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More now -- JPMorgan Adam Shapiro told us about the the meeting to shareholder meeting wrapping up not down in Florida few minutes ago -- -- two billion dollar trading a mistake is certainly.
The breeding to new life into the financial reform debate itself it's something our next -- -- -- not comfortable.
-- likes that co manager 78 billion dollars in assets that they'll western asset management which is a subsidiary of wag -- so it.
You're just saying for people that do what you did this.
This is not exactly which are looking for this time -- year.
-- hit the nail on the head this couldn't have come at a worse time -- in the middle of two major discussions that are going to influence the financial industry for a number of years.
One being going on with Baghdad Franken Volcker rules -- certainly gives a lot of ammunition to those who I want more stringent regulations.
Why are they stronger in the know and that's -- -- that's kind of the substantive.
Bob discussion of all this -- I understand the job the self interest on the part of people work on Wall Street and we have people on all the time to say yet we shouldn't break up banks.
You know we shouldn't have the Volcker Rule we shouldn't go back to two Glass-Steagall where this really separation.
And what type business the banks do why are those people who are pushing that and say we don't want a way to happen all over again why those people wrong.
Well government always has to be careful unintended consequences and our opinion -- western I think many others in the financial industry is that.
The rules -- -- written today would severely -- Corporate America's ability to borrow money and transact business.
So you're saying for someone -- someone -- watching that's not a financial services industry is watching the -- says boy I'm just sick develop these Wall Street guys are dealt about wants and if this JPMorgan thing was worse or happen to somebody else you might -- had to bail them out again.
To those people you're saying the the unintended consequences for their real life would be -- Well for example a corporation like IBM which needs to -- corporate bond market on a regular basis.
Would see its cost of borrowing more than likely increase and the transaction costs to conduct that business also increase.
But you would make an argument for the regular person watching that they that their own cost of borrowing.
A would go up for the goods that they buy go up community is is hard for people -- I -- people identify I would hate get these guys get these Wall Street guys say.
They nearly took us down once we don't -- let him do it again and that's a simple argument.
What you're saying is couples there's a trickle down -- area here.
The trickle down theory of corporations have to borrow more money to.
Cost more money to -- banks have to pay more money that's gonna look at eventually flow through to the consumer our call -- -- with a side today we'll have.
On again not to talk about these issues but appreciation up.
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