Review: TARP recipients still lobbying

WASHINGTON, Jan. 23 (UPI) -- Many U.S. companies pleading poverty to receive bailout funds were simultaneously spending millions of dollars on lobbying, a records review indicates.

Eighteen of the top 20 recipients of federal bailout money spent more than $12 million combined in lobbying the White House, the Treasury Department, Congress and other agencies during the fourth quarter of 2008, The Washington Times reported Friday.

The Times review of lobbying disclosure forms found the top 20 companies received $241 billion in TARP assistance and spent $12.2 million on lobbying in the fourth quarter of last year, compared with $13.5 million during the third quarter.

Several taxpayer groups said companies receiving the aid shouldn't be able to lobby the federal government, especially on matters related to the Troubled Assets Relief Program, the bailout's formal name.

Financial institutions have come under fire for keeping TARP cash instead of lending it to help thaw the credit market.

"It's a definite conflict," Pete Sepp, a National Taxpayers Union spokesman, told the Times. "It's a disturbing sign that TARP recipients think there is still more loot left to get. If they're not slowing down their lobbying, taxpayers need to be worried."

Sen. Dianne Feinstein, D-Calif., who chairs the Senate Intelligence Committee, has introduced legislation that would, among other things, bar recipients of the second round of TARP funding from using the money to lobby, make political donations or host parties.