From: Center for Media and Democracy [mailto:edi...@prwatch.org] Sent: Tuesday, February 02, 2010 7:07 PM Subject: Tim Ryan, Lobbyist and Spinmeister for U.S. Securities/Financial Gambling Industry
<http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=qKCP8BcUAjFHPJl8KMjf DtCQ9CmlpKMt> Image removed by sender. The Center for Media and Democracy -- PR Watch.org Image removed by sender. PRESS RELEASE: February 2, 2010 CONTACT: Mary Bottari at (608) 260-9713 or m...@prwatch.org CMD's Golden Throne Awarded to Tim Ryan, Lobbyist and Spinmeister Extraordinaire for U.S. Securities Industry Special Recognition for SIFMA's "Turn Pitchforks into Ploughshares" Campaign Image removed by sender. The Center for Media and Democracy <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=L0UKM5GzGZftdl2tMujB mtCQ9CmlpKMt> and BanksterUSA <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=ITv3OWK5OlhRYzQHBuIY Q9CQ9CmlpKMt> are pleased to present our Golden Throne Award to T. Timothy Ryan Jr., President and CEO of the Securities Industries and Financial Markets Association <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=Z%2BvrdDzxBT8LIKvKWF u239CQ9CmlpKMt> (SIFMA). SIFMA is the leading behind-the-scenes lobby group representing big banks and investment firms, as well as broker-dealers and other peddlers of financial instruments, which Warren Buffett <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=KGENJthH2grfgOLvON12 WdCQ9CmlpKMt> labeled "weapons of mass destruction." SIFMA lobbies Congress and financial regulators, and handles securities-related press for some of the biggest players in the financial crisis <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=i9Tq67VV7frot%2FT8nR uuOYR1W8ngEGVX> - Goldman Sachs <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=a9ldquq4G0CUFbHMxRRI m9CQ9CmlpKMt> , Bank of America <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=3VZ4cbV4PcR09SKH81QO DNCQ9CmlpKMt> , AIG <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=rvvW6sPsWvTRFAMJkBGb MNCQ9CmlpKMt> , Merrill Lynch <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=GMbzt9pkbqOZZ9a%2Fzc CArNCQ9CmlpKMt> , Citigroup <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=RE%2Fz7AK4TX4qpk%2FA zFUfV9CQ9CmlpKMt> , and Fidelity Investments <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=BfCY4wOVrmH7ic1jxxzQ 1tCQ9CmlpKMt> . The Golden Throne Award salutes the lobbyists and spinmeisters who have managed to hold off meaningful financial services reform since the Wall Street meltdown. The award is being presented to SIFMA as the largest lobbying conference for the securities industry gets underway in Washington, D.C. at the Gaylord National Hotel <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=mvBmZKKaTD%2FKT2jklK mb54R1W8ngEGVX> . The award invokes fond memories of the $1.2 million bathroom renovation ordered by Merrill's CEO, John Thain <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=DcWlW6rBRdebRMQK6ZDS ONCQ9CmlpKMt> , shortly before the firm lost $27 billion and collapsed into the arms of Bank of America. "In their relentless lobbying for deregulation of the securities industry, Tim Ryan and SIFMA bear unique responsibility for the collapse of the global economy. For that reason alone they deserve the Golden Throne, but their recent 'turn pitchforks into ploughshares' PR campaign also deserves special recognition. Few financial industry lobbyists have worked harder to convince the American public that they are on their side, even while they lobby to stymie any crackdown on business-as-usual on Wall Street," said Mary Bottari of BanksterUSA. Securitization is the process by which assets such as mortgages, auto loans, student loans and consumer loans are bundled into bonds and sold to investors. Securitization of toxic mortgages -- which were sliced and diced, bundled into complex instruments and sold around the world -- was a key cause of the global financial collapse. SIFMA has been a important proponent of deregulating the securities industry. Bernie Madoff <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=9MUtnpXJ%2F6pQ928zhf EOydCQ9CmlpKMt> and his brother have both sat on SIFMA's board of directors. Now that the industry is under Congressional scrutiny for its role in the crisis, Tim Ryan has spent the last year executing an elaborate PR campaign to blunt "populist overreaction" to the financial crisis and convince average Americans, who are experiencing 10% unemployment and record foreclosures, that big banks and investment firms are actually on their side. "Cashroots" Campaigning Shortly after the financial collapse, a secret memo of confidential meetings surfaced that revealed SIFMA'S plans to portray themselves as "part of the solution" in order to counter the populist "lynch mob" demanding financial reform. SIFMA kicked off the <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=zLvMzxMxBbMfMJj%2FuJ XLcNCQ9CmlpKMt> "execution phase" of their "grassroots <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=Ci74M5E4ztuH84keUJr6 0dCQ9CmlpKMt> " campaign in June 2009, spending $85,000 per month to target policy makers and the news media in New York, London, Washington, and Brussels in an effort to repair their tarnished image. Michele Davis, Treasury Secretary Henry Paulson <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=z9FJf%2FQf1UfKxaCr%2 FzmbOdCQ9CmlpKMt> 's former spokeswoman, and Jim Wilkinson, his former chief of staff, are among those leading the effort. SIFMA's website claims "phone calls and e-mail <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=Bo2ooeys4dOfssulFFLI 0dCQ9CmlpKMt> from constituents were a critical component of getting TARP legislation passed last year, and they will be vital again in 2009." Because these constituents include banks and securities dealers, CMD coined the term "cashroots" rather than grassroots for this type of campaigning. SIFMA Campaign Contributions SIFMA helps to put the "big" into the biggest lobbying sector in the country, the Finance, Insurance & Real Estate industries. In 2007 and 2008, SIFMA spent $9 million dollars lobbying <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=jyAZDhyjCDcO%2FsrWTt SpBtCQ9CmlpKMt> against meaningful reform of the financial markets. Over ten years, SIFMA and its parent companies have spend an eye-popping $102, 206, 643 on lobbying according to the Center for Responsive Politics. In the 2008 election cycle, SIFMA's PAC spent over a million dollars <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=kBvZyXzzIdgdYhfla27A e9CQ9CmlpKMt> trying to influence the outcome of federal elections. The PAC <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=SOGrbeM595yxK7CaAowk NtCQ9CmlpKMt> donated $10,000 a pop to dozens of key policymakers, including Representatives Melissa Bean <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=jai6S6Z0vlCF1aBbVgrt HNCQ9CmlpKMt> (D-IL), John Boehner <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=fHhw8M4sZ9%2FsKrOLE3 R%2FjNCQ9CmlpKMt> (R-OH), Eric Cantor <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=z1qxU99ef3lu9zyMhv3C T9CQ9CmlpKMt> (R-VA), Barney Frank <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=yE%2FB5fClhvOdrJjRoe 3xJtCQ9CmlpKMt> (D-MA), Paul Kanjorski <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=QNqxsEmS2doEzLZ0xcLm 74R1W8ngEGVX> (D-PA). SIFMA Lobbying Activities Ryan, who earns about $2 million <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=AHefe8DlpGrAD2BC318e 29CQ9CmlpKMt> a year, has redefined support for financial reform bills as support for loopholes in those bills that help his clients. Ryan helps SIFMA lobby against disclosure rules, conflict of interest standards and capital requirements for derivatives trading, against breaking up "too big to fail institutions" and the reinstitution of firewalls that once kept bank holding companies from gambling with consumer savings. SIFMA loved the TARP bailout, but is not fond of the proposed Consumer Financial Protection Agency <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=xWDguCInQZUVAuclocTn NoR1W8ngEGVX> . SIFMA has coordinated lobbying plans for the industry by throwing over 60 strategy conferences, including a regular shindig in Washington so that its members can mingle with government officials. This year, the American Securitization Forum <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=ub%2F%2FAKkhtRyImOT9 zMDtNNCQ9CmlpKMt> (ASF) is taking place now in Washington, D.C. from January 31st through Feb 3rd. Ryan's Rantings Positive reinforcement for Secretary Paulson's 2008 then-unapproved plan for bailouts: "I agree totally with Secretary Paulson - give us the money, give us the authority." -- CNBC, Sept. 26 2008 <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=geZZBtlRzzy%2FOblpDw ZEo9CQ9CmlpKMt> . Developing a narrative for the $787 billion TARP bailout: "I think everyone is really confused. This is not a bailout for Wall Street. This is a relief package for Main Street." -- CNBC, Sept. 26 2008 <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=McmNfU8IVq1%2B22vl5p N1HtCQ9CmlpKMt> . On embarrassingly large bank bonuses: "Are we sorry about what happened, we are. Are we into massive reform, we are. The compensation that you see come out in a few weeks will be massively different ... The system is really changing radically and we're not getting any credit for these reforms at all." -- CNBC, Jan. 11 2010 <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=TuCt9eyqSEXZ7byCu094 TNCQ9CmlpKMt> . When SIFMA lost Lehman Brothers' membership dues, it laid off 25% of its lobbying staff and commiserated with suffering American workers: "No one, least of all our industry, which lost tens of thousands of jobs, wants to repeat the difficulties of the past 18 months." -- USA Today, Aug. 6, 2009 <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=nfgI%2FVes5AVZwylQ84 NbCdCQ9CmlpKMt> . Fear-mongering on a Financial Transactions Tax which would rein in speculative trading to fund a job creation bill: "As all of you know. basically, Main Street is supported by activities in the financial sector. We need obviously jobs ... jobs should be the number one objective. This type of tax is totally counterproductive." -- CNBC, Dec. 4, 2009 <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=5xfAUeA5vwMM7vUumEqp 4dCQ9CmlpKMt> . On SIFMA's on-line games which train American youth in fun ways to manipulate the stock market: "Indeed, the industry's overall contribution to charitable organizations far exceeds those of many other industries ... Increasingly, the struggles of the industry and the market have translated into greater interest in SIFMA's Stock Market Game, which takes place among both students and teachers. Each year, we now have more than 800,000 students play. That adds up to more than 12 million students over the life of the program." -- Tim Ryan Annual Speech, Dec. 14, 2009 <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=vYwXADS1HYyuc1DstgrD jdCQ9CmlpKMt> . On the death and life of too-big-to-fail: "Second, we need to ensure no financial firm is too big or too interconnected to fail. In a dynamic capitalist system, every firm must be allowed to fail. To solve this problem, Bank of England governor Mervyn King recently suggested that the largest banks be broken-up. We disagree totally with that view." -- Tim Ryan Annual Speech, Dec. 14, 2009 <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=jXd%2FAVQa1ntSZ0hMRp G5ntCQ9CmlpKMt> . About Us BanksterUSA <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=b7WHgn1xmUSOIpW6tjWf rdCQ9CmlpKMt> is a new project of the Wisconsin-based Center for Media and Democracy <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=D9NBLvULgUg0cS9KBeXR a4R1W8ngEGVX> (CMD). CMD was founded in 1993 as an independent, non-profit, non-partisan, public interest group focusing on exposing corporate spin and government propaganda. CMD brought you the book "Weapons of Mass Deception" before the Bush team failed to find weapons in Iraq, and we exposed "Fake News" in the media and the "Pentagon Pundits" on cable news. With this new effort, we will debunk the spinmeisters of the powerful financial services industry and help ordinary Americans take positive action on the financial crisis and the real economy. Image removed by sender. <http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=t%2BO17%2B4b5D%2BBkD MYn5Oj59CQ9CmlpKMt> Click here to unsubscribe Center for Media and Democracy 520 University Avenue, Suite 227 Madison, Wisconsin 53703-4929 Phone: 608-260-9713 | Fax: 608-260-9714 E-mail: <mailto:edi...@prwatch.org> edi...@prwatch.org Image removed by sender. *** exposing the hidden truth for further educational research only *** CAVEAT LECTOR *** In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. NOTE: Some links may require cut and paste into your Internet Browser. Please check for daily real news posts and support the truth! 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