Bankers making turkeys out of taxpayers

[Better Believe It]

Bankers making turkeys out of taxpayers
By Dana Milbank
November 25, 2009

The nation's bankers have much to be thankful for as they sit down to their turkey dinners on Thursday.

At this time last year, the American financial system was near collapse, rescued only by hundreds of billions of taxpayer dollars. Now the system has stabilized, and the industry is on the verge of a coup that many would have thought impossible a year ago: an escape from any major reform of financial regulations.

On Tuesday, the American Financial Services Association even held a conference call with reporters to update them on its efforts -- successful so far -- to torpedo plans for a new Consumer Financial Protection Agency, which would protect people from the sort of lending abuses that led to last year's implosion.

The ASFA, a trade group of credit card issuers, auto-finance companies, mortgage lenders and others leading the fight against the CFPA, took the unusual approach on Tuesday of publicly celebrating the reform's fading prospects.

"This was supposed to be a slam-dunk," crowed Bill Hempler, the group's top lobbyist. But instead, he said, "Democratic members are increasingly having heartburn over CFPA and maybe second thoughts."

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http://www.washingtonpost.com/wp-dyn/content/article/2009/11/24/AR2009112403566.html