One thing the election made clear: Boston’s large financial industry should not expect a reprieve from tougher rules, dashing hopes that a new president and Congress would rewrite the Dodd-Frank law or eliminate the Consumer Financial Protection Bureau.
“The status quo remains,” said Scott Talbott, senior vice president for government affairs at The Financial Services Roundtable, which represents major financial firms.
Comments
Just look to California for the direction of the country... I'm not waiting any longer, the US election map is clear - on to live life like the Greeks!
Do you realize that the plight of California is almost entirely the result the tax policies very much like what Speaker Boehner would like to see imposed on all of us?
This Presidential election was a big referendum on OFF-SHORING, something State Street Corporation and JP Morgan CHASE have greatly capitalized on in slaughtering thousands of Boston middle class financial services industry jobs and sendiong them to INDIA, and during this referendum - OFF-SHORING LOST, BIG TIME !!! Mitt Romney shares a lot of common characteristics with State Street Corp's CEO Jay Hooley, they both are champions of the OFF-SHORING of American jobs. They both portray themselves as "visionary" business leaders, and they both have failed the "TRUST" test. As Americans have firmly rejected Mitt Romney's Vision for America, State Street Corp must also live up to America's and its shareholder's rejection of OFF-SHORING and slaughtering the middle class, and this group must put an end to Mr. Hooley's vision of American jobs being scattered all of INDIA, and ask Mr. Hooley to resign, and end State Street Corporation's Joint venture with Syntel Corporation of Troy MI, whic has cost the US 3200 jobs, and North Quincy approximately 1,200 alone. Americans want to live in an honorable country, and the board of directors of State Street has the fiduciary responsibility to return one of our - that being, the commonwealth of Masachusetts' largest and once most honorable firms, back to its rightful place within our commonwealth.
Dodd-Frank was written because the financial industry showed itself to be a little short of acting reponsibly. Sure they hate it.
That's a sign of it's worth. Dotto Consumer Protection. Can't wait to see Elizabeth Warren grill these financial guys at a Senate hearing.
The status quo that Mr. Talbot mentions has been extremely good for the financial industry. Why are the whining so much?
AWWW...the arrogant wealthy have to play by THE RULES, not their own.
Democrats and Barack Obama are looking for more taxpayers in the form of carbon taxes and a VAT. That's because they know thst taxing the Rich is completely symbolic. The Middle Class is where the money is. It will make the people who elected Elizabeth Warren feel good about themselves, as they wonder where all of these new taxes (including those from Obamacare came from)...In Clifornia Dem Gov. Jerry Brown fooled voters into approving a general 7.5% sales tax (that's on the middle class), a income tax increase to 10% on incomes over $250K, 115 over $300K, 12% over $500K, and 135 over $1 million, Retroactive to Jnauary 1, 2012..Gov. brown stated that the tax money would go to education and schools. However, in fact, the money goes into the state general revenues fund...From there this money will in part wind up going to help pay for the $2 billion High Speed rail project from LA to San Francisco, as well as to the public teachers pension funds. Jerry Btown will be asking the Federal Govt to bailout CA.
In another Globe article: "Austerity bill OK’d by Greek lawmakers" That's coming to America if the US government keeps spending money it doesn't have, far beyond any revenue it could take in by taxes, and asks Ben Bernanke to contine printing money for banks to loan (i.e. Quantitative Easing)