Panetta Earned $700,000 in Speaking and Consulting Fees, Forms Show: Some From Bailed Out Firms

The Wall Street Journal reports:

Mr. Panetta received $56,000 from Merrill Lynch & Co. for two speeches and $28,000 for an Oct. 30, 2008 speech for Wachovia Corp. Both firms suffered big losses last year and were acquired by larger banks.

The Wachovia honorarium was on Oct. 30, while the last Merrill Lynch honorarium was on Oct. 11, according to disclosure forms filed by Mr. Panetta in connection with his nomination. At the time, Bank of America had already agreed to a rescue of Merrill Lynch, while Wachovia had agreed to be acquired by Wells Fargo & Co.

Not a bad way for these TARP firms to lobby the Obama Administration!