Big business to Congress: Frightening proposal could 'destroy' Wall Street

[babylonsister]

More whining; would this proposal affect their profits? The Horror! :nopity:


Big business to Congress: Frightening proposal could 'destroy' Wall Street
By Silla Brush - 11/12/09 02:18 PM ET


Some of the world’s most prominent CEOs will press New York lawmakers next Thursday to oppose legislation they argue would undermine the Big Apple’s economy and its reputation as a world financial hub.

Among roughly 20 business leaders slated to come to a meeting called by Rep. Charles Rangel (D-N.Y.) are: Rupert Murdoch, CEO of News Corp.; Lloyd Blankfein, CEO of Goldman Sachs; Larry Fink, CEO of BlackRock; and William Lauder, CEO of The Estee Lauder Companies Inc.

The industry leaders are concerned about legislation still being drafted that could give the federal government new powers to break up large financial firms even if they’re not about to threaten the economy.

The legislation will be one of several issues discussed at the Thursday meeting, during which business leaders will also talk about ways to improve the broader state of New York's economic health.

Rangel called a meeting of the New York congressional delegation at the request of the Partnership for New York City, a nonprofit group of business leaders.

Reps. Paul Kanjorski (D-Pa.) and Ed Perlmutter (D-Colo.) are working on amendments to broad financial overhaul legislation that may go much further than the Obama administration had initially proposed.

“If the U.S. dismantles our leading institutions, then it will destroy the American financial center, which is largely anchored in New York,” said Kathryn Wylde, president and CEO of the New York partnership. “It’s just frightening.”

more...

http://thehill.com/homenews/news/67567-wall-street-leaders-to-lobby-ny-delegation

[ddeclue]

1. AND????????

what's so bad about that?

:P

[Vincardog]

11. Because they could no longer manipulate and loot the WORLDS economy for their benefit.

[annabanana]

2. "The American Financial Center" has been the hub of

so much good here and abroad for years and years. It would be a shame for them to up stakes and take their dog & pony show to China or Russia or Somalia or any other easily bought capital.

[silverweb]

3. I hope it does.

Wall Street, as it is today, is a corrupt and immoral, rigged gambling scheme.

[fascisthunter]

4. what a pathetic lot

[laughingliberal]

5. I say, "good riddance." They are obviously never going to give up the

maximizing of profits at all costs philosophy. How many financial disasters must we endure from this sector before we reign them in and leave them reigned in?

[DJ13]

6. Breaking up the TBTF banks would be a good thing

It needs to be sold as creating 10 smaller, more responsive entities out of one oversized, anti-consumer monolith that is too big to adapt to the current economic environment.

It actually might create jobs since each piece would need to create their own regional centers separate from the old framework.

[fasttense]

7. It's called anti-trust laws.

"The industry leaders are concerned about legislation still being drafted that could give the federal government new powers to break up large financial firms even if they’re not about to threaten the economy."

The government has always had the authority to break up monopolies. They just haven't used it and watered it down since the addled brain Raygun was president.

[Eric J in MN]

8. NY was a financial center before Glass-Steagall was repealed in the 1990s...

...and Congress isn't even considering re-instating Glass-Steagall.

Savings banks and investment banks can be separate companies, while continuing to have offices in NY.

[OHdem10]

9. Do not permit the Robber Barrons to frighten you. Serious Economists

including Paul Volker have stated we must separate the Commercial
Banks and Investment Banks. By doing this the taxpayers' money
is protected. If they wish to continue their serious gambling habit,
they can use their own money. Right now, since the repeal of Glass-
Steagall the monies are mixed. They are using our money to satisfy
their addiction, saving their own money. By separating the banks,
in case they go over the cliff, the banks which service the general
public will be safe. The banks want to continue havingthe advantage of the putting our money at risk and that is why they are screaming "The sky is falling". Do not be fooled.

Duers should push Congress and WH to hang tough at least on
this one issue.

[Tierra_y_Libertad]

10. Will they be selling undertaker stocks at the burial? Golden coffins? Urine proof Graves?

[elehhhhna]

12. Bullroar! They know that if we unwind them they're going to jail.

[eppur_se_muova]

13. They say that like it was a bad thing. nt

[Lilith Velkor]

14. Fuck 'em.

Fuck 'em right in the ear.