February 15, 2010 The LA Times is reporting that Banks are stepping up spending on lobbying to fight proposed stiffer regulations.
Expenditures jumped 12% to $29.8 million last year among the eight financial firms that spent the most to influence legislation.
"I have never seen such a scrum of bank lobbyists as I have in the last year -- and I've worked on quite a few bank issues over the years," said Ed Mierzwinski, a lobbyist for the U.S. Public Interest Research Group, a coalition of state consumer organizations. "It seems like everybody is out of work except for bank lobbyists."
Workers in BMW's auto plants in Germany make twice as much as US workers in BMW plants who make $15 an hour. Oh and by the way German workers get 35 days of vacation AND decent healthcare.
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