Reply #29: Lots of the Bailout Billions went to Lobbying [View All]

[Octafish]

It's criminal what some people do with our money:

Banking Bailout Money in Lobbyists’ Pockets

TARP Money Used to Push for a New "Green Bubble"

Washington, DC - Wall Street firms bailed out by the American taxpayer are now financing an extensive lobbying campaign to promote the costly federal regulation of greenhouse gases and putting the American public at risk of facing yet another costly economic “bubble,” charges the National Center for Public Policy Research.

"Using TARP money to inflate another bubble is beyond outrageous," said Tom Borelli, Ph.D, director of the Free Enterprise Project of the National Center. "Not only are taxpayers being looted to subsidize Wall Street's latest risky scheme, but taxpayers will also bear the brunt of cap-and-trade through higher energy prices. Only in today's upside-down political world do two wrongs make a right."

A new report by the Center for Public Integrity (CPI) finds that the over 2,000 lobbyists, including representatives of the financial industry, pressing for a "cap-and-trade" scheme. Such a scheme would place federal caps on carbon emissions, thereby leading to the creation of an artificial carbon emissions trading market that could reach an estimated $2 trillion in paper value.

Critics of cap-and-trade counter than these regulations would also unnaturally raise energy prices and reduce supply, which would counteract efforts to revive the economy. Chillingly, because the new carbon “market” would be wholly artificial, the legislation could create another economic bubble.

According to the CPI study, lobbyists for Goldman Sachs and JPMorgan Chase are involved, and, in total, "the finance industry has as large a lobbying force on climate as the alternative energy industry, with about 130 reps working the issue last year..."

JPMorgan Chase got $25 billion in TARP money last fall while Goldman Sachs obtained $10 billion. The stated purpose of the cash infusion was to recapitalize the banks so they could resume consumer lending.

CONTINUED...

http://www.nationalcenter.org/PR-Banking_022709.html

Thank you, DailyGrind51, for getting what it's all about. Seeing how the Top 1-percent owns Congress and Corporate McPravda, it's really getting hard to be heard these days.