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Sunday, September 21, 2008

Lobbyists Push for No-Strings-Attached Bailout Bill

Financial industry lobbyists are, not surprisingly, telling their sycophantic Republican bootlickers in Congress to just give them the g-d money, attach no strings and DO IT NOW!

House Republican staffers met with roughly 15 lobbyists Friday afternoon, whose message to lawmakers was clear: Don't load the legislation up with provisions not directly related to the crisis, or regulatory measures the industry has long opposed.

"We're opposed to adding provisions that will affect [or] undermine the deal substantively," said Scott Talbott, senior vice president of government affairs at the Financial Services Roundtable, whose members include the nation's largest banks, securities firms and insurers.

A deal killer for the group: a proposal that would grant bankruptcy judges new powers to lower the principal, interest rate or both on a mortgage as part of a bankruptcy proceeding.