“„Bank of America Corp., whose heavy losses prompted it to appeal to the government for a second bailout this month, spent $4.1 million on lobbying last year, nearly $1 million more than in 2007. The bank spent $820,000 on lobbying in the last quarter, about one-fifth less than in the third quarter. Bank of America is in line to receive a total of $45 billion from the government, including $20 billion committed by the Treasury this month.
“„Merrill Lynch & Co., which was acquired by Bank of America Jan. 1 at the government’s urging, spent $1.2 million on lobbying in each of the last two quarters, and $4.7 million for the year, $280,000 more than it spent in 2007. Merrill’s losses last year were another reason why Bank of America appealed for a second injection of taxpayer money.
The trend caught the attention of some Senate lawmakers, who introduced legislation * prohibiting bailed-out companies from lobbying or making political contributions. Sponsored by Sens. Dianne Feinstein (D-Calif.) and Olympia Snowe (R-Maine), the bill would penalize companies at least $100,000 for each violation.
It creates a test of the influence of K Street: Can lobbyists lobby away legislation banning their lobbying?
Should be fierce.
**Clarification: Feinstein’s office points out that the bill was first introduced in November, then reintroduced earlier this month — not today. *