Banks and financial institutions are big spenders on
advertising.
A nice little critique on that appeared recently
in Seeking Alpha:
Is Wachovia's $150 Million Ad Account Smart Spending?
Because of the many bankruptcies and bailouts the
whole lot of advertising by the financial sector took
on a rather comic character. Just a couple of weeks
ago a number of such institutions tried to make a
big impression on the media consumers with glossy
ads. Only to find their names big in the headlines
a little bit later.
Pretty drastic were the results of all the ads for credits
in recent years which were all over the media. Many of
those mortgage firms are meantime out of business or
drastically reduced.
It is obviously because the media were the beneficiaries
of these ad revenue that they would not raise hell
about them. There would have been a real need for
scrutiny from an early phase on.
Another aspect to which many people object, find appalling,
are the salaries and bonuses of some in the financial sector.
Really greedy people whom they now have to bail out or
whatever.
Here an article in Boomberg from last year:
Wall Street Plans $38 Billion of Bonuses as Shareholders Lose
European institutions are not much different either.
It is no wonder when people have grown weary and got
critical.
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