Wikinvest Wire

Bankers get chilly reception in Chicago

Monday, October 26, 2009

Those attending the American Bankers Association gathering in Chicago were greeted by a none-too-pleased (and quite vocal) public last night with protests continuing today.

Here's one of the many clips over at YouTube of last night's festivities.


Apparently, this convention attracts mostly community bankers rather than the much-loathed Wall Street variety, but then maybe the protesters are just using this as a warm-up.

Reuters reports the following details:
The Service Employees International Union, a major labor group, estimates that up to 5,000 people will join the protests over the next couple of days.

Protesters gathered outside the hotel hosting the convention on Sunday night, holding signs that said, "Hold Banks Accountable," and chanting for changes to the banking industry.

"The big banks heard loud and clear tonight that taxpayers are fed up with them taking our money and using it to pay themselves outrageous profits and lobby against financial reform," the SEIU posted on its website.

Yingling said it was frustrating to have traditional banks lumped together with Wall Street firms that engage in risky trading practices and have taken billions of dollars in taxpayers funds.
This is reminiscent of the many town hall meetings over the summer in that a lot of people don't really understand what it is that they're mad about, but they're sure there is something there worth being mad about...

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3 comments:

AJ said...

In the Pittsburgh area, I've seen commercials for Dollar Bank that are stressing how it's a local bank and not one of the big ones that took risks, or the banks that are being traded around like cards. It's especially pertinent because a lot of people around here have National City, who recently got split into two and sold off to PNC and First Niagra.

If folks didn't know the ABA is more traditional banks, then it's the ABA's fault. Buy some air time on American Idol or something.

OldSouth said...

But wait a minute! Isn't SEIU one of the unions totally in the tank for Obama?

These aren't the Tea Party folks, these are the hard-line labor union types.

Is Himself beginning to lose his base?

Anonymous said...

Nothing will ever change until we rise up and turn them into lamppost ornaments.

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