AUFC Wonders What Wall Street Will Call The PR Campaign to Defend Against “Populist Overreaction”
FOR IMMEDIATE RELEASE
DATE: June 26, 2009
Largest Wall Street Trade Group Launches PR Campaign to Defend Against "Populist Overreaction"
Americans United for Change: "What are they going to call it? The ‘Thanks for the Bailout, Suckers - Now Quit Whining' Tour?"
"A.I.G. Planning Huge Bonuses After $170 Billion Bailout" - NYT, March 14, 2009
"Caught on Tape: Bank Parties On After Bailout" - ABCNews.com, Feb. 24, 2009
"After Bailout, AIG Execs Head to California Resort; Rescued by Taxpayers, $440,000 for Retreat Including "Pedicures, Manicures" - ABCNews.com, October 7, 2008
"Citigroup May Spend $10 Million for Executive Suite" - Bloomberg, March 19, 2009
"Heckuva Bailout: Citi and AIG Will Still Pay Hundreds Of Millions In Sports Sponsorship" - HuffingtonPost.com, Nov. 24, 2008
"The Great American Bubble; From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression" - Rolling Stone, July 9-23, 2009
Washington D.C. – Americans United for Change, a member of the Americans for Financial Reform coalition of nearly 200 state and local organizations working to reform and restore oversight, accountability and transparency to the nation’s financial system, released the following statement in response to the reported launch of a “city-by-city, grass roots” PR campaign by the Securities Industry and Financial Markets Association -- Wall Street’s largest trade group – in an effort to defend the embattled financial industry from “populist overreaction.”
Tom McMahon, Acting Executive Director, Americans United for Change: “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?’ This ongoing, unflinching “no accountability” attitude on Wall Street only underscores the urgent need for major reform of the financial industry.”
“The financial industry’s desperate attempt to maintain the status quo underscores the urgent need to restore oversight, accountability and transparency to our financial industry. Not until we put cops back on the beat on Wall Street can we begin to secure America’s financial future and rebuild the economy on a strong, solid foundation for all of America – not just corporate America.”
“If Wall Street executives think the public is “overreacting” to their years of writing their own rules, playing with our money in the stock market like a virtual casino, paying themselves multi-million dollar bonuses and throwing lavish parties with their bailout money – it’s frightening to imagine what these guys think might justify a little public outrage."