The latest salvo from big banks, which have been particularly opposed to creation of a Consumer Financial Protection Agency, was to declare this week that the Senate bill would harm community institutions.
These poor little banks "had nothing to do with causing the financial crisis," said Edward Yingling, head of the American Bankers Assn., yet would face "a huge new expense" if forced to comply with new rules and regulations.
What next — the disastrous consequences of financial reform on puppies and kittens?
Enough already. Trust is something that is earned, and banks have only themselves to blame for the public's belated recognition that these guys don't play fair. The reform bills are a direct response to the industry's own shenanigans.
"I want to urge you to join us, instead of fighting us in this effort," Obama told Wall Street.
If the money guys heed that call, which they should, it would be a very welcome change.
David Lazarus' column runs Tuesdays and Fridays. He also can be seen daily on KTLA-TV Channel 5. Send your tips or feedback to david.lazarus@latimes.com.
