Is campaign slogan 4 banker PR against ‘populist overreaction’ 2 bailouts ‘stop complaining abt being fleeced’?

Posted on November 21st, 2011 by admin1 in democratic marketing strategy

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNBWPPxGyWaU

"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.”

Lobbying Congress

The internal papers call for using regional securities firms, many of which have escaped notoriety in the financial crisis, to push the industry’s message with their local members of Congress. The plan notes that brokers across the country can also be used.

“The foot power of the private client group has proven to be effective in blunting populist messages in the past,” said board member Paul Purcell, chief executive officer of Milwaukee investment firm Robert W. Baird & Co., according to the minutes of one meeting.

To advise on the strategy, the trade group turned to a bipartisan roster of consultants. Such advice doesn’t come cheap and SIFMA is discussing dipping into its reserves to cover some of the costs, according to one memo.

Michele Davis, Paulson’s former spokeswoman, and Jim Wilkinson, his former chief of staff, are among those leading the effort. SIFMA is paying their firm, Brunswick Group LLC, a monthly retainer of $70,000, the documents show. Both Davis and Wilkinson declined to comment. Paulson left office in January.

Democratic Pollster

Assisting them is a Democratic polling company, Brilliant Corners Research and Strategies, which is paid $5,000 a month. It is run by pollster Cornell Belcher, who worked on President Barack Obama’s campaign. BKSH & Associates Worldwide, a lobbying firm chaired by Republican strategist Charlie Black, signed on for $10,000.

In response to questions about the push for an image makeover, SIFMA President Timothy Ryan said the organization has taken a lead advocating for a federal systemic risk regulator and has pushed for increased government power to wind down financial firms that don’t own banks. He also touted the group’s recently issued recommendations on executive compensation.

“This effort, which is not uncommon for a trade association, is designed to ensure our ideas for improved accountability, oversight and transparency are heard by the widest possible audience,” Ryan said.
And if they want to be seen as the leader in pushing for ‘transparency’ when are they going to stop fighting Ron Paul/Bernie Sanders/Jim DeMint in trying to get the Federal Reserve audited under HR 1207 and S 604?
And I thought this was interesting: http://seekingalpha.com/article/148262-austrian-school-of-economics-is-on-the-rise

What do you think about this?

what do they mean by "populist"?

Are they receiving irate letters from homesteaders via Pony Express?

These writers for Wall Street and other financial centers throughout the world, which consist of all sorts of functionaries, bankers and otherwise, should be more specific as to what they define as a manifestation of "overreacting" and as to who among the citizenry in this Republic they deem to be the "populists" expressing such manifestations.

It is interesting that the author of this article propagates the notion that "bankers" are the only people they know who could have given the average "populist," along with any other American citizen, something to grumble about, and that "Wall Street" is thus magnanimously taking steps to guard against any "populist" nebula beyond the gates.

But discernment isn’t exactly a strong suit with these city-slicker types I guess, pointing fingers everywhere, or they wouldn’t be all in a tizzy.

3 Comments on “Is campaign slogan 4 banker PR against ‘populist overreaction’ 2 bailouts ‘stop complaining abt being fleeced’?”

  1. KY-Lube

    It’s like the bankers are saying, "I know we are a bunch of greedy, heartless b*****ds, and we will probably do this again, but can you please stop hating us?"

    American public’s response: F You!References :

  2. L.T.M.

    "You can fool some of the people all of the time" and they know it well. They also know where the power is being concentrated [with the federal government and government in general] and they’re sucking up with this "commitment to this needed change.”

    This is like having a front row seat at a used car salesman’s convention.References :

  3. Lorenzo the Itinerant

    what do they mean by "populist"?

    Are they receiving irate letters from homesteaders via Pony Express?

    These writers for Wall Street and other financial centers throughout the world, which consist of all sorts of functionaries, bankers and otherwise, should be more specific as to what they define as a manifestation of "overreacting" and as to who among the citizenry in this Republic they deem to be the "populists" expressing such manifestations.

    It is interesting that the author of this article propagates the notion that "bankers" are the only people they know who could have given the average "populist," along with any other American citizen, something to grumble about, and that "Wall Street" is thus magnanimously taking steps to guard against any "populist" nebula beyond the gates.

    But discernment isn’t exactly a strong suit with these city-slicker types I guess, pointing fingers everywhere, or they wouldn’t be all in a tizzy.References :

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