Financial Briefs

Breaking financial news from Wall Street to Main Street

Wall Street woes hit Washington ties

Posted by financialbriefs on September 23, 2008

The dramatic collapse of seven of the nation’s financial giants is sure to rock Washington’s influence economy: In little more than a decade, the Unlucky Seven have spent an eye-popping $314 million to influence decision makers.

So far this year, AIGFannie Mae, Freddie Mac, Lehman Brothers, Bear Stearns, Merrill Lynch and Countrywide Financial Corp. have spent nearly $18 million lobbying Congress and have contributed an additional $1.5 million to federal candidates through corporate political action committees, according to the Center for Responsive Politics.

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