Via TPM, we have Real Time Investigations noting that just four people — all holdovers from the Bush administration — are “manning the TARP desk“:

Less than half a dozen people are responsible for making the final decisions about which banks get part of the $700 billion in bailout money available through the Troubled Asset Relief Program, according to Department of Treasury officials.

In response to a Freedom of Information Act request made by the Sunlight Foundation in January for the members of the TARP Investment Committee, a FOIA officer recently responded with just four names, including Assistant Secretary, Neel Kashkari; Chief Investment Officer, James Lambright; Acting Assistant Secretary for Financial Markets, Karthik Ramanathan and Acting Assistant Secretary for Economic Policy, Ralph Monaco, all holdovers from the Bush administration.

Real Time Investigations added that “according to a press release from November, there are two more names on the list: Don McLellan, Capital Purchase Program Manager and Howard Scheitzer, Chief Operating Officer.”

Evidently, part of the problem here is that the Obama administration hasn’t yet named some of its appointees to the TARP Investment Committee. But with TARP funds “running thin,” and the program expanding to include life insurance companies, the administration may want to get around to doing that.

Earlier this week, the Wall Street Journal reported that, “in one of the biggest battles between the business community and the White House, corporate lobbyists are intensifying efforts to block an Obama administration proposal to raise taxes on overseas profits.”

Groups including the Business Roundtable, the U.S. Chamber of Commerce, the National Association of Manufacturers and the National Foreign Trade Council “have helped form a lobbying coalition called Protect America’s Competitive Edge that is devoted specifically to the issue,” and according to a new report from researchers at the University of Kansas, a corporate dollar put towards lobbying for tax breaks can go an awfully long way.

Three Kansas professors found “that when Congress in 2004 granted firms a one-time pass to bring [overseas] income home at a reduced tax rate, the lobbying paid off — big time“:

Their study found that every dollar companies spent on lobbying for that tax break — which they tried to revive during the economic stimulus debate this year — saved them $220 in taxes. [...] The three Kansas professors analyzed the financial reports and lobbying disclosure forms of 476 firms that repatriated about $298 billion. On average, the companies generated a 22,000 percent return from their lobbying efforts, with companies spending the most getting the biggest tax savings. For example, drugmaker Eli Lilly & Co. reported spending $8.52 million in lobbying but saved $2 billion in taxes.

“Perhaps it is time for a national conversation about the role of lobbyists in tax reform,” said Stephen Mazza, one of the three authors of the study. “We should be concerned when a corporation’s most lucrative investment is in lobbying the government for tax benefits.”

The move to tax offshore profits should be part of a wider effort to repair our unfair and loophole-ridden corporate tax system. As James Kvaal explained in September:

The United States does not tax foreign profits unless they are returned to the United States. Alongside low tax rates in some foreign countries, the result is a strong incentive to invest overseas. As many as 3 million American jobs have been moved offshore, and the U.S. Treasury loses tens of billions of dollars a year in offshore tax evasion. The next president could greatly reduce these problems by taxing corporate profits earned in tax havens and other low-tax countries.

According to The Joint Committee on Taxation, the failure to tax foreign income of U.S. controlled corporations will cost the government $56.4 billion in lost tax revenues between 2008 and 2012.