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Tuesday, November 17, 2009

US banks fighting against change, again

Too big to fail?
Last year was so last year so it's best that we all forget about the worst banking crisis since the Great Depression.
The bankers feel terrible and they've done nothing but drink themselves blind with champagne thanks to the obscenely generous bonuses.
Sure they would have gone bankrupt without the bailout and no bonuses would have been handed out, but that was so long ago.
Can't we all just get along?

Some of the world's largest financial firms on Monday urged a top U.S. lawmaker not to pursue big bank break-up legislation, an idea attracting interest in Congress and causing alarm on Wall Street.

The Financial Services Forum, a lobbying group for CEOs of firms including Goldman Sachs and JPMorgan Chase, said empowering regulators to break up "too-big-to-fail" banks "could lead to long-term damage to the U.S. economy."

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