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Buying stocks today.
-- to get back to Carlos Gutierrez Citigroup institutional client group vice chair former Kellogg's CEO former secretary of commerce.
He was the one who shepherded that the purchase of -- now Keebler cookies in the Keebler -- when you're at -- anti -- red berries all your idea behind.
But you never talk about the physical -- but now as you walk through the executive halls of Citigroup.
What are they talking more about the fiscal cliff.
Or regulation Dodd-Frank.
Well there's a short -- the fiscal cliff Thursday the European Union.
But I tell you if there's one thing that we'll have an impact on financial services its regulation and so we have Dodd-Frank and and it's hard to argue that we don't need regulation and Citigroup -- -- -- and find we needed -- let's be sure it's sensible.
We can end up in a situation where credit is less available for small and medium sized companies if you had Basel III.
To Dodd-Frank and everything that's coming at us.
So small small -- community banks get hurt small businesses medium -- businesses so if the purpose is to punish banks.
May be -- achieving it but if the -- improve the economy we've got to be very careful.
Let me play devil's advocate may -- the purpose is to make sure that we don't see another fiscal disaster a financial crisis disaster the likes of what we saw in 2000.
-- -- right right but that we don't Connecticut and -- we don't need that and but we don't need to create another set of problems with these unintended consequences -- mean with the amount of capital that banks have to carry with -- the Basel III regulations.
-- -- European regulators you've got right is going to be very difficult.
Two to have loans out to -- -- don't have a credit record.
Companies that aren't triple layered double Leary.
And that includes small and medium size businesses so.
That's a big that's a big issue and it could be a very bad unintended consequence that I would hope that regulators are talking.
-- -- Richard Fisher the Dallas fed president was making comments today at a Florida luncheon Gainesville chamber of commerce and he said.
Time to break up -- too big to fail banks it stop me that it was using that because we all thought that Dodd-Frank was supposed to.
Sort of jettison the too big to fail concept.
Clearly he believes that it's time to break up banks -- he feels that there are some that are too big to fail.
He did not say specifically Citigroup but you know we have the benedictine nuns who own a lot of Citigroup's stock -- they're down on their investment.
-- how do you protect a shareholder.
From problems if there's some systemic risk that Sutley.
Sort of brings other banks down it has nothing to do with herself.
For -- I I don't think that problem that splitting up banks is you know the way to go because every side that you split couple have its own risk.
And if you look at what happened you're probably talking about a set of twenty people were really in the heart of things so it's not like the whole bank.
Was guilty of breaching no confidence.
But but the capital requirements will help but it will also.
Work before we go your passion right now you've got a super pac on immigration you are Republican you supported Romney you feel -- that campaign stumbled when it came to.
Immigration -- lecture notes you of course our Cuban immigrant who did beautifully in this country.
What is your main message well our our.
-- working age population is growing at about a half a percent over the next decade that's funny enough we don't have enough people entering the workforce.
Just about the whole world has this problem Japan Korea even China Russia's declining European Union we know how to solve it because we're good -- immigration.
And if Republicans want to be the party of growth and prosperity and individual opportunity.
We must be the party of immigration and that's on just Hispanic its -- its high skilled its low skilled its nurses.
So we need a better strategy our laws beat back to 1952.
So businesses either have to hire someone who's undocumented -- they go out of business it doesn't make sense Republicans should leave.
The charge we'll see if they do.
It's wonderful to have you always tell you -- thank you Carlos Gutierrez former commerce secretary and the man behind the Keebler elves becoming part of Kellogg.
-- -- beautifully when he was in charge it's actually up about 15% for Kellogg this year research.