Report: Wall Street Spent $5 Billion For Political Influence

From CBS News:

A group called Wall Street Watch is out with a report that finds that “Wall Street investment firms, commercial banks, hedge funds, real estate companies and insurance conglomerates made $1.7 billion in political contributions and spent another $3.4 billion on lobbyists” between 1998 and 2008.

The report, "Sold Out: How Wall Street and Washington Betrayed America," concludes that the contributions were “aimed at undercutting federal regulation” and ultimately “led directly to the current financial collapse.”

Read more ....

My Comment: This is a must read article. Money and influence walking hand in hand.