With what little free money banks still have, they’re investing it in lobbyists in Washington.
WSJ: With as few as 72 hours before Congress votes on a federal financial-markets rescue, the financial industry has launched a ferocious effort to shape key provisions, in a fight that could yet stall the bill.
Lobbyists and financial-services executives are working deep connections within the administration to ensure as many institutions as possible benefit from a $700 billion federal mechanism to buy distressed assets, then sell them off in better times.
“There’s no time for subtlety,” says Scott Talbott, senior vice president of government affairs at the Financial Services Roundtable, chief executives of the nation’s most powerful banks, brokerages and insurers and a leader in the lobbying. “This is the Super Bowl and New Year’s Eve of legislation.”
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