Now, it is not like the financial oligarchy's lobbyists have not done their job so far but they are gearing up for the biggest battle.

Wall Street’s largest trade group has started a campaign to counter the “populist” backlash against bankers, enlisting two former aides to Treasury Secretary Henry Paulson to spearhead the effort.

Notice who they are enlisting for help - two former aides to Paulson. The battle is for "the hearts of minds" of Congress because Congress holds the key to real regulatory reform (not that bambi crap that Obama Administration proposed).

In memos of confidential meetings with top financial executives, the Securities Industry and Financial Markets Association said it began this month the “execution phase” of the operation, which pledges to “embrace change” and accountability. The plan targets policy makers and the media in New York, London, Washington and Brussels and calls for a “city-by-city, grass roots” approach.

I like how these confidential memos were leaked to Bloomberg. What they are attempting to do is improve their public image so that it is easier for Congress to protect them. Right now the public hates "bankers" and "Wall Street". So it may be relatively easier for grassroots pressure to make a difference. The financial oligarchy can't have that. From one of the "confidential" memos:

“It is imperative that in this historic period of reform, the industry be recognized as playing a positive role in seeking change and providing solutions to the problems we face,” one of the documents said. “There is currently widespread skepticism about the industry’s commitment to this needed change.”

You think? Skepticism is too weak of a word. This industry is absolutely resistant to needed change. They will fight it would every dollar at their disposal.

They are assembling a "bi-partisan" team of public relations/lobbying professionals. Including Democratic polling company, Brilliant Corners Research and Strategies, which is run by someone who worked on President Obama's campaign. How convenient is that?

Bottomline can be summed up by this quote from Bill Brown a visiting law professor at Duke University:

“It’s right for them to try to come back from this, but they have to realize that they are not going to be reborn into what they were,” said Brown, who was global co-head of listed derivatives at Morgan Stanley. “The best P.R. comes from doing good, not from having to manage your image.”

The problem for the financial oligarchy is that "doing good" means a smaller pie for them which good for us.