[big campaign] New TV Ad: Sen. Tester, Keep Fighting for Financial Reform

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[cid:[email protected]][cid:[email protected]] www.ourfinancialsecurity.org<http://www.ourfinancialsecurity.org/> www.americansunitedforchange.org<http://www.americansunitedforchange.org/> FOR IMMEDIATE RELEASE CONTACT: Lauren Weiner, 202-470-5870 DATE: February 25, 2010 Jessica Grennan, 406-360-6043 New TV Ad: Sen. Tester, Keep Fighting for Financial Reform When Shadow Group Takes to Airwaves to Protect Big Banks and Their Bonuses, Montanans Won't Fall for the Lies [cid:[email protected]]<http://www.youtube.com/watch?v=5BgHgng3SBo> Click Here to View: "Wall Street Puppets"<http://www.youtube.com/watch?v=5BgHgng3SBo> ***Broadcast Quality***<https://rcpt.yousendit.com/825496511/c082051cc5bf2092b33abc0941f48257> "That [Committee for Truth in Politics] ad is confusing a lot of folks, because it's not true." - Sen. Jon Tester [Billings Gazette, 2/10/10<http://billingsgazette.com/news/state-and-regional/montana/article_e8602b8e-16d8-11df-a9bc-001cc4c002e0.html>] Washington, D.C. - Americans for Financial Reform<http://www.ourfinancialsecurity.org/> and Americans United for Change<http://www.americansunitedforchange.org/> unveiled a new television ad today supporting Sen. Jon Tester's (D-MT) fight against the Wall Street bank interests who are trying to kill financial reform by spreading lies<http://www.factcheck.org/2010/02/the-big-bank-bailout-bill/> over Montana's airwaves. Under the ironic cover of the "Committee for Truth in Politics," defenders of the status quo are trying to preserve the massive bonuses and profits they rake in through greedy, reckless schemes and abusive credit card and mortgage lending. But Sen. Jon Tester wasn't fooled by these fabrications and stood up for the people of Montana<http://www.tester.senate.gov/Newsroom/pr_021110_bailoutad.cfm>. See script below for "Wall Street Puppets" which airs in Billings, Montana for the next week on broadcast outlets. Tom McMahon, Acting Executive Director, Americans United for Change: "We want to lend our support to Senator Tester who is standing up against a mounting campaign to prevent meaningful efforts in Congress to crack down on abusive big bank practices. Montanans are not going to be taken in by a shadowy group that is out to protect the interests of greedy Wall Street CEO's - a group that is even suing the Federal Election Commission<http://www.npr.org/blogs/secretmoney/outside_groups/committee_for_truth_in_politic/> to keep the source of their funding private. They call themselves a "Committee for Truth," but, as independent fact checkers<http://www.factcheck.org/2010/02/the-big-bank-bailout-bill/> made clear, their attacks ads contain very little of it." Heather Booth, Executive Director, Americans for Financial Reform: "Financial reform is about fairness and accountability. Those critics who offer no solutions and want to continue the same failed policies are doing the bidding of the big banks, Wall Street, and CEOs who want more of the same - taxpayer funded bailouts, obscene bonuses, and policies that take advantage of families and small businesses. Sen. Tester recognizes this and has been out front, not only pushing for comprehensive reforms, including a strong independent Consumer Financial Protection Agency, but has also been instrumental in pushing back against these lies. We applaud his work and hope all Montanans will reach out and do the same." ### "Wall Street Puppets" Ad Back-Up Americans for Financial Reform/Americans United For Change TV (:30) SCRIPT FACTS ANNCR: Wall Street banks spent $400 million fighting efforts to rein in their greedy, reckless schemes. CG: Wall Street spent $400 million to duck accountability Wall Street Has Spent Millions Lobbying On Refrom. "The battle over reform has a ways to go. To understand the stakes, keep this number in mind: $400 million. The financial services industry shells out that much a year to the K Street crowd who work Washington's corridors of power. And individuals and political action committees tied to the industry donated even more than that to federal candidates in the 2008 campaign." [Craig Matters, Money Magazine, December 2009] Wall Street Has Fought Reforms Every Step of the Way. "The nine biggest participants in the derivatives market - including JPMorgan Chase<http://topics.nytimes.com/top/news/business/companies/morgan_j_p_chase_and_company/index.html?inline=nyt-org>, Goldman Sachs<http://topics.nytimes.com/top/news/business/companies/goldman_sachs_group_inc/index.html?inline=nyt-org>, Citigroup<http://topics.nytimes.com/top/news/business/companies/citigroup_inc/index.html?inline=nyt-org> and Bank of America<http://topics.nytimes.com/top/news/business/companies/bank_of_america_corporation/index.html?inline=nyt-org> - created a lobbying organization, the CDS Dealers Consortium, on Nov. 13, a month after five of its members accepted federal bailout money...Atop the agenda during their calls: how to counter an expected attempt to rein in credit-default swaps<http://topics.nytimes.com/top/reference/timestopics/subjects/c/credit_default_swaps/index.html?inline=nyt-classifier> and other derivatives<http://topics.nytimes.com/top/reference/timestopics/subjects/d/derivatives/index.html?inline=nyt-classifier> - the sophisticated and profitable financial instruments that were intended to limit risk but instead had helped take the economy to the brink of disaster." [New York Times, 5/31/09<http://www.nytimes.com/2009/06/01/business/01lobby.html>] ANNCR: But even their massive bonuses can't buy our Senator Tester. CG: But they can't buy off Senator Tester Bonuses Are As Large as Ever. "Despite calls for restraint from Washington and a chafed public, resurgent banks are preparing to pay out bonuses that rival those of the boom years. The haul, in cash and stock, will run into many billions of dollars." [New York Times, 1/9/10<http://www.nytimes.com/2010/01/10/business/10pay.html>] ANNCR: So they tried a new trick: A bunch of Wall Street cronies got together and called themselves the Committee for Truth in Politics. Then they put up slick TV ads full of flat out lies. CG: So they tried a new trick... Big Bank Bailout A Wall Street Fairy Tale Wall St Consultant Frank Luntz feeds Committee for Truth in Politics Language to Kill Financial Reform. "The language in the ad appears to be drawn directly from Frank Luntz's memo to Republicans, which includes as "words that work"...The source of the "$4 trillion" claim is language<http://www.bloomberg.com/apps/news?pid=20601039&sid=a48c8UpUMxKQ> in the bill that would give the Fed authority to conduct a bailout in a future crisis, after debates over authority hampered the federal reaction in 2008. The bill has been written<http://wonkroom.thinkprogress.org/2009/12/10/gop-reg-reform-lies/>, however, to avoid this criticism, insisting that failed institutions be dissolved and their creditors take a bath, rather than that they be propped up and repaid." [Ben Smith, Politico, 2/2/10<http://www.politico.com/blogs/bensmith/0210/Ad_attacks_big_bank_bailout_bill.html>] Luntz's Wall Street Clients Range from Big Banks to Mortgage Companies to Credit Card Companies. Luntz's clients include Ameriquest Mortgages, Merrill Lynch, Bear Sterns and American Express. [Luntz, Maslansky Client List<http://www.luntz.com/clients_overview.html>] Factcheck.org Calls Out the Ad's Lies. "The ad, in minute-long and 30-second versions, claims in on-screen graphics that the "financial reform bill" amounts to "[a] new $4 trillion bailout for banks. If they fail. Again. $4,000,000,000,000." Does it? Not exactly... there's nothing in the bill that requires that banks get this loan money at any point in time." In fact the only backup of this number they offer is an opinion piece from a Bloomberg columnist." [Factcheck.org, 2/3/10<http://www.factcheck.org/2010/02/the-big-bank-bailout-bill/>] Committee for Truth in Politics Refuses to Reveal Donors. "The group, which has no Web site and has made no disclosures to the Federal Election Commission, was created by a North Carolina GOP operative, according to National Public Radio<http://www.npr.org/blogs/secretmoney/outside_groups/committee_for_truth_in_politic/>, and is represented by lawyer James Bopp, who sued the FEC on the grounds that the group shouldn't have to file any kind of spending report to that agency." [Factcheck.org, 2/3/10<http://www.factcheck.org/2010/02/the-big-bank-bailout-bill/>] ANNCR: Jiminy Crickets Wall Street. Just how gullible do you think we are? Call Senator Tester. Tell him to keep fighting for President Obama's plan to hold Wall Street Banks accountable. CG: Jiminy Crickets, Wall Street!!! Do you really think Montanans are that gullible? Tell Senator Tester to keep fighting for President Obama's plan to hold Wall Street Banks accountable. Paid for Americans for Financial Reform, a project of Americans United for Change and Public Interest Projects Action Fund. -- You received this message because you are subscribed to the "big campaign" group. To post to this group, send to [email protected] To unsubscribe, send email to [email protected] E-mail [email protected] with questions or concerns This is a list of individuals. It is not affiliated with any group or organization.