From RAWSTORY.COM:
Want to know why Congress tends to tread lightly when it comes to regulating major US banks and financial services firms?
Perhaps you need look no further than the number of lobbyists the financial services industry employs. According to a report released Thursday by Public Citizen and the Center for Responsive Politics, the financial industry hired 1,447 former federal employees to lobby on its behalf in 2009 alone…
seven served in the Office of the Comptroller of the Currency, including two former comptrollers.”
“Companies pay a premium for lobbyists who’ve spun through the revolving door because it can be a small price to pay relative to the huge payoff if they can shape legislation,” Sheila Krumholz, executive director of the Center for Responsive Politics, said in a statement. “These lobbyists tap insider knowledge and personal relationships, knowing that their old friends and former co-workers won’t want to let them down.”
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