Charlie Gasparino just broke the following news on FOX Business Network regarding a meeting (R) Senators Mitch McConnell and John Cornyn had with top Wall Street officials last week to discuss the financial reform bill.
FBN: “About 25 Wall Street executives, many of them hedge fund managers, sat down for a private meeting Thursday afternoon with two [Republican lawmakers]…The stated topic of the meeting: The Financial reform bill being sponsored by Senator Chris Dodd….
Both McConnell and Cornyn listened to numerous complaints the executives have with the bill. These included complaints about provisions that allow the government to continue to prop up financial institutions that are “too big to fail.”
The undercurrent of the gathering, however, was undeniably political…The Senators explained they can’t just oppose the Dodd bill — they need to come up with a reform plan of their own, as they fight its least free-market components, such as the notion that the government can determine which banks are “too big to fail.”
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McConnell, according to a person who was present, said “Barney likes to say ‘Wall Street used to say we have Washington by the (neck), and we’re going to change that.”
Full Gasparino Clip:
