For years, I’ve attended the Technology and Management Conference that takes place every June at the New York Hilton. Years ago, it was known as the SIA Technology and Management Conference, but back in 2006, the Securities Industry Association merged with the Bond Market Association to form SIFMA.

Since I cover a lot of conferences as a blogger, last year I asked for and received press credentials to the SIFMA show. The person working for SIFMA at the time was very helpful and not only made sure that I got my press credentials but helped me connect with people from firms that were participating at the conference and their public relations representatives.

(People interested in my posts about last year’s show might want to check out Technology Management Conference, Unstructured Data, and High points and Low points of the Technology Management Conference, Day 2.)

So, I was a bit disappointed when I learned that my contact from last year was no longer with SIFMA. Even more disappointing was the email I received from Haley Mustac
Manager, Global Communications at SIFMA.

Thanks for contacting us, and for your interest in SIFMA's TMC event. Our press passes are given only to working press--reporters and editors who are employed or contracted through a single publication, rather than writers who occasionally contribute articles and/or op-ed pieces, or write for their own websites.

So, there you have it. Bloggers and freelance journalists are not welcome this year. In these days of cutbacks in traditional media, SIFMA is moving backwards to only accept the decreasing ranks of traditional journalists and shunning those in the new media.

This seemed even more strange in these days of upheaval in the financial services industry where the industry could use whatever good coverage it can get.

So, I decided to dig a little bit to see what I could find. One story I found talked about the SIFMA Layoffs. Last October, SIFMA laid off about 25% of their staff. A few days later, Barack Obama won the Presidency, and soon afterwards, Richard Hunt, senior managing director for government affairs left SIFMA. Hunt had previously been a top aide to Former House Ways and Means Chairman, Jim McCleary (R-LA).

December saw more difficulties for SIFMA when Bernie Madoff’s brother Peter stepped down from the board of SIFMA. The Madoff’s had long been involved with SIA and SIFMA.

How things have changed since the SIFMA merger back in 2006, when Jeffrey Birnbaum of the Washington Post described SIFMA as a Lobbying Powerhouse

The Securities Industry and Financial Markets Association, with a budget of $80 million, is the main mouthpiece for the financial services industry…

When added together, SIFMA's political action committees gave more than $1 million during the 2006 election season, putting the organization in the top 25 of all PACs. Its combined $8.5 million in spending on federal lobbying last year placed it in the top 30.

Yet, perhaps, there is another aspect to the story. Today, one week before the show opens, I received an email from SIFMA to let me know that I could still register for the conference at half price. Seems like they must be having problems getting people interested in attending. Maybe firms that are receiving TARP money are thinking more seriously about their attendance at trade shows. Yet, perhaps the people that really need to reconsider attending are the vendors.

It is difficult times in the financial services industry, and now, more than ever, they need an effective trade organization. Unfortunately, SIFMA does not seem to be fitting this role.