Lobbyist: 'We Would Vigorously Oppose Breaking Up Banks'

SIFMA President Tim Ryan on CNBC earlier today responding to Sandy Weill's comments calling for a restoration of Glass-Steagall and a break-up of mega-banks.

Runs 4 minutes.  Transcript at CNBC...

Comments

[Pitchfork]

Somebody needs to vigorously spank Timmy Ryan's ass because he's been a very bad boy.

[LiberatedCitizen]

Well Pitchfork sounds like a job for Bawney Frank except his significant other who he was messing around with from Frannie Mae may not like the idea

http://current.com/news-and-politics/89377987_in-heat-barney-frank-has-love-affair-with-fannie-mae-worker.htm

Or his banker buddies

http://www.usatoday.com/news/washington/2010-11-25-Campaignmoney02_ST_N.htm

http://bostonherald.com/news/politics/view/20101022barney_grabs_bank_execs_____despite_vow_to_shun_bailed-out_lenders

http://dealbook.nytimes.com/2011/11/29/what-happens-to-wall-streets-donations-to-barney-frank/

[Howard T. Lewis III]

"We don't care. We don't have to. We're Americans."

[Mr_Bill_of_rights]

Break them up and re-instate Glass-Steagall now.

[S. Gompers]

Of course they would, their wonderful life in the land of milk and honey depends on it. I see a very expensive campaign coming to convince the American people it is all their fault and that the banks are innocent...

Works every time.

[john]

Right on Gomp, Stockholm Syndrome...

http://www.reuters.com/article/2012/07/27/us-jpmorgan-executives-idUSBRE86Q17V20120727

[snip]

DECIPHERING THE PHOTO

Analysts scrutinize JPMorgan's executive changes with the intensity that Kremlinologists used to devote to May Day parade photos from Moscow, where the positions of Soviet officials hinted at who was on the way up or down.

For some executives, the news looks bad. Jes Staley, 55, heads JPMorgan's investment bank and has led its asset management and private banking arms. In the latest reshuffle, he was made chairman of the commercial and investment bank, a new position that on Wall Street often signals a more ambassadorial role rather than a hands-on management job.

Dimon likes to shift key lieutenants around, sometimes moving them from prestigious jobs to less impressive ones and then back up again. In June 2010, Cavanagh moved from chief financial officer to head of Treasury and Securities Services, a business that moves money around the world for big clients like multinational companies. That business generates stable revenue, but running it is not usually seen on Wall Street as requiring tremendous management acumen.

In May, Cavanagh was put in charge of a group that oversaw the bank's response to losses in the CIO, a key position for helping to rebuild investor trust in the bank. Cavanagh will now oversee corporate and investment banking businesses such as lending and merger advisory, a high profile position.

Cavanagh is a longtime protégé of Dimon. When Dimon was president of Citigroup, Cavanagh was chief administrative officer.

In 2000, Cavanagh followed Dimon to Banc One Corp as head of strategy and planning when Dimon became the bank's CEO.

Pinto, who heads JPMorgan's business in Europe, the Middle East and Africa as well as its global fixed-income business, will oversee all trading operations. He will remain based in London.

Dimon said he likes to move promising executives around to give them experience in different parts of the bank, a technique popularized by Jack Welch when he was CEO of General Electric Co.

"The key is constantly changing and challenging people so that they are prepared," Dimon said.

[Pitchfork]

You could well be right, Gomp. Already it's taken as gospel by those on the brain-dead right that poor people, Barney Frank and the Community Reinvestment Act caused the financial crisis. Come to think of it, we're already half way there to blaming us rather than the bankers.

[S. Gompers]

Guys, you may be right, I had not associated it to Stockholm Syndrome. I had not thought of that but it is pretty obvious...

Where else would you see the victims openly rush to the defense of the captor even as the captor openly mocked the protestors of their crime while full well knowing more scandal created by them was heading down the pike.