Quotation of the Week: Senator Charles Schumer on Wall Street

There are some people on Wall Street who want me to say Wall Street right or wrong, and I’m not going to do it.  Clearly they did a lot of things wrong.  Too many Wall Street firms had no one looking over their shoulder, and they went off the deep end.    –Senator Charles Schumer,The TimesSchumer acknowledges that his view has evolved, but not without some anguish.  Mayor Bloomberg, a long term friend, has disagreed with Schumer over limiting the size of banks.  Smaller banks, of course, are liable to cut into the city’s tax base.  Senator Christopher Dodd, chairperson of the financial reform committee, commented positively on Schumer.  Schumer, he indicated, knows the financial community exceptionally well, including the people and the institutions.  He recognizes the need for reform, but certainly doesn’t want to “put these people out of business.”Competition with European markets surfaced yesterday.  Since the U.S. is ahead of the curve on reform, American institutions want to make certain that congressional expectations pay close attention to European reform, and make certain the reform all balances out.  Finance is indeed a complicated, interlocking world.
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