Lobbyists Gobbling Up $700B Bailout

That $700 billion allocated in this fall's federal bailout sounded like a lot of money—but after a feeding frenzy led by Washington lobbyists, there's not much cash left over, reports the New York Times. Of the first tranche of $350 billion, only $60 billion remains uncommitted, and everyone from banks to insurers to a Hispanic plumbers' organization is angling for a piece.

The lobbying effort worries bankers, who fear that the battle for Treasury funds will undermine the bailout's original intention—stabilizing the financial system. What's more, Barack Obama has signaled that he might allow the floundering auto industry to apply for funding, further draining resources. But at Treasury the phone continues to ring off the hook, leading one official to lament, "This must have been how the Politburo felt."
(More bailout stories.)