I think the problem is that Main Street doesn’t give a lot of money to campaigns and or lobbyists.
Citigroup? According to OpenSecrets, in 2008 Citigroup paid close to $6 million to lobbyists on their behalf.
I have no doubt if I had a little extra scratch to give to someone to advocate for me over the long term, PunditMom blog could get a bail-out, too. Here’s a little interesting tidbit on Citigroup from that site:
“Citigroup is the world’s second largest financial services firm, with $1 trillion in assets. One of the company’s subsidiaries is brokerage firm Salomon Smith Barney, which has been plagued with lawsuits and government investigations into its financing of bankrupt Enron and ailing WorldCom. In 1998, Citigroup’s lobbying helped repeal a federal law that prevented banks from getting into other businesses, allowing the company to acquire an insurance firm. Citigroup continues to lobby on a number of issues, including financial privacy, bankruptcy reform and terrorism reinsurance.”
I’m not saying we shouldn’t figure out who really needs a bail-out and who doesn’t, but with a history like this, why should we believe that Citigroup was OH SO surprised at new financial problems that they couldn’t possibly have foreseen??
And how do we keep them in line in the future?