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So the topic of breaking up the banks making the rounds never Charlie Gasparino told us on Tuesday this is a major topic being discussed inside the big banks on Wall Street.
And -- Capitol Hill -- that the momentum is growing take.
Let's say the words you heard it here first on Fox Business I could tell you this might have happened two weeks -- where the first reported.
This debate has moved out of the theoretical into something that people are actually talking about.
It's be debated at the banks they're talking about -- banks to talking on Capitol Hill.
Whether it happens I can't tell you but I'll tell -- there's going to be some sort of there's momentum grow here and you heard it here first.
So what are realistic chances that the banks are breaking out how big of a deal is it becoming Charlie Gasparino.
Has the latest.
As I said its move that of the -- -- We heard.
Every prominent member of the banking community -- they helped create universal -- sandy -- out there yesterday saying they should break -- up.
I have my own processing and well besides the fact that -- and maybe one of the most corrupt organizations in the world which was Citigroup under it is on this watch -- billions of dollars in fines.
And it took him.
Whatever fifteen years to figure out as a problem but let's get back to sort of need an issue at hand is there a chance -- -- are gonna break up.
So let the facts pretty pretty pretty -- -- -- lay out everything pretty factual decide for yourself.
I know sources -- on the Fox Business Network that there's a little enthusiasm.
Either in the Obama administration.
Or -- -- with the Romney people for brain -- up the brain banks and area at least right now they are not talking about it they don't see it as an issue.
And you know they're still not even going there and if you noticed Tim Geithner.
I've I believe he was asked by somebody has some reporting to say about this whole issue break of the banks and kind of -- -- -- that's he's the Treasury Secretary.
So that's what you right inside that spill did to the two places -- will likely run the White House right now very little enthusiasm.
We should point out that when I talk to congressional staffers they say.
The issue if it will be taken up and you know momentum is building to be taken -- back as as we first reported can be done after the election this is not something that I think they're gonna.
Argue about in the election I mean I think what we have in the election right now is unemployment GDP growth we're gonna get a GDP number tomorrow.
But people scene is going to be a pretty lousy one point 5% growth.
We had a decent jobs report today but the economies front and center in this election I don't think breaking up the banks is something that -- side is gonna -- -- and I can tell you the congressional staffers.
-- saying this is a post election issue when the momentum grows.
We should point out that the big banks are lobbying against this -- that had to tell you know that was my tip off this was a big story three days go before anybody else was talking about this.
Banks are lobbying congress to taking the temperature about the congress and -- even go so far and you know this is what I've been told by staffers as to say listen.
You know this is a big issue for us I mean that you we've we've heard from Jamie Dimon.
He is wedded to the universal bank model he thinks that's the best way to compete with big big multi national -- -- -- know global banks.
They will withhold money from congressional staffers -- from from from lawmakers.
Who oppose a modest as they think this is fundamental to the survival in a in a global -- banking competitive in the universe so that's where we are right now I will say this despite all that.
I'm sticking to my guns and as you heard it on the Fox Business Network first.
This is an issue that we'll have to be taken up it's going to be -- up after elections.
It'll be either of the Romney administration or the Obama administration -- kicking and screaming -- this is -- say this.
Particularly if the Republicans.
Win control of the senate keep the house.
You know Dodd-Frank is probably.
Not gonna be totally implemented right it's going to be an issue with total implementation of that if if Romney wins this is the presidency they're -- repeal Dodd-Frank.
And we got to replace with you gotta replace with.
You know I don't think you could have five big banks were -- banks -- 60% of the financial risk out there the assets out there and have no no love regulation.
But it's been taken out of the realm of the theoretical so who's driving it that if you kind of went through all the people that would be potentially in saying that they don't take it on right now that it could strike at about how.
Ideas -- degenerated in Washington believe not to get generated by by journalists and think tanks.
And people like -- people at the American into enterprise -- -- Institute and people at Brookings and you know and people start talking about they talk about on Capitol Hill.
And then the staffers start talking about it and the staffers are very influential with their boss -- from -- what's going on out there and that's what's going on right now arm.
The dean did the bottom line is this banks cannot tell -- this is word you know I I -- how much I know.
Banks don't start lobbying and taking the temperature of stuff unless they worry about it.
And they're -- get worried about this this is being written about -- fed but fight fight Veba at work were connected at the Federal Reserve.
By other Wall Street executives takes any while out of -- I mean he is.
I it is Davis.
I don't know how any reporter.
Can sit there and -- sandy -- would this would -- straight face when he says what he said yes yesterday.
I mean this is a guy.
That destroyed Glass-Steagall is a guy that.
Push the limits on on on some of the really sort of questionable practices that would under his watch and what he was involved -- one of the major question bracken every got -- The analysts kids and does it into preschool in exchange for upgrading the stock of AT&T -- anything went haywire -- institutional up one of my big scoops while I was at the Wall Street Journal.
And this is a this is a guy that -- a lot of question marks about and plus.
He got rid of Jamie Dimon put in place executives that ramp up risk and and took down Citigroup so you know he's.
He's not exactly the best advocate for what's going on here but -- to him as we reported.
This thing is percolating getting some -- are and I think it keeps getting nice but not right now this is a post election issue and I could they Romney and Obama.
They're not going -- veterinarian anywhere -- aren't -- print up thank you so much.
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