Wall Street Execs Give McConnell and Cornyn Earful on Financial Reform

[kentuck]

http://www.foxbusiness.com/story/markets/industries/government/street-execs-pols-earful-financial-reform/

<snip>
About 25 Wall Street executives, many of them hedge fund managers, sat down for a private meeting Thursday afternoon with two of the most powerful Republican lawmakers in Congress: Senate minority leader Mitch McConnell of Kentucky, and John Cornyn, the senior senator from Texas who runs the National Republican Senatorial Committee, one of the primary fundraising arms of the Republican Party.

The stated topic of the meeting: The Financial reform bill being sponsored by Senator Chris Dodd, the Democrat and chairman of the senate banking committee. Both McConnell and Cornyn listened to numerous complaints the executives have with the bill. These included complaints about provisions that allow the government to continue to prop up financial institutions
that are “too big to fail.”

The undercurrent of the gathering, however, was undeniably political. It came on the heels of President Obama and Democrats in Congress passing health-care reform by a narrow margin, and who are now turning their attention to passing financial services reform a little more than a year after the Wall Street meltdown.

The Senators explained they can’t just oppose the Dodd bill — they need to come up with a reform plan of their own, as they fight its least free-market components, such as the notion that the government can determine which banks are “too big to fail.”

....more

[napi21]

1. When I read the line " These included complaints about provisions that allow the government to

continue." I frowned at the screen questioning where did TIS come from? Then I read the link address. Enough said!

[kentuck]

3. I think the point the execs were making to the crooked Senators...

was, how can the government determine which is "too big to fail"??

[napi21]

6. There has already been discussion about a #. I can't recall

wxactly what it was but I think somewhere around $20-30 million. The biggies that were at risk were over a trillion! I don't know what the good # should be, but I sure have whitnessed a lot of mergers that should have never been approved. Setting a law that states how big a bank assets can be would force the biggies to split.

[Swamp Rat]

4. good eye!

;)

[gratuitous]

2. "Keep your hands off our personal piggy bank!"

McConnell and Cornyn say they can't just oppose Dodd bill, they have to come up with a reform plan of their own? Since fucking when?

:rofl:

[ashling]

5. Why did McCOnnel and Cornyn cross the street?

To shake down the corporat banksters on the other side

[Bitwit1234]

7. Since these two POWERFUL republicans are in the minority

who in the devil cares what they try to vote on. It is really sickening that they are so upset because they lost a legal election that they would do anything to undermine this country. Yes they are trying to undermine the country.

[Turbineguy]

8. Just how many 1000 dollar bills

can you fit into someone's ear?

[Ardent15]

9. It's laughable to see the Republicans pretend not to be corporatist...

They've had their heads up Wall Street's collective ass for so long...