Bankers Form Super PAC For 'Surgical' Strike At Congress, Enemies

American Banker:

Frustrated by a lack of political power and fed up with blindly donating to politicians who consistently vote against the industry's interests, a handful of leaders are determined to shake things up.

They have formed the industry's first SuperPAC — dubbed Friends of Traditional Banking — that is designed to target the industry's enemies and support its friends in Congress.

Read the whole story at American Banker

Comments

[nothingchanges]

09:48 AM on 04/05/2012

Glass-Steagall worked for nearly 100 years.................

Why was it repealed, and who pushed for it's demise?

Answer those two questions, and you find out a lot about who's to blame for the "Great Recession".

[jkaley]

07:26 PM on 04/04/2012

Actually I would like to know who this is. Are we talking about actual traditional banks that serve communities all over America or are we talking about the "investment bankers" of Wall Street that got most of the bailouts for the problems they contributed to.

Then I would like to know who they are targetting.

If I knew that I might now how to react.

[bookreader451]

07:21 PM on 04/04/2012

They do realize traditional banking was what we had pre-Glass-Steagall repeal

[Devaron Namsaar]

07:17 PM on 04/04/2012

"Frustrated by a lack of political power and fed up with blindly donating to politicians who consistently vote against the industry's interests, a handful of leaders are determined to shake things up. They have formed the industry's first SuperPAC — dubbed Friends of Traditional Banking — that is designed to target the industry's enemies and support its friends in Congress."
Lets translate that into words the public can understand: This group of "Traditional Bankers" did gain enough profits and property from the last debauchery they created so now they want to try again and see if they can ruin the country outright! Yep, I think that is what they said here. Well I am all in favor of a "Surgical Strike" here... can we start with surgery on them, somewhere around the cranium, possibly a Frontal Lobotomy for them.

[proggirl]

07:14 PM on 04/04/2012

The sad fact that members of the finance industry see elected representatives of the American people as "enemies" speaks volumes about their mindset.

[sangog]

07:04 PM on 04/04/2012

The broadest classification of political donors separates them into business, labor, or ideological interests. Whatever slice you look at, business interests dominate, with an overall advantage over organized labor of about 15-to-1.

[Phyllis Yanagihara]

06:54 PM on 04/04/2012

They don't think they are getting enough influence for their money? I just can't feel sorry for them. This prolific process should be evidence enough that Citizen's United was a wrong decision.

Corporations and money need to be eliminated from our electoral process. The electoral college needs to be disbanded. We need to go back to one vote, one live person.

Every sci fi movie you've ever seen that devastates humanity in the process of corporate growth and power becomes more believable. They aren't going to stop themselves, it's up to the voters while we still have the vote.

[pmoschetta]

07:00 PM on 04/04/2012

I guess the taxpayer funded bailouts they've been receiving over the past 4 years isn't enough for the banks

[edward60]

06:48 PM on 04/04/2012

Citizens United strikes again

[Rodger leMonde]

06:44 PM on 04/04/2012

Just maybe they shouldn't have made so many enemies in the first place.

[Tom Sito]

06:43 PM on 04/04/2012

The Rich know who's side they are on. Why don't you..?

[bobbertino]

06:42 PM on 04/04/2012

Friends of Traditional Banking? Traditional Banking started dying 42 years ago.
In February 1970, the U.S. Department of Housing and Urban Development created the first transaction using a mortgage-backed security. The Government National Mortgage Association (GNMA or Ginnie Mae) sold securities backed by a portfolio of mortgage loans.
This was the beginning of the end of "Traditional Banking".

[lambdin1]

06:24 PM on 04/04/2012

Sounds like a group that the GOP/TP would just love along with their lobbyists! I feel sorry for this group when they complain about the lack of power in Congress. Boo Hoo. Sniff!

[Buffyboy]

06:14 PM on 04/04/2012

This would make sense if there was a traditional, ethical banking industry in this country any more.

[byronic]

06:04 PM on 04/04/2012

Damn. All that money buying GOP congress members, only to discover that GOP congress member have no ethics...

[rtx47]

05:32 PM on 04/04/2012

I love Super PACS and I am a Progressive

Super PACS' factual expose of truth and facts, without the fear of being politically correct, can serve us all well. It was the Super PACS that exposed the smooth talking Newt Gingrich and his shenanigans in Congress.

Similarly we know a lot more about MItt Romney and Rick Santorum from Super PACS than from their political opponents.

[sylvia wadlington]

05:48 PM on 04/04/2012

Unfortunately super pacs also lie and we don't always find out about it.

[akdennis]

06:14 PM on 04/04/2012

Agreed. They are far more dangerous to our form of government than anything we have faced to date, including the axis powers of WW2 and the Soviet Union. This is a cancer and no amount of nukes can do anything about it. Citizens United is going to prove to be far more destructive to our country than the deficit will. A pox on the activists in the SC (we know who they are).