Citigroup Lobbyists: Can't Stop, Won't Stop!
Over the past few weeks, a lot of questions have been raised about how to stop banks receiving government bailout aid from paying for high-priced lobbying teams with taxpayer money.
The short answer, unfortunately, is that most banks will continue lobbying unless shamed into stopping -- like AIG, which closed its influence shop but kept on hiring pricey PR consultants. Just listen to Roll Call's interview yesterday with Citigroup's chief lobbyist, who formerly served as George W. Bush's legislative affairs chief:
Will Citigroup's heavyweight lobbying team soon go the way of its counterparts at Freddie Mac, Fannie Mae and American International Group? Not according to the banking giant's chief lobbyist, Nicholas Calio, who says despite the recent cash infusions of government money, it's business as usual for his lobby team....
"As far as the company and New York is concerned, the answer is 'yes,'" Calio said of Citigroup's determination to maintain its Washington presence. "We still have a lot of issues at the state and local level not related to" the Troubled Assets Relief Program.
"At the end of the day for all parties involved, for all of our shareholders and the taxpayers, Citi needs to become profitable again," he added.
Stay strong and keep lobbying, man. These are tough times, as Roll Call goes on to explain: "Members of Calio's public affairs team, particularly on the Democratic side, have been contacted and are in the process of negotiating with [other] lobbying firms and companies ..."
But hey, at least Calio's got a nice office to retreat to and gather his thoughts (much like former Merrill Lynch CEO John Thain). Also per Roll Call:
Calio's office, atop the old Evening Star Building, is ostentatious even by Washington standards, according to lobbyists who have been to the office.


















Well, I know that obama has a ton on his plate, but maybe he could start firing up a lobbying reform task force. That is a critical reform that needs to be addressed as soon as possible. It would actually be better to get that reform in place or on track before all the lobbying that's going to come with healthcare reform. True lobbying reform is critical for the health of the country.
March 5, 2009 10:21 AM | Reply | Permalink
Seriously, we need a legion of politicians in congress who respond to lobbyists with a resounding 'FUCK OFF!!' and also dedicate some of their time to humiliate their lobbyist-loving counterparts
March 5, 2009 10:31 AM | Reply | Permalink
These companies just don't get it. You'd think that they would be pouring every resource into becoming profitable and escaping the government's influence. Well, from the looks of it, government has no influence, even though it has large stakes in these companies. In fact, these failed companies are still>/i> trying to influence government.
Maybe the role of government in these bailouts should be to meddle tirelessly in company business so that the companies will try to pay back the money as soon as possible: "They want to paint the mens bathrooms pink and get rid of my private bathroom?--PREPOSTEROUS!!!"
March 5, 2009 10:52 AM | Reply | Permalink
The rationale for providing the banks with funding from our tax dollars is that they will collapse otherwise. Like any citizen who begs for the public dole, banks should be required to eliminate ALL wasteful or unnecessary spending before they are eligible for government assistence. That means instituting austerity measures that eliminate funding for things like lavish excursions or high-priced lobbyists.
That's just common sense.
March 5, 2009 11:12 AM | Reply | Permalink