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Wall Street Begins Campaign To Thwart ‘populist Backlash Against Bankers’

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June 25 (Bloomberg) -- Wall Street’s largest trade group has started a campaign to counter the “populist†backlash against bankers, enlisting two former aides to Treasury Secretary Henry Paulson to spearhead the effort.

In memos of confidential meetings with top financial executives, the Securities Industry and Financial Markets Association said it began this month the “execution phase†of the operation, which pledges to “embrace change†and accountability. The plan targets policy makers and the media in New York, London, Washington and Brussels and calls for a “city-by-city, grass roots†approach.

The securities industry “must be perceived as part of the solution, which will allow it to better defend against populist overreaction,†the documents, prepared for a June 17 meeting of SIFMA’s board, said.

The board meeting minutes and staff-written papers, obtained by Bloomberg News, outline the program crafted by polling, lobbying and public relations companies paid at least $85,000 a month. The memos provide a glimpse, in often candid language, into how Wall Street is grappling with its pariah status.

“It is imperative that in this historic period of reform, the industry be recognized as playing a positive role in seeking change and providing solutions to the problems we face,†one of the documents said. “There is currently widespread skepticism about the industry’s commitment to this needed change.â€


Edited by VoteWithYourFeet

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Bit of a tall order frankly

And there are a good deal of Americans who are very angry with Wall Street and the financial system.........and they know how the system works, unlike the British who remain in blissful ignorance.

Where the Americans this angry and upset when it was generating money? :ph34r:

Are you sure that they really understand the system?

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Love the implication that anger aimed at bankers is "populist" and therefore flawed. Banksters will never understand, they simply do not accept that they've done anything wrong.

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Guest sillybear2

People now seem them for what they are, bloodsucking parasites that are out to ruin the economy with unsustainable debt and destroy peoples' standard of living.

How do you spin that? Bankers are about as popular and useful as syphilis.

I don't really see the problem, bankers have only ever shown cynicism and contempt for their fellow man even during the boom times, followed by naked contempt and unending greed during the bad times, so why are they so upset about the same misanthropic nihilism being reflected back on them?

Edited by sillybear2

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