Protesters are out in force in Chicago. They are mad as heck and they want the banking industry to know it. So they "shook larger-than-life cutouts of JPMorgan Chief Executive Jamie Dimon and retiring Bank of America CEO Ken Lewis, while others dressed as grim reapers and held a sign saying Greed Kills," Reuters reports.

The problem is that they're protesting at an American Banking Association meeting--though there was activity at Goldman Sachs (GS) and JPMorgan Chase (JPM)--at the Chicago Sheraton, which is being attended mainly by community banks. By and large, these banks did not take part in the risky subprime activity and grant controversial bonuses.

Indeed, many small banks are chafing because they will likely have to comply with proposed regulations meant to curb big bank abuses. Still, the organizers say the ABA takes positions that are counter to consumers' best interests so the protests are appropriate. One could argue that plenty of small banks made some misguided bets on commercial real estate and condos. 

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