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- Top bailed out firms continue lobbying
Top bailed out firms continue lobbying
- By ILS corp
- Published 04/27/2009
- ILSTV Stories
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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.
Failed insurance giant American International Group and banks Citigroup and JPMorgan Chase each reported spending more than $1 million to influence the government as they lived off federal money this year. AIG has received $40 billion from the bailout fund, while Citigroup has received $50 billion and JPMorgan $25 billion.
The lobbying activity was revealed publicly in reports required to be filed with Congress. This year's first quarterly report was due on April 20th.
AIG devoted some 16 per cent more money to interacting with the government, despite the no-lobbying policy it adopted late last year after receiving repeated bailouts.
AIG said in its filing that it still had to spend considerable resources contacting officials during the first three months of the year. The communication was "in response to requests and to correct misinformation," the company reported, adding that "consistent with AIG's lobbying policy, the company did not engage in any lobbying with respect to federal legislation in the first quarter of 2009."
Among the companies that reduced their lobbying activity were Bank of America, which slashed its costs about 20 per cent, and GM, which spent 15 per cent less than during the last quarter of 2008.
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said this on 28 Apr 2009 10:10:21 AM EDT
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