Part 2: GM by the Numbers
From the 1st quarter through the 4th quarter of 2010, GM’s lobbying expenses more than doubled from $1.8 million to $3.89 million – a 113% increase. After all, when the government is your largest shareholder, your company execs will inevitably be spending an inordinate amount of time cozying up to Washington politicians.
Moreover, GM’s lobbyist team reads like a who’s who of the government bailout business. And why wouldn’t it? When you’re lobbying Washington to privatize gains for your clients and socialize their losses among taxpayers, you hire those firms with the most experience representing other notorious companies that received massive bailouts by U.S. taxpayers – Fannie Mae, Freddie Mac, Goldman Sachs, AIG and others.
GM’s Lobbying Bench – Reported income from other government bailout recipients
The Duberstein Group: $600,000 in lobbying for Fannie Mae and $2.3 million for Goldman Sachs
Dutko Worldwide: $359,000 in lobbying for AIG
Public Strategies: $900,000 in lobbying for Fannie Mae and $960,000 of lobbying for Freddie Mac
The Nickles Group: $840,000 in lobbying for AIG
Davis & Harman: $1.48 million in lobbying for Merrill Lynch
Bob Moss Associates: $470,000 in lobbying for Freddie Mac
Clark Lytle & Geduldig: $360,000 in lobbying for Fannie Mae and $240,000 from Goldman Sachs
Source: Senate Lobby Disclosure Reports
GM Gooses Sales With Incentives
GM Boosts Lobbying; Hires Bailout Specialists
GM Shares Will Likely Never Break Even for Taxpayers