According to urban legend the godfather of publicists, P.T. Barnum, was asked by a fish cannery to help clear its warehouse full of unattractive white salmon. Barnum did so by sticking labels on the produce which read: "Guaranteed Not to Turn Pink in the Can..."Well Phineas, Wall Street needs your winning brand of double-think now more than ever.
(Keeping with the fishy theme) the sharks are circling. First Waxman and Cuomo and now House Financial Services Committee, Chairman Barney Frank. All demanding either justification for or cessation of Wall Street's upcoming round of bonuses which, among the firms taking part in the government's TARP plan, is estimated to come in at around $20bn. Even the White House smells blood in the water.
(Keeping with the fishy theme) the sharks are circling. First Waxman and Cuomo and now House Financial Services Committee, Chairman Barney Frank. All demanding either justification for or cessation of Wall Street's upcoming round of bonuses which, among the firms taking part in the government's TARP plan, is estimated to come in at around $20bn. Even the White House smells blood in the water.
How will the FS Industry manage this issue? Will this be framed for them by regulators and the media as "The Bailout" or "Wall Street vs. Main Street" have been over the past months? Or will the industry find its voice and present its case forcefully and cogently. The fightback has started here and here but so far the argument seems to be that the government is even less trustworthy with taxpayers' money than the banking industry. Will this be enough?
On a lighter note, the head of the American Bankers Association who is spearheading to counter-offensive is Ed Yingling. I was trying to recall where I had heard that name, or something very similar, before...and then it came to me: Ringling Bros. Perhaps we needn't fear after all, perhaps the spirit of the great showman still lives....
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