Banks with the biggest lobbies received the biggest pieces of pie during the BANK BAILOUT, study finds.Submitted by simplesimon on Thu, 05/26/2011 - 16:05
A recent study found that the more aggressive larger banks were at lobbying Congress before the economic fall out, the more money that was received upon being bailed out.
Here is a snippet:
"Data collected by the three authors -- Deniz Igan, Prachi Mishra and Thierry Tressel -- show that the most aggressive lobbiers in the financial industry from 2000 to 2007 also made the most toxic mortgage loans. They securitized a greater portion of debt to pass the home loans onto investors and their stock prices correlated more closely to the downturn and ensuing bailout"
Not that most of us had not guessed, but I thought it may interest some people.