In yet another sign of how omnipresent government is in the economy and thus how lucrative having access to and influencing policymakers is, the law firm of Cravath Swaine & Moore just hired David Kappos, departing Director of the US Patent and Trademark Office, and last year hired Christine Varney former Assistant Attorney General. They are two of only four outsiders to make partner in 50 years.
Tag Archives: Lobbying
Lobbying Pays
There are tons of lobbyists in DC because it pays to lobby. A paper out of the University of Kansas shows that lobbying for The American Jobs Creation Act of ‘04, which reduced taxes to 5.25% from 35% on repatriated profits, had a return on lobbying investment of 22,000%, yes 22,000! Eli Lilly spent $8.5 million lobbying in ’03 and ’04 but realized savings of over $2 billion. Feeling sick?
Big Banks are Challenged
The lobbying power of big banks is being seriously challenged by an alliance of big retailers. The issue; the Durban amendment lowering interchange fess that banks collect when anyone buys anything with a debit card. Retailers pay the fee but pass it on to consumers. The fee averages $.44 and is as high as $.98. These fees add up to $17 billion annually. The interchange fee for checks is 0. Go big box stores!