U.S. banks launch lobbying, ad blitzkrieg

JPMorgan Chase & Co. is running image-boosting ads in major U.S. newspapers, touting its work counselling cash-strapped homeowners and extending credit to small businesses. Bank of America is spending millions on a series of spots highlighting the bank’s role in key historical events, airing during the History Channel’s 12-part miniseries “America: The Story of Us.” It’s the soft side of an unprecedented banking industry effort to clean up its sullied image as Congress puts the final touches on a sweeping overhaul of Wall Street rules. Behind the scenes, however, the industry is lobbying hard and furiously to protect its lucrative derivatives business and avoid tougher regulation. The financial services industry is spending an estimated $1.4-million (U.S.) a day – $600-million since the 2008 financial crisis – to influence Congress, according to a new study by the labour-funded Campaign for America’s Future. That’s more than $1-million for every member of Congress. More…

News selected by Covalence | Country: Global | Company — Ethical Quote link: JPMorgan Chase & Co, Bank of America, Citibank, Goldman Sachs | Source: The Globe and Mail