Skip to comments.Big bucks for K St. in 2009
Posted on 01/21/2010 6:34:28 AM PST by Cheap_Hessian
K Street prospered in 2009 despite the lingering recession, as many firms reported sharp revenue increases thanks to a busy Democratic agenda.
On Wednesday, at least 19 firms reported growth in their lobbying revenue from 2008 to 2009, according to new records released under the Lobbying Disclosure Act. Lobbyists credited the surge in revenue to Washington actively looking to turn around the downturn as well as an aggressive legislative agenda by the incoming Obama administration and substantial Democratic majorities in both houses of Congress.
It was an amazing year in terms of the number of things that came up and the momentous nature of them, said Mark Ruge, co-chairman of the policy group at K&L Gates. I have never even seen anything remotely like this year in terms of intensity and magnitude.
K&L Gates earned $18.5 million in lobbying fees in 2009, a 23 percent improvement on its performance in 2008.
Calling it a once-in-a-generation year, Ruge said some of the debates that dominated 2009 from the stimulus package to healthcare reform alone were enough to keep lobbyists busy. But with so much being done at once by President Barack Obama and Democrats on Capitol Hill, business for lobbyists went into overdrive.
Ruge was not alone in having a good year in lobbying. Several other firms matched K&L Gatess climb, if not surpassed it.
The Podesta Group has now firmly established itself as one of the very top earners among lobby firms. The firm earned more than $25 million in lobbying fees in 2009, or a 60 percent increase from the nearly $16 million it earned in 2008.
Holland & Knight also saw profits rise in 2009, finishing with more than $21 million, or $6 million more than its 2008 earnings.
(Excerpt) Read more at thehill.com ...
Hope and change you can believe in alright.
We cannot downsize and or re-invent gov't w/out "K" Street out of the picture.