Bailed Out Banks Spend Millions Lobbying

Nineteen banks taking taxpayer money from the Treasury Department have spent $32.4 million lobbying the federal government during the first nine months of this year, their lobbying disclosure reports show. Combined, the Treasury is investing in the banks $159 billion from the $700 billion financial rescue package approved by Congress last month. None of the banks has indicated it plans to stop lobbying. Lobbying by the financial industry before and during the financial crisis has come under criticism from consumer groups, members of Congress and President-elect Barack Obama. "It's ridiculous that the perpetrators of this mess should be the people dictating to Congress how to get out of it," says Kathleen Day of the non-profit Center for Responsible Lending.