Republican House Good For Finance Firms, Bad For Finance Ref

by Derek Loosvelt | November 02, 2010

Big investment banks are salivating at the prospect of a conservative takeover af the House. If the Republicans gain control (as expected) you can pretty much kiss any further talk of financial regulatory reform good-bye. And that is happy music to the ears of Jamie Dimon, Lloyd Blankfein, Vikram Pandit and the rest of the big banking CEOs on Wall Street whose firms have had to endure some heavy hits from reform-hungry politicians (like Curly Carl Levin) in response to the credit crisis of 2007-2008 that depressed the world's economy. You can bet that if the House goes right, JPMorgan Chase, Goldman Sachs, Citigroup and others will be partying like it's 2006. As pointed out by the and others, for consumer and investment banks, "gridlock is good" -- that is, a divided Congress makes it nearly impossible to pass any further financial reform.

Filed Under: Finance


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