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Wall Street Lobbyists Call in Favors

It's time for Wall Street to see if it can get its money's worth in Washington. Over the last 10 years, banks and other financial companies have poured $1.7 billion into the coffers of congressional candidates, most of that going to members of the House and Senate financial committees. Usually, The New York Times reports, this cash flow has bought banks and their allies preferred treatment in D.C. The new financial-reform bill is testing that cozy relationship. But don't think the lobbyists have given up hope. “There’s no substitute for old-fashioned gumshoe lobbying,” said one. “The staff here knows it. We offer to resole their shoes when they wear them out.” So far this year financial committee members have hosted 845 fundraising events. Wall Street's No. 1 target right now? The legislation's tough restriction on derivatives trading.