Tuesday, July 29, 2008

Fed Lobbying even more corrupt than we thought


The episode opens a small window onto an open secret of lobbying. Public relations firms regularly solicit authors of opinion-page articles, draft the pieces for them and place the articles in publications where they will have the most impact -- all for a fee.

Usually the collaboration comes off without a hitch and no one is the wiser. But apparently that didn't happen here.

The commentary criticized pending federal legislation that would reduce credit card fees and suggested that retailers stand to profit from it. The measure has been the subject of a long-standing feud between retailers, which want to limit the fees, and credit card companies, which don't.