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The "Thanks for the Bailout, Suckers – Now Quit Whining" Tour

June 29, 2009

In case you were tempted to think that the banks were finally coming to terms with the problems they’ve created for American consumers, think again.  This time, they’ve hit a new low with the kick-off of a “city-by-city, grassroots” campaign led by SIFMA, the Securities Industry and Financial Markets Association.

Industry execs say that “There is currently widespread skepticism about the industry’s commitment to this needed change.” We couldn’t agree more, but we believe that the skepticism is well-founded and supported by the industry’s well-publicized efforts to oppose much needed consumer protections.

Tom McMahon, Acting Executive Director at Americans United for Change said it best:

“Only in a bubble of unadulterated greed could Wall Street describe the
public outrage at their antics before and after receiving hundreds of
billions of dollars of taxpayer money as ‘populist overreaction.’  What
are they going to call their new PR campaign: The ‘Thanks for the
Bailout, Suckers – Now Quit Whining’ Tour?’”

To make matters even worse, the trade group has hired two top aides to former Treasury Secretary Henry Paulson to lead the campaign, just five months after their boss left that office. This is a clear illustration of the obscenely close ties between financial overseers and the industry.

The public has a right to be outraged, and a whistle-stop tour won’t be able to quell the waves of change that promise to reform the financial industry once and for all.

(Photo: Steve Wampler)

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