Bankers group says it won't be deterred by protesters

A top American Bankers Association official defended its membership against demonstrators gathering to protest the industry's response to the financial crisis.

"These are very tough times. A lot of people lost their jobs, and they are very frustrated and they're very angry," Bob Schmermund, executive vice president of ABA membership, told the conference Monday. "What the protesters may not realize is who's attending this meeting. This room is literally filled from stem to stern with traditional bankers whose life's work is dedicated to serving the needs of their communities."

Schmermund told the attendees that conference organizers would "make sure that your experience is safe and enjoyable."

"If there is a disturbance this morning, or at any time, please stay seated, remain calm and we will restore order," he said.

Protest leaders have vowed to bring thousands of demonstrators for a prayer vigil today followed by a march to the bankers' convention.

Schmermund's comments followed criticism of the bankers by Sen. Dick Durbin. Durbin told protesters gathering nearby the conference Sunday that more regulation of the financial services industry is required.

"We need to ensure that the robber barons that are responsible for this recession don't get away with creating it and then declaring themselves a dividend," Durbin said.

The rally featured "Wanted" posters showing compensation figures and faces of bankers such as outgoing Bank of America Corp. Chief Executive Officer Kenneth Lewis and Goldman Sachs Group Inc. CEO Lloyd Blankfein.

Bloomberg News