying. According to insiders and industry e-mails obtained by NEWSWEEK, the banks have sought to stay in the background and put their corporate customers—a who’s who of American business, including Apple, Whirlpool, and John Deere—out in front of the campaign. “This is an orchestrated, well-funded effort by the banks to manipulate our legislation and leave no fingerprints,” says a congressional staffer involved in drafting the legislation. The staffer, who would speak only on condition of anonymity, passed on to NEWSWEEK nine pages of proposed changes in the legislation intended to protect trading from open scrutiny—all of it on paper without a letterhead—that she says came from Goldman Sachs. Samuel Robinson, a spokesman for Goldman, says “it’s not our document” but adds that Goldman has “an active and appropriate involvement in the process of government” and supports “sensible reform.”

    It's a shame that they have no influence, it sounds like Goldman Sachs is just trying to do the right thing.

    That reminds me, you should watch Lowell Bergman's report on how the banks have been doing just that.


:: posted by buermann @ 2009-12-06 21:30:56 CST | link





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