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Americans United for Change Launches Satirical ‘Dragnet’ Themed TV Ad:

April 21, 2010

On Eve of Major Senate Showdown on the President’s Plan to Hold Wall Street Accountable, Americans United for Change Launches Satirical ‘Dragnet’ Themed TV Ad:

“WANTED: The Most Dangerous Men in America are Still at Large for Blowing Up the Economy – The Big Wall Street Bank CEO’s”

 


Click Here to View “Bailout Bandits”

***Click Here to Download Broadcast Quality Version***

 

Washington D.C. – On the eve of a major showdown between Wall Street and Main Street with the U.S. Senate set to debate the President’s proposal for comprehensive financial regulatory reform, Americans United for Change is launching a satirical, ‘Dragnet’ themed television ad in the nation’s capital this week called ‘Bailout Bandits,’ which identifies CEO’s of major financial institutions Goldman Sachs, Bank of America, JP Morgan Chase, and Wells Fargo as “The most dangerous men in America still at large for blowing up the financial system and wiping out more than 8 million American jobs.”   

See script below for ‘Bailout Bandits’ which will air Thursday through Monday on DC cable – an ad aimed squarely at all 41 Senate Republicans that signed a letter in opposition to the President’s financial regulatory reform bill last week. The letter was circulated by Republican Senate Minority Leader Mitch McConnell just days after it was revealed that he and NRSC chairman Sen. John Cornyn (R-TX) had a  “private meeting with elite hedge fund managers and other Wall Street executives” in New York with the purpose of enlisting “Wall Street’s help” in electing more Republicans and killing any tough financial reform.

Tom McMahon, Acting Executive Director, Americans United for Change:“With all 41 Republican Senators publicly opposed to financial regulatory reform, it’s clear they’ve been listening to the 1,500 Wall Street lobbyists and CEO’s camped out in their offices this week a lot more than their constituents back home who lost their jobs and retirement savings in the wake of the financial crisis. Instead of holding these big bank executives accountable for their greed and recklessness that laid waste to our economy, Republican Leaders are shaking them down for campaign cash at private meetings on Wall Street – a revelation that is no doubt leaving a bad taste in the mouths of folks on Main Street.

“The big Wall Street banks are more reckless than ever before, taking the same huge gambles with our money and paying themselves bigger and bigger bonuses,” continued McMahon.  “Make no mistake: the more Republicans delay and put forth fake solutions bought-and-paid-for by the banks, the greater the risk of another collapse that will cost more jobs and end the economic recovery.   The united Republican front is already showing cracks in the face of enormous pressure from average Americans who want Wall Street held to account right now.  It will only take one profile in courage to break away from the Republican party leadership that is hopelessly addicted to Wall Street campaign cash.”

 

 

“Bailout Bandits”

Ad Back-Up

Americans United For Change

TV  (:30)

 

SCRIPT

FACTS

ANNCR:  Attention citizens: The most dangerous men in America are still at large.

 

CG: The most dangerous men in America

Gambling by Big Banks Lead to an Economic Meltdown. “Bank CEOs did acknowledge their role in the crisis. ‘It has been clear how poor business judgments we have made have affected Main Street,’ said Brian Moynihan, Bank of America Corp.'s CEO.” [WSJ, 1/14/10]

ANNCR: Their crimes: Blowing up the financial system and wiping out more than 8 million American jobs.

CG: Wanted Lloyd Blankfein Goldman Sachs CEO

Wanted Brian Moynihan
Bank of America CEO

More than 8 million jobs lost since 2007, updated Labor Department data shows. [Marketwatch, 2/4/10]

 

Personal Wealth Depleted Because of the Wall Street Mess. “..in the past two years…wage growth for people who have kept their jobs has been anemic. At the same time, the housing crash and the stock-market meltdown erased, conservatively speaking, about thirteen trillion dollars in household wealth.” [James Surowiecki, The New Yorker, 10/12/09]

 

“We participated in things that were clearly wrong” - Lloyd Blankfein Goldman Sachs CEO, 11/17/09

 

“In a heated exchange in Washington with the head of the Financial Crisis Inquiry Commission, Lloyd Blankfein, Goldman Sachs' CEO, agreed the banks had assumed too much exposure to risk at the height of the crisis, and he wished he could go back and change things.” [CNNMoney, 1/13/10]

 

Reuters: Goldman Sachs charged with fraud, 4/16/10

 

ANNCR:  Heavily armed with your money, they are now conspiring to hijack our democracy and kill federal legislation that would hold the banks accountable.


CG:  Wanted Jamie Dimon
JP Morgan Chase CEO

 

Banks Are Spending Millions Trying to Block Reform. “Eight of the nation's largest banks [including Bank of America] spent nearly $26 million lobbying federal lawmakers in 2009, during one of the most tumultuous periods in financial history… The banks are locked in a tough lobbying battle over new financial regulations with other parts of the financial industry, consumer groups, labor unions, congressional Democrats and the White House.” [The Hill, 1/21/10]

Wall Street Has Fought Reforms Every Step of the Way. “The nine biggest participants in the derivatives market — including JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America — created a lobbying organization, the CDS Dealers Consortium, on Nov. 13, a month after five of its members accepted federal bailout money…Atop the agenda during their calls: how to counter an expected attempt to rein in credit-default swaps and other derivatives — the sophisticated and profitable financial instruments that were intended to limit risk but instead had helped take the economy to the brink of disaster.” [New York Times, 5/31/09]

ANNCR:   And it’s rumored this may be an inside job ….

CG: Wanted John Stumpf
Wells Fargo CEO

Wanted Mitch McConnell
Senate Republican CEO

Roll Call: House Republicans Huddle With Lobbyists to Kill Financial Reform Bill [December 8, 2009]

 

Sens. McConnell And Cornyn Met With Hedge Fund Managers And Then Announced Opposition To Wall Street Reform. In April 2010, Sens. McConnell and Cornyn met with roughly 25 Wall Street executives, including hedge fund managers, for a private meeting on Sen. Dodd's Wall Street reform bill. Later, Sen. McConnell came out against the legislation, arguing it would institutionalize bailouts. This talking point is similar to what Wall Street consultant Frank Luntz recommended opponents of the bill use to defeat the legislation. [Fox Business, 4/12/10; Time, 4/13/10]

Ranking GOP Banking Cmte Member Tellers Bankers to Elect More Republicans to Stop Reform. Sen. Richard Shelby told a conference of the American Banking Association that the best thing to do to stop financial reform is - "What you can do is elect more Republicans to the U.S. Senate, that would help immensely." [Huffington Post, 3/18/10; Reuters, 3/18/10]

Sen. Cornyn Said He Goes To New York Twice A Month To Tap Into Wall Street's 'Buyers Remorse.' "Republicans are rushing to capitalize on what they call Wall Street’s 'buyer’s remorse' with the Democrats. And industry executives and lobbyists are warning Democrats that if Mr. Obama keeps attacking Wall Street 'fat cats,' they may fight back by withholding their cash…Senator John Cornyn of Texas, chairman of the National Republican Senatorial Committee, said he visited New York about twice a month to try to tap into Wall Street’s 'buyers’ remorse.' 'I just don’t know how long you can expect people to contribute money to a political party whose main plank of their platform is to punish you,' Mr. Cornyn said." [New York Times, 2/7/10]

Wells Fargo is Accused of Targeting Minority Areas for Subprime Mortgages. “The city of Memphis and Shelby County, joining a host of governments across the country hit hard by the foreclosure crisis, filed a federal lawsuit Wednesday against financial services giant Wells Fargo… As in similar suits filed elsewhere, including in Baltimore and Birmingham, local leaders are arguing that the national lenders violated fair-housing laws by targeting minority neighborhoods with subprime and predatory loans.” [Commercial Appeal, 12/30/09]

ANNCR:   If you see these dangerous men, call your Senator immediately. We must stop them before they strike again.

CG:   Call Congress at (202) 224-3121

Tell your Senator to STOP the Wall Street Bailout Bandits

Paid for by Americans United for Change.

Join us @ Americansunitedforchange.org