Points for the reader that knows from where I swiped that title.
Fitting with last nights post about how our leaders really have no idea what is going on, Barry Ritholtz highlights a Time Magazine piece that show the wild return on investment lobbyist are able to get for their industries. Ritholtz writes:
The print edition specifically cites Derivative trading banks and Auto Dealers as examples of ROI. Derivatives trading banks spent $28 million, and got to avoid allocating $5 billion to $7 billion to back their trades. The gain in annual profits is about $3 billion — with the risk remaining on the taxpayers. A pretty nifty return on lobbying investment (minus the lobbyists soul burning in Hell for eternity — but that’s a small price to pay.It's probably better that I do not write anything!
Auto Dealers made out even better: They dropped less than $10 million dollars ($6.3 million on lobbying, and an additional $3.4 million in campaign contributions). For their troubles, the dealers get to keep $20 billion each year in undisclosed added interest and fee kickbacks to over-priced loans.
Have a good night.