Liberal Free Chat Zone

[basserdan]

HOW DIMON SHAPED THE CROMNIBUS

— Bloomberg’s Max Abelson in Biz Week: “He visited Senator Orrin Hatch (R-Utah) and House Financial Services Committee Chairman Jeb Hensarling (R-Texas), according to a colleague … And he worked the phones, telling politicians the rule — which would have barred trading certain derivatives in parts of the bank that have government backstops such as deposit insurance — makes life expensive and unduly complicated for banks. …

“When the spending bill passed, it killed the provision Wall Street hated — and reaffirmed Dimon’s status as its leading power broker. ‘Even if those people screw up demonstrably,” says Jared Bernstein, former chief economist to Vice President Joe Biden, ‘their influence doesn’t seem to be dented much at all.”

http://buswk.co/1AMI1xv