After Successfully Protecting Wall St. Bonuses, Financial Lobbyists Turn Focus To Defeating Obama’s Budget
After Successfully Protecting Wall St. Bonuses, Financial Lobbyists Turn Focus To Defeating Obama’s Budget
As Roll Call reported this morning, financial services lobbyists “have moved into hyperdrive” in an attempt to soften taxes on bailed-out bonuses. The lobbyists working for the financial industry are organized into a group known as the Financial Services Roundtable.
Last year, the Roundtable lobbied aggressively to prevent “legislation from limiting executive compensation.” Scott Talbott, a senior lobbyist for the Roundtable, told the New York Times, “we are opposed to provisions on executive pay.”
During the debate over the economic recovery package, the Senate passed the Wyden/Snowe amendment, which would have severely limited the bonuses paid by bailed out firms. However, the amendment was removed from the legislation at the last minute in conference. The removal was agreed to by staffers working for Sen. Chris Dodd (D-CT) and the Obama administration. On Rachel Maddow’s show earlier this week, Sen. Ron Wyden (D-OR) said that financial industry lobbyists were the individuals primarily advocating the change:
What happened, Rachel, was we got it through the United States Senate and then like, with so many issues, all the lobbyists came out in droves and somehow magically, the amendment disappeared. It seems to me now we‘ve got an opportunity to get this job done right but it didn‘t have to happen.
Watch it:
Protecting bonuses and excessive compensation aren’t the only goals for the lobbyists. They are now working with other special interests to defeat key provisions of Obama’s budget:
– Talbott and Roundtable lobbyists are fighting provisions in the Obama budget to administer “fees on banks and maybe even the entire financial industry to recoup the costs of the U.S. government’s financial rescue efforts.” [Dow Jones Newswire, 3/6/09]
– The Roundtable is taking “aim at the president’s proposal to end subsidies for private student loan providers.” [Bloomberg, 2/27/09]
– The Roundtable is teaming up with mortgage industry lobbyists to defeat provisions in the Obama budget to end loopholes for America’s wealthiest people. [Mortgage Orb, 3/13/09]
The AIG bonuses and the current efforts by Roundtable lobbyists add new weight to the challenge issued by President Obama to special interest lobbyists: “I know they’re gearing up for a fight as we speak. My message to them is this: So am I.”
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We’ll see in this fight who is more in touch with ordinary Americans…
March 19th, 2009 at 4:26 pmWe need to keep a close watch and we need to know how our Congress people are planning to vote. Pressure from us may be needed.
March 19th, 2009 at 4:29 pmSo am I, Mr. President, so am I…
March 19th, 2009 at 4:35 pmNote to Obama administration:
While tis noble to invite all parties to the table, these parties are antithecal to your campaign promise to change the way government does business. Please show them the door.
March 19th, 2009 at 4:37 pmThe trap door.
by all means, let the execs keep their “retention awards”, but then tax them at 1000%.
March 19th, 2009 at 4:37 pmI heard this morning that house repugs plan on voting NO on any plan to tax retention bonuses. Lots of fake outrage yesterday but, its back to saying NO to anything Democrats or Obama bring up.
March 19th, 2009 at 4:38 pmI have been writing my congressman on lobbyist for some time now. I’ve asked what lobyists is he in contact with that are directly related to our district and what other lobyists is he meeting with. The only response I get is the boilerplate templates that get spewed out of his office.
I get more topical responses out of Archie here than I do Dan Manzullo.
March 19th, 2009 at 4:38 pmGood to see ‘ya again, Leftside Annie…welcome home.
…and congrats on the employment!
March 19th, 2009 at 4:42 pmIt wasn’t magic. Senators and House members dropped the measure in conference. Our elected leaders bear responsibility.
March 19th, 2009 at 4:42 pmAs for mortgage industry lobbyists, one should recall “Friends of Angelo”.
http://stateofthedivision.blogspot.com/2009/03/gop-finally-learns-how-to-conduct.html
March 19th, 2009 at 4:44 pmJust read on C&L that the house passed tax bill on bonuses. 50% of the repugs voted for the bill, including Cantor. Who would of thunk.
March 19th, 2009 at 4:45 pm.
House passes tax bill on AIG bonuses
http://www.boston.com/news/politics/politicalintelligence/2009/03/republicans_bet.html
Which of them HOPES AMERICA FAILS?
I suppose we’ll see these lobbyists double down their efforts now.
.
March 19th, 2009 at 4:46 pmBut I thought that Liddy was showing a kinder, gentler, more compasionate image of loan shark when he called on those who received bonuses to return 1/2 of them ?
Or was that just a show to distance themselves just enough so they could continue business as usual ?
And if I’m late paying my credit card, will Visa now give me a bonus ?????????????
March 19th, 2009 at 4:47 pmHouse Passes Tax Bill on AIG Bonuses
Watch the Senate, chock full of recently branded Corporacrats. Recall how bills can be managed in conference.
March 19th, 2009 at 4:48 pm“all the lobbyists came out in droves and somehow magically, the amendment disappeared”
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This sounds a bit more grim than it should. Supposedly, lobbyists are people who wish to influence legislation on behalf of whatever interest they represent. Theoretically, this is done through the art of persuasion; the ability to put forth a convincing argument for one’s case.
But I have to wonder — how much persuasion does it take to change legislation in such a way that would surely enrage the majority of the public? What Senator would willingly p!ss off his constituents by capitulating to them?
I suspect that if “droves” of lobbyists can make an amendment “disappear” — one that the public wants — then we’re not talking about persuasion here. We’re talking about ownership. And that’s really unsavory.
March 19th, 2009 at 4:51 pmA lobbyist is nothing without a willing Congresscritter.
March 19th, 2009 at 4:54 pmAIG TAX ROLL CALL
March 19th, 2009 at 4:56 pmhttp://clerk.house.gov/evs/2009/roll143.xml#N
Let’s see if Americans stand up this time to the corrupt GOP. It was our fault Bush was allowed to bring the US to this recession. We all felt it as Bush/Cheney and Law Makers said everything was fine. Right now Law Makers are still protecting Wall Street and AIG with give outs while not one collectd group of voters stand up against the insane comments and votes that our Law Makers still give Wall Street. Giving a 90 tax on bonues money while all the Law Makers know most of the people that got the money aren’t American Citizens who got the money and we can’t take theirs. It is the Company that you get the money from not the people. This is why we’re in this mess.
Obama should give out to the Law Makers the tape School House Rock so they will learn how a Bill is passed. We have some of the most corrupt and dumb Law Makers making serious decisions and this is why it’s lies/spin/ pay to play. When the American people see Grand Poobh Limbaugh as the Leaders of the Republican Party that should tell it all. We either win together or we’ll lose together it’s all up to the American People.
March 19th, 2009 at 5:07 pmAmerica, for the people, of the people and bought and paid for by lobbyists and special interest groups.
March 19th, 2009 at 5:09 pmAnd here I thought Gordon Gekko was a fictional character.
It’s rather frightening to observe them scheming against us.
March 19th, 2009 at 5:18 pmangels81, is you anniesouthpaw?
March 19th, 2009 at 5:27 pmToday Chris Dodd stated that his staffers deleted the executive compensation item at the urging of the Obama Administration. Who in the Obama Administration? Senator Dodd was brave enough to say it was his staffers. Now we need him to say out loud who it was from the Administrarion. This crap will continue as long as these people are allowed to hide in the background. We need to light them up with flashlights and follow their trails like the cockroaches they are. If we don’t the forking republicans will be able to do it over and over and over. Drive the stinking corporate democrats back into the arms of the Republicans they can slime together.
March 19th, 2009 at 6:18 pmYes The lobbyest are comming out the woodwork … like termites and we need an exterminator …but as long as rahm emanuelhas ears they can wisper what they want and get his full attention emanuel is the worst person to have in this situation being the K street walker that he is ..anything for a buck or 3
March 19th, 2009 at 6:49 pmSounds like Financial Services Roundtable is trying to become another K Street. No, Tom Delay to enforce the criminal roundtable. The round table bribesters belong in prison. Until these crooks are in jail, the crimes will continue. And why is the Criminal Delay not in prison for fraud and bribery!
March 19th, 2009 at 7:24 pmTRL, you seem to have a very short memory. Do you remember the name Tom Delay, how about the name George Bush. The worst person is, was, and would be Tom Delay!
March 19th, 2009 at 7:42 pm“The removal was agreed to by staffers working for Sen. Chris Dodd (D-CT) and the Obama administration. On Rachel Maddow’s show earlier this week, Sen. Ron Wyden (D-OR) said that financial industry lobbyists were the individuals primarily advocating the change:”
So it’s the fault of staffers and lobbyists; not the fault of our representatives who voted on it or the President who signed it. It’s nice that our elected officials don’t have to answer for the bills that they pass. After all, they don’t write them, do they? ;)
March 19th, 2009 at 8:31 pmI think we have been taken hostage by wallstreet and the big banks. We have gotten to the point that they can dictate terms and the country most follow orders, right down to their compensation. It the terms of old Teddy Roosevelt, these players have gotten to big for this country. Maybe it is time to let them go belly up.
March 19th, 2009 at 10:35 pmI think we are seeing the end result of Reagonomics and it did not work for the country.
From the sounds of some of the lunatic comments here, apparently it was some Republicans from the Obama administration who did that.
March 20th, 2009 at 4:47 amOUTLAW all lobbyists and their firms.
March 20th, 2009 at 10:53 amThey ONLY represent big business, they do NOT represent the American people and therefore do not have a legal right under the Constitution.
Actually dbearton I remeber tom delay very well isnt he the biggest K street walker there is…but that doesnt take away from emanuel and his connections to k street…and tom delay should be in prison but the texas rethugs try to destroy ronnie earl and his investigation into delay funneling money tru the RNC to cannidates or some such BS …he thinks he is the teflon hammer but I hope with the obama justice department he gets nailed
March 20th, 2009 at 7:05 pmthey can try but not going to work, goodluck
March 20th, 2009 at 8:47 pm