Some major firms boosted lobbying spend after bailout

WASHINGTON: Some of the biggest recipients of the government's $700 billion financial bailout, including Bank of America and Morgan Stanley, increased their spending on lobbying in the second quarter as Congress began to look closely at revamping the rule system for financial institutions.

Bank of America Corp, which received $45 billion in federal rescue aid, spent $800,000 in the April-June quarter, up from $660,000 in the first quarter. The tally was down from nearly $1.2 million in the year-ago period.

Morgan Stanley's lobbying costs jumped to $830,000 from $540,000 in the first three months of the year, and $690,000 in the second quarter of 2008.