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Painting a New Face on TBTF.

The too big to fails are pulling out all the stops, including their cheque books, to run image-boosting ads in major US newspapers. Bank of America is also ponying up millions of dollars, "in a series of spots highlighting the banks role in key historical events, airing during the History Channel's 12-part miniseries "America: The Story of Us."

"Behind the scenes on Capitol Hill, the industry is lobbying hard and furiously to protect it's lucrative derivatives business and avoid tougher government regulation."

"The financial services industry is spending an estimated $1.4 million (US) a day - $600 million since the 2008 financial crises - 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."

"The big banks have employed an unrivalled network of in-house lobbying teams, hired guns, industry associations, front groups and behind-the-scenes influence peddlers with deep connections to Congress and the Obama administration", said Kevin Connor, the studies author.

"The six largest U.S. banks employ 243 lobbyists who used to work for the federal government, including former members of Congress and top White House and administration officials."

Source: The Globe and Mail Report on Business.
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