Wednesday, April 22, 2009

Bailed-out firms spent $9.5M on lobbying

USA Today reports:
The top 10 recipients of the government's $700 billion financial bailout spent about $9.5 million on federal lobbying during the first three months of the year. The biggest spender was bailed-out automaker General Motors, which devoted $2.8 million to lobbying in the first quarter of 2009. It has received $13.4 billion in government loans and could get $5 billion more, according to a government report released Tuesday.

Failed insurance giant American International Group and banks Citigroup and JPMorgan Chase each reported spending more than $1 million to influence the government. AIG has gotten about $70 billion from the bailout fund — including a $30 billion infusion the government reported on Tuesday — while Citigroup has received $45 billion and JPMorgan $25 billion.