Financial firms fight giving government breakup powers

JPMorgan Chase & Co., Citigroup, HSBC, Prudential and MetLife are among the big banks and insurers that have had more than half a dozen meetings to lobby lawmakers in just the last 10 days. The firms are trying to get out ahead of amendments that Reps. Paul Kanjorski (D-Pa.) and Ed Perlmutter (D-Colo.) are drafting to sweeping financial overhaul legislation under debate in the House Financial Services Committee. The amendments have not been introduced yet, but their authors aim to give the government greater powers than the Obama administration had originally proposed to limit the size and scope of the country’s biggest financial companies. The government might be able to step in even if the firms are not on the verge of failing.
3 commentscategory: Abuse of Power/Corruption karma: 147

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  1. #1    Government HAS the power to break them up already. It just hasn't been using that power
    written by PHred42 since 8 days 13 hours 39 minutesPHred42
  2. written by PHred42 since 8 days 13 hours 32 minutesPHred42
  3. #3    By "government" -- who, exactly? Treasury? A regulatory agency headed by presidential appointees who are champions of deregulation?

    Forgive me if I'm skeptical about amendments supported by DLCers, cheerleaders for deregulation, privatization, etc.
    written by nasrudin since 7 days 18 hours 16 minutesnasrudin
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