GE Lobbied Bank Regulators for Rescue

General Electric (GE Quote) hired one of the nation's most powerful bank attorneys to gain eligibility to federal aid programs in the financial crisis, according to a published report Monday.

GE was originally ineligible to participate in a program that allowed companies to issue debt backed by the Federal Deposit Insurance Corp. when it was launched on Oct. 14. With the help of Sullivan & Cromwell's Rodgin Cohen, according to a report Monday by Pro Publica and the Washington Post, the FDIC expanded the Temporary Liquidity Guarantee Program to include GE.

The company has since accounted for nearly a quarter of the $340 billion in debt issued under the program, more than any other company, according to the report.

GE has accepted no equity from the federal government, and so has not been subject to the same restrictions as other large institutions that have, such as Citigroup (C Quote), American International Group (AIG Quote), Bank of America (BAC Quote) and Wells Fargo (WFC Quote).