by Pam Martens and Russ Martens at Wall Street on Parade
During the Sunday, December 10 news program on CNN, “State of the Union with Jake Tapper and Dana Bash,” a deceptive, scare-mongering TV commercial popped up, warning that federal banking regulators’ proposed plan to require the mega banks on Wall Street to hold more capital against their riskiest trading activities “will increase the cost of mortgages and car payments” and “hurt small businesses, making it harder for them to access credit, meet payroll and run their operations.”
The ad featured images of a farmer on his tractor, an auto mechanic, a worried small business owner, and other emotion-packed images.
Wall Street On Parade has been warning our readers for weeks about this deceptive campaign by the Wall Street mega banks, so we jumped to our feet to get closer to the TV screen and read the fine print to see who paid for this tricked-up television advertisement.
The small print in the ad said it was “Paid for by the Financial Services Forum.” Who is the Financial Services Forum? Its total membership consists of the eight CEOs of the eight largest banks on Wall Street. Its Board of Directors is limited to these same eight CEOs and its Chair and Vice Chair also rotate exclusively from these eight CEOs.
These CEOs rank among the most obscenely paid executives…Continue Reading