Consumer Law

Lobbyists Descend on the Treasury Department Seeking a Piece of the Bailout

By Brian Wolfman

Yo! Read this front page article in today's New York Times entitled "Lobbyists Swarm the Treasury for a Helping of the Bailout Pie." A few tidbits: (1) The article suggests that much of the bailout's first installment ($350 billion) may be spoken for by entities other than the banks at whom the bailout was supposedly aimed. (2) At least five international law firms have set up "financial rescue shops" to provide advice and to lobby for clients who may want a piece of the pie. (3) American Express has obtained approval to reinvent itself -- it will become a bank holding company -- "making the giant marketer of credit cards eligible for an infusion" of bailout money. Really worth reading.

Full post as published by CL&P Blog on November 12, 2008 (boomark / email).