As the financial crisis takes its toll on nearly every part of the economy, Wall Street and all that it represents has taken on pariah status as bailouts, bonus sizes and "impossible to understand" derivatives trigger populist anger at financial firms. But the industry's largest trade group, the Securities Industry and Financial Markets Association, or SIFMA), isn't taking it lying down and is beginning a push to rehabilitate the industry's reputation.
According to
Bloomberg the trade group has enlisted two former aides to Treasury Secretary Henry Paulson -- Michele Davis, Paulson's former spokeswoman, and Jim Wilkinson, his former chief of staff, both of Brunswick Group LLC -- to spearhead the effort.
The news service reports:
In memos of confidential meetings with top financial executives, the Securities Industry and Financial Markets Association said it began this month the "execution phase" of the operation, which pledges to "embrace change" and accountability. The plan targets policy makers and the media in New York, London, Washington and Brussels and calls for a "city-by-city, grass roots" approach. The securities industry "must be perceived as part of the solution, which will allow it to better defend against populist overreaction,"the documents, prepared for a June 17 meeting of SIFMA's board, said.While the gist of its efforts revolve around conveying a message that the industry welcomes reform and is working on solutions to its own problems, chances are that public perception will only alter slowly if/when the economy improves, or when another less likable scapegoat can be found. -
George White See Bloomberg story
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