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Mega Lobbying Proves Crony Capitalism

Posted by Steve Markowitz on October 7, 2014

Mega Lobbying Proves Crony Capitalism

CNNMoney.com has reported on the company/organizations that spend the most on lobbying in Washington DC. The amount of money is staggering with the top 10 list below spending in excess of $800 million since 2009.

General Electric: $134 million

AT&T: $91 million

Boeing Co: $90 million

Northrop Grumman: $88 million

Comcast Corp: $86 million

Verizon Communications: $86 million

FedEx Corp: $86 million

Exxon Mobil: $85 million

Lockheed Martin: $79 million

Pfizer: $78 million

The lobbying funds are being spent in order to buy influence and it is successful. CNNMoney.com points to the following examples:

  • General Electric has been the biggest lobbyist during Obama’s presidency. This is the same GE that paid no US corporate taxes in 2010 even though it made nearly $11 billion in worldwide profits that year. And yes its CEO Jeffrey Immelt, was named Obama’s Jobs Czar during the President’s first term.
  • Comcast spent $86 million lobbying since 2009. Comcast is looking for governmental for its $45 billion acquisition of Time Warner Cable even though some complain the merger is anti-competitive. This is in addition to the government’s 2011 approval of a $30 billion acquisition of NBC Universal.
  • Northrop Grumman, Boeing, and Lockheed Martin, as defense contractors, are dependent on the government purchasing their military hardware. These three firms spent a total of nearly $280 million since 2009.

It is hard to fathom how $800 million can be spent on lobbying efforts by only 10 companies. It would be naïve to believe that the political elites do not receive significant benefits from the corruptive effects of so much money. Crony capitalism is alive and well in Washington DC. Barack Obama did not bring his promise change to the way Washington/the government operates.

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2 Responses to “Mega Lobbying Proves Crony Capitalism”

  1. Lee Stadele said

    Steve
    Frightening statistics! There will always be a reckoning when political balance is manipulated. Coupled the revelation of dishonesty of data submitted by the Census our government is becoming a sham. Our nation is becoming cynical as our work ethic is destroyed. After all, why work? No matter hours the average failing tools, there is no relief from inflation statistics that are willfully unreported.

    The coming election will prove whether the majority of people still care enough to vote. We shall see.

    Lee

  2. You are correct Lee on all fronts. Still, I do not believe the the Political Elites in the GOP will seek real solutions either. The grave the same power and benefits that the Dems seek.

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