During his presidential election campaign, Barack Obama promised to shut down K Street – the area where all the American corporate lobbyists are based.
He wasn’t going to accept donations from lobbyists, appoint any lobbyists to his cabinet or even to his White House staff.
But political promises are made to be broken and the shiny new U.S. president has already broken all of those promises. In fact, K Street has had a heyday since the Democrats swept to power last November.
The bankers whose greed, incompetence, corruption and criminality brought the global economy to its knees now appear to be fighting a winning lobby against any new regulation that would prevent a repeat of the disaster.
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