Friday, April 23, 2010

Financial services reform

Financial services companies increased their spending to influence Congress during the first three months of the year, while also hiring well-connected lobbyists to press their case on new Wall Street regulations, federal records show.

Investment firm Goldman Sachs, charged with civil fraud last week, spent nearly $1.2 million on lobbying during 2010's first quarter, federal reports show — a nearly 72% increase from the same period in 2009.

Spending by Citigroup, meanwhile, topped $1.4 million, a 13.5% increase over the same period last year, according to an analysis by the non-partisan Center for Responsive Politics.

They are not spending this money in support of legislation and legislators that will seriously restrict their money making activities.

Don't be fooled.

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