Tuesday, April 13, 2010

2010 PayWatch Exposes Corporate Lobbying on Financial Reform

The nation’s biggest banks helped create the current financial crisis that required a $700 billion taxpayer bailout. In return, the banks cut back on lending to consumers and small businesses but paid out a record $145 billion in total compensation in 2009.

The 2010 AFL-CIO Executive PayWatch, which launched today, shows the same Big Six banks—Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo—are spending millions of dollars lobbying on financial regulations, including limits on executive pay and risky actions like the ones that caused the current crisis.

Source: AFL-CIO Now Blog

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