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Wednesday, September 28, 2016

Though most of us don’t think of bankers as struggling to make their voices heard in Washington, they felt compelled to form a Super PAC last September to launch “surgical” strikes on enemies and reward friends who look out for their interests.

“Congress isn’t afraid of bankers,” Roger Beverage, the president and CEO of the Oklahoma Bankers Association, told American Banker. “They don’t think we’ll do anything to kick them out of office. We are trying to change that perception.”

Apparently the no-strings-attached bailout of America’s major financial institution, a decade of lax regulation, and tepid attempts at reigning in their most abusive practices in the wake of the economic collapse is just too much for these folks to handle. They’re being bullied, and they won’t have it.

“Clearly there are Members of Congress who have absolutely no reservations about kicking traditional banks in the teeth, and we are tired of it,” said Howard Headlee, the president and chief executive officer of the Utah Bankers Association. “We’ve got to be able to defend the folks who have the courage to stand up for us as well.”

He has a point about courage. With polls showing banks (and the people who run them) not exactly beloved in America, it takes a certain amount of chutzpah to trumpet the cause. And complaining that key members of Congress aren’t listening closely enough won’t make these guys any more popular.

The big question going forward is who gets targeted most aggressively. Elizabeth Warren, the populist consumer champion basing her Massachusetts Senate campaign on lingering resentment against Wall Street banks, is a good bet.

  • Eleanore Whitaker

    The Banking Biggie Piggies just don’t have a clue. They’ve lost tons of business from the 99% who realize bankers love nickle and diming their customers. The benefit of the mass conversion to smaller local banks is up the butts of these Biggie Piggies who realize they’ve lost credibility with the public.

    The best interview I’ve heard from the horses mouth came from the former CEO of Citigroup who admitted bankers knew they were gambling with the US economy and just didn’t care. The only thing bankers cared about was a limitless supply of constantly growing wealth.

    At what point do these fools face facts? Wealth was never intended to grow by billions in 30 seconds. So what was their hurry? Or were they merely racing to the disaster they knew they were creating. Sorry, what bankers did that lead up to that Financial Meltdown in 2008 isn’t likely to be forgotten by the 99% any time too soon. Time for the Biggie Piggies to live with their ignominy.

    • Ed

      Ah, that is a common sense position. But you are not a politicians. In this(the second oldest profession) money talks. Integrity? Honesty? Not in this house! Or in the senate either.

  • Eleanore Whitaker

    The Banking Biggie Piggies just don’t have a clue. They’ve lost tons of business from the 99% who realize bankers love nickle and diming their customers. The benefit of the mass conversion to smaller local banks is up the butts of these Biggie Piggies who realize they’ve lost credibility with the public.

    The best interview I’ve heard from the horses mouth came from the former CEO of Citigroup who admitted bankers knew they were gambling with the US economy and just didn’t care. The only thing bankers cared about was a limitless supply of constantly growing wealth.

    At what point do these fools face facts? Wealth was never intended to grow by billions in 30 seconds. So what was their hurry? Or were they merely racing to the disaster they knew they were creating. Sorry, what bankers did that lead up to that Financial Meltdown in 2008 isn’t likely to be forgotten by the 99% any time too soon. Time for the Biggie Piggies to live with their ignominy.

  • ObozoMustGo

    Let’s hope they attack her and flush her down the dustbin of history like all radical leftist socialists of her ilk should be. GO BANKERS!!!!!

  • ObozoMustGo

    Let’s hope they attack her and flush her down the dustbin of history like all radical leftist socialists of her ilk should be. GO BANKERS!!!!!

    • MasterWes

      Just one question – did your parents tell you to put your money in the bank as a kid and allow it to grow on the interest so it would be available to you as an adult as a much greater sum? Mine did. My savings account as a child was paying a paltry 3% through the school weekly banking program. Later I opened a standard account that paid 5%. After I married, I had a ten year CD that paid 12%. What would an account like that be worth today?

      A savings account that pays you over 1% is considered a lucky find. A CD that pays 4% is robbing the banking industry. Back then, fees were only charged when you were late on a payment or overdrawn. Now you pay fees for not having enough money IN the bank in the first place.

      The higher interest rates were in place for a long time, then the banks got deregulated, and that was considered a signal to stop paying people for the right to borrow their money and make money from it. When you borrow money from a bank, they are lendiing YOUR bank account out, and charging interest on it, which is where they get the money to pay YOU interest.

      Now you are complaining about socialism because it calls for a return to the former status quo? Sounds to me like sour grapes. Are you a bank president?

    • MasterWes

      Just one question – did your parents tell you to put your money in the bank as a kid and allow it to grow on the interest so it would be available to you as an adult as a much greater sum? Mine did. My savings account as a child was paying a paltry 3% through the school weekly banking program. Later I opened a standard account that paid 5%. After I married, I had a ten year CD that paid 12%. What would an account like that be worth today?

      A savings account that pays you over 1% is considered a lucky find. A CD that pays 4% is robbing the banking industry. Back then, fees were only charged when you were late on a payment or overdrawn. Now you pay fees for not having enough money IN the bank in the first place.

      The higher interest rates were in place for a long time, then the banks got deregulated, and that was considered a signal to stop paying people for the right to borrow their money and make money from it. When you borrow money from a bank, they are lendiing YOUR bank account out, and charging interest on it, which is where they get the money to pay YOU interest.

      Now you are complaining about socialism because it calls for a return to the former status quo? Sounds to me like sour grapes. Are you a bank president?

      • CrankyToo

        He’s no bank president. He’s just a Repugnican loudmouth.

    • flyinjs

      Opinions are great! Our constitution was built on that premise. Respect, now that is where you are quite lost.

  • Mukailua

    The wealthy are fighting a losing battle. Great difference in potentials tend to equalize over time, whether it is gas pressure, or financial power. The greater the difference in potential the more difficult it is to maintain, and the more violent the equalization. Consider the French Revolution; consider Syria. If the conservative base, all those good old boys with guns, ever figure out that the moral posture of their leaders is really a fig leaf covering greed, well, things could get pretty nasty. The wealthy no longer have full control over information media. The internet is just beginning to shake things up. We may be in for some interesting times.

  • Ed

    Let them try and take down Liz Warren. She has more integrity and self worth than any of the big bank execs. You have had your chance at the reduced cost fare ride on the taxpayers of America. If you would have inlcuded us in your game of wealth and prosperity long ago and treated us as equals we would be on your side. Didn’t happen. Greed ran your lives and you left us, “YOUR CUSTOMERS” who are your money in the ditch on the side of the Money Highway. Now you want us to stand with you, FAT CHANCE. If you think the earlier bank issue that caused people to leave the big banks was small and mediocre, get ready. The small Mom & Pop and Credit Union Banks will get a hell of a lot more money. Own up to your thievery and your self serving attitudes and make this country better with us or suffer the consequences.

    • lexi001

      Sadly Ed you are more than likely wrong. Believe it or not, most people are busy working and getting through each day, not posting comments here or anywhere. Occupy Wall Street made an attempt at getting the attention of the masses. But they were leaderless, without structure or organization. It was a great idea, but then every loser and criminal found a place to camp out. That was never the intent and it left most people believing it was a bunch of loser’s altogether and that the movement was a bunch of cry babies. Of course the right made sure to try to make it look exactly like that. I’m sure that is where some of the bank’s PAC money went. Big banks have been slowly and insidiously taking control of the country since the founding of the Federal Reserve. My fervent wish is that people realize what is really going on in this country. It’s not pretty. You have the right actually having people believe that Obamacare is going to bring “death panels” about. What people don’t realize is the right will bring “death panel’s, but only to the have-nots. Those in there financial circle will be allowed to live.

      • hubydoll166

        Thats true about the people working dont spend the time like we do in keeping up in politics. I think and hope that people have woke up during this. This is like the GOP and special intrest’s TET OFFENSIVE on the american people ( if your familiar with vietnam) and should be taken very seriuosly. Its hard to believe we are in america after some of the nasty tricks Ive seen the GOP pull on the behalf of BIG BUSINESS . Im so stunned. There is no fairness to those who control money..evil has taken root and manifested itself but theyb can no longer use americans as their insurance company to cover their losses and get beat up as we cover them. It doesnt have to be this way but money corrupts the brain cells. I must say that there are also a lot of DEMS in congress that are wearing sheeps cl;othing when it comes to holding banks accountable and setting things right by cutting their sucking money out of america plan. Its just not talked about.

  • 8816Kenmore

    I am all for Elizabeth Warren. I cannot wait to vote for her.

  • 8816Kenmore

    Let’s get Elizabeth Warren elected.

    • hubydoll166

      You know it! Im in indiana and i have contributed to her campaign and plan onm doing it again. Who says the american people canr be our candidates super pacs and cross state lines with money. This is our way to strike back and if we can get good candidates then we can get them elected. Its true that its money that elects…I cant believe that a tv commercial sways a persons vote tho..it does. Elizabeth warren 2012! and more like her! I can begin to feel better about this country when we the people get a wave of our grass root people in office.

  • William Deutschlander

    My goodness we would not want to allow the possibility of an honest, intelectual person who would govern in the interest of ALL of, we the people.

    The Banksters want the opportunity to rape and pillage at will, so what if they distort all sensible regulations and plunge the economic well being of the world over the precipse into the abyss again!

    The Banksters (gangsters) are predominately Republican and consist of the 1% ELITE, PRIVILIDGED!

    Elizabeth Warren, a commoner, raised in the dust bowl, knows the hardships of the everyday 99% and her honesty and integrity will provide GOVERNANCE that will represent the BEST INTERESTS of the MAJORITY know as the 99%.

    These so called SUPER PACS are the CANCER that will destroy DEMOCRACY from within!

  • UAWproud

    People power is rearing its lovely head and the big wheels don’t like it. I love it! Time to put the kabash on greedy, dishonest bankers who can’t control themselves, let alone Americans. We need progressives who aren’t afraid of the big bad wolf, like Elizabeth Warren. Go girl go!

  • Jominith

    The best definition of a bank in two questions:

    1. What do you call a person who walks into a bank and steals $1 million? A THIEF.

    2. What do you call someone who steals one dollar ($1.00) from a million people? A BANK.

  • jerder

    This is exactly why the Supreme Court should not have allowed the formation of Super Pacs to pour non disclosed and endless amounts of dollars to influence elections. And the fact those super pacs cannot support a certain candidates, candidates can still access the super pacs to find out what their agenda is and then add that to their campaign promises, etc. in order to get elected. Which to me means that certain candidates still end up at a disadvantage and big business, unions, corporations, and individual entities like banks can still peddle influence, lobby in a round about way, and keep candidates who do not support their agenda or policies from winning the election. This smacks of fraud, influence peddling, and buying elections. Tell me that congress and the senate do not and would not pass legislation geared to big donations, or rather be bought. Corporations, financial institutions, and big oil companies do not spend money for the fun of it or because they care about any one but themselves.

  • By getting involved in national politics, bankers will only cement their image as greedy capitalists grabbing for all they can get. In other words, the poster children of modern republicans.

  • DickinMA

    The Big Bank Lobby will definitely try to attack and slander Elizabeth Warren because they are afraid of her. Massachusetts voters will have an opportunity to show where they truly stand by voting for a champion of the people. She has my vote.

  • howa4x

    Of course they want to target her. She was the one blaring the warning signs and understands exactly what kind of tricks Wall st used to pull down the economy. I think it’s great if they come out for Scott Brown and it could be a kiss of death for him to be backed by Wall st. Most people even those in Mass. know what kind of havoc the banks unleashed on the economy. What are they going to say: free us from regulation so we can do what we did before?. It’s like the oil industry now pushing for Keystone but there is no promise that the oil will be used here. It’s going on the global market, and could easily end up in India or China. Maybe they will back the Ryan budget plan that lavishes rewards on them at the expense of medicaid, medicare, pell grants and eldercare. The Republicans have declared war on the middle class and only those with low intelligence can’t understand it. I hope the 1st ones to loose benefits for them and their children are tea pary supportors!

  • Sen. Scott Brown can be bought for 30 pieces of silver, Liz Warren is not for sale, so who do we want?

  • I can’t believe it! Just 3 years ago we kept these SOB’s from going out of business, proved they grossly mismanaged their business, and defrauded the american public and now thanks to the 5 morons at the supreme court they get to try and rig an election. PLEASE EVERYONE MAKE A DONATION TO ELIZABETH WARRENS CAMPAIGN SO THEY WON’T GET AWAY WITH IT. She is a great public servant.

  • hubydoll166

    The banks are already on shakey ground. They will be adding insult to injury with this. The article is true as they are still able to gamble on the taxpayers dime. Thats what they want to fight against? This country is still in the toilet because of them. I really think that with this war on women going on and other things that the banks would want to steer clear of bringing any spotlight on them especially when they didnt have to come clean and hold such an advantage over us..I say “BRING IT ON”. this would be great to see america wake up and finally set things straight. It takes monster balls spit on america like they have done and to do what they say in the article will finally bring it out into the arena. ” LET THE GAMES BEGIN”.

  • stasiastjames

    I’m thinking that the problem is that there is a difference between regular commercial banks and the Too Big To Fail banks which since the repeal of Glass-Steagall are investment banks as well as commercial banks…and people don’t seem to recognize or acknowledge that difference. It was the Investment Banking side of their operations that got the Too Bigs and thus the entire economy into so much trouble. There has to be a way to breakup those banks and return to the days of sane banking practices.

  • The banks that need to go are the only banks in this country that has not had a audit since 1913 when they were established. They are the Federal Reserve Banks. They have stolen trillions of dollars, indebted this nation utilizing fraudulent means and the congressmen that continue to allow them to operate. The Federal Reserve act enacted into law in 1913 was a total scam to allow international bankers to take control of our country. I say enough is enough. It would be nice if congress would do the right thing, honor their oaths of office and charge the entire cabal with acts of treason.

  • All they want is the very best government their money can buy… For the rich.
    Funny thing… when I was in school, we were taught that the reason that America was so great was the healthy middle class. Any country with very large amounts of wealth in a few hands… and very little wealth in many hands… was a country ripe for disaster. Sound familiar? Apparently the Bankers missed Social Studies that day!!! I say we run Ms. Warren for President in four more years!!!

  • keefert55

    Harkening to the ads of lap top users squatting on the airport terminal floor being asked,”is this what America has become?”. Simple answer, YES! We have been lulled into thinking we need this and we need that, buy that gas guzzler, we’ll keep the price of gas arbritrarily low until our banking buddies have you so up to your ass in debt you won’t know what hit you. We fail to remember, as the most prudent pundits predicted, that America was on a spending binge, likened to a college drinking binge, and that one day we would need to wake up with an immense hangover and suffer the consquences. Well gang, that time has arrived and the Republicans are trying to convicnce us that it happened in the span of just the past three years under the Obama administration. That’s like saying daily compounded interest won’t hurt you that badly, you’ll be earning more,” just take that loan. Yea right. Wake up America! Simpson-Bolles and the gang of six and anyone else who really understands this financial nightmare will conclude, you must cut spending( no more 900 billion dollar wars) ween ourselves off the designer drug of our generation, OIL. Try putting those moth balled NASA aeronautical engineers in Florida to work on developing an alternative energy source and it would happen. And we would create jobs in the process, novel idea. As CBS 60 Minutes pointed out, it was a fairy tale job which paid extremely well but produced very little for the money, except moon rocks and Tang. It was an expensive, fabricated bragging rights game with Russia that couldn’t last forever just like the Russian myth that they were going to destroy us when, in fact, they couldn’t even feed themselves. It’s over and the cost was astronomical(no pun intended). The good Republican state of Florida and its entrepreunerial governor, Rick Scott, who pleaded non contest in a health care fraud scheme, should turn it over to private enterprise and let them sell launching privileges to anyone with money, Iran, North Korea, China. If they have the money as Mr. Romney would say, let them spend it here. Better yet, give it to the Chinese in lieu of our debt to them. Pure, unadulterated capitalism!