According to Matt Taibbi in his latest Rolling Stone article, Why Isn't Wall Street in Jail: "Criminal justice, as it pertains to the Goldmans and Morgan Stanleys of the world, is not adversarial combat, with cops and crooks duking it out in interrogation rooms and courthouses. Instead, it's a cocktail party between friends and colleagues who from month to month and year to year are constantly switching sides and trading hats." So Wall Street doesn't even need lobbyists, the transition is complete.
And while I am on that, Dean Baker, states this about the pensions: http://www.cepr.net/documents/publications/pensions-2011-02.pdf
"Most of the pension shortfall using the current methodology is attributable to the plunge in the stock market in the years 2007-2009. If pension funds had earned returns just equal to the interest rate on 30-year Treasury bonds in the three years since 2007, their assets would be more than $850 billion greater than they are today. This is by far the major cause of pension funding shortfalls. While there are certainly cases of pensions that had been under-funded even before the market plunge, prior years of under-funding is not the main reason that pensions face difficulties now. Another $80 billion of the shortfall is the result of the fact that states have cutback their contributions as a result of the downturn." Beside the unions saying they are making concessions, they need to point out that there would not be a problem with underfunded pensions were it not for Wall St. and point out that this is evidence of what would happen to Social Security, too, if they can get their hands on some of that money.