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Tag Archive: Lobbying

Birnbaum: Bank of America lobbyists wrote parts of bank bail out bill

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Jeffrey Birnbaum, writing in the Washington Post, reports lobbyists wrote key portions of the mortgage bailout bill:

Credit Suisse, a large investment bank heavily invested in mortgage-backed securities, proposed allowing hundreds of thousands of homeowners to refinance their mortgages with lower-cost government-insured loans, relieving financial institutions of the troubled debt.

After the bank proposed this to Congress in January, it became known as the "Credit Suisse plan" among congressional staffers and lobbyists. It later formed the basis of housing provisions in both the House and Senate.

Bank of America, which is acquiring Countrywide Financial, the country's largest mortgage lender ...

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Lobbyist Disclosure Gets Oversight

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Lobbying disclosure reports will finally get reviewed by an oversight body as a result of the Honest Leadership and Open Government Act (HLOGA). The Government Accountability Office (GAO) began auditing the first quarter lobbying reports to determine compliance and noncompliance to the Lobbying Disclosure Act of 1995 and subsequent amendments included in HLOGA. The GAO may ask for time sheets and restaurant and travel records to check to see if employees are meeting the lobbyist threshold. The audit results should be released around Sept. 30, 2008, six months after the initial quarterly report filing date. Michael Stern at Point of Order points out some issues that may prevent the GAO from requiring audited firms to turn over documents:

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Revolving Door Study Finds Pentagon Contractors at the Turnstiles

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Via IEC Journal comes word of this Government Accountability Office report written up in this Government Executive article by Elizabeth Newell on the post-employment trends of 400 top former Defense Department officials -- all of whom were subject to a one-year ban on lobbying their old colleagues. Newell offers this staggering finding:

Approximately 65 percent of those former officials were employed by one of seven contractors: Science Applications International Corp. (SAIC); Northrop Grumman Corp.; Lockheed Martin Corp.; Booz Allen Hamilton Inc.; L3 Communications Holding Inc.; General Dynamics and Raytheon Co. All but one of those companies, Booz Allen Hamilton, ranked in the top 10 of Government Executive's Top 200 Contractors list in 2007. Booz Allen Hamilton was 24th on that list.
USASpending.gov, maintained by Office of Management and Budget, ranks all of those seven contractors in their top 20 for 2007. Newell quotes Cristina Chaplain, the report's author, as saying, "Our results indicate that defense contractors may employ a substantial number of former DOD officials on assignments related to their former DOD agencies or their direct responsibilities."

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McCain Campaign Loses a Foreign Agent Whose Firm is on the Saudi Payroll

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On April 15, my colleague Anu--who's been digging into foreign agent lobbyist disclosures--posted a piece noting an oddity about the lobbying firm founded by Thomas Loeffler, a national co-chairman of the McCain campaign. The Loeffler Group had been paid more than $15 million by the Royal Embassy of Saudi Arabia since 2003 and had had on average about 10 lobbying contacts a month (that is, meetings, phone calls, lunches, etc.) with members of Congress, their staff, and executive branch officials. After March 26, 2007, the firm stopped lobbying government officials on behalf of the Saudis. Yet the Loeffler Group continued to be paid a retainer--some $990,000 in the last six months--despite not doing very much on behalf of their client. Over the weekend, Loeffler left the McCain campaign; as Mike Allen of the Politico noted,

It’s at least the fifth lobbying-related departure from the campaign in a week. ... The McCain campaign last week announced a restrictive “McCain Campaign Conflict Policy” that included a questionnaire to be returned to the campaign’s legal department as part of a re-vetting of all staff. “No person working for the Campaign may be a registered lobbyist or foreign agent, or receive compensation for any such activity,” the policy says.

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Paying to not Play: Revisiting the Iron Triangle

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In the mercenary culture of Washington, discretion is often the better part of valor. There wasn't much of the former when Mark Penn, who at the time was the senior strategist for the campaign of Sen. Hillary Clinton and also chief executive of P.R. firm Burson-Marsteller, met with representatives of the government of Colombia. They sought passage of a trade deal that Penn's other boss, Clinton, had opposed on the campaign trail. Penn ended up a former top strategist. Over on Real Time, my colleague Anupama has unearthed a slightly more valorous lobbyist-turned-campaign official. Thomas Loeffler, a former member of Congress, a bundler for President George W. Bush's 2000 and 2004 campaigns, and now co-chair of the McCain campaign, is a registered foreign agent (that is, a lobbyist) for the government of Saudi Arabia. Before joining McCain's campaign, Loeffler and his firm's employees averaged almost ten contacts a month with U.S. government officials (including Sen. McCain) during which they would promote the interests of the Saudi government. Since Loeffler joined McCain's campaign, those contacts have altogether stopped. But the payments from the Saudi government haven't. The Saudis have paid Loeffler's firm $3.5 million, even though it's had just one contact with federal officials since Loeffler joined McCain's campaign. Running for the White House in 2000, Sen. John McCain described an iron triangle of "special interests, campaign finance and lobbying." And also, "money, lobbyists and legislation." William Safire pointed out the two sets of three corners, but note the one in common: lobbyists. Even those like McCain (and more recently Sen. Barack Obama), who decry their influence seem to end up in the middle of the triangle.

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Another Week, Another Lobbying Update

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From the Center for Responsive Politics. Year-end lobbying reports for 2007 are still trickling out from the Senate Office of Public Records. The total spent on federal lobbying last year is now up to $2.3 billion, but we know there are still reports that haven't been made available electronically yet. Based on the 2006 total, the missing data for '07 could total $300 million or more. We'll update OpenSecrets.org's Lobbying Database again next week with any new data.

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New Iraq FARA filings

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The day after President Bush vetoed the 2008 Defense Appropriations Act, mainly because he objected to a section relating to Iraq, a little known New Jersey law firm filed lobbying disclosure forms on behalf of the Iraqi government requesting ...Presidential action to preclude Section 1083 from becoming law as to Iraq," documents show. The firm, Maggs & McDermott LLC, filed registration forms with the Department of Justice under the Foreign Agents Registration Act on Dec. 29, 2007.

The new Iraqi government was afraid that those harmed by the previous regime, including prisoners of war from the first Gulf War or people ...

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CFC (Combined Federal Campaign) Today 59063

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