Daily Archives: March 27, 2016

Wall Street begins to battle more regulation

When is the media going to interview William Black and Bank Whistleblowers United ??

NY Post:

 

The political establishment is marshaling forces for a smackdown of Wall Street corruption.

The financial elite is fretting over an apocalyptic future of more regulation, more taxes, more fees (and less profit). Meanwhile, to tough-talking, reform-minded presidential candidates, nothing is off the table — from jail time for bankers to the dismemberment of their “too big to fail” banks.

And the rhetoric is not confined to the campaign trail.

“We need to control fraud and those who loot the company for their own personal enrichment,” William Black, an associate professor of economics and law at the University of Missouri, said in Washington recently, calling on the US presidential candidates to get tough on Wall Street. “Our system of checks and balances is a fake,” added Black, a whistleblower who helped expose the Keating Five savings and loan scandal in 1989. “We live in an era of massive corruption.”

Not surprisingly, the deal-makers are quietly planning long-term survival in the face of this populist revolt, The Post has learned. For example, the Financial Services Forum, a policy organization for CEOs of 16 of the largest financial organizations, including Goldman Sachs and Morgan Stanley, is identified by people as having huddled with congressional members on how to respond to the vitriol from the presidential candidates. The forum declined comment.