Unbelievable: Big Bank Says It Is Being Suffocated By Regulations Just Like Eric Garner Was
Just when you thought Wall Street and the financial industry couldn't get any more arrogant or out of touch, Investec, an Anglo-South African bank, has outdone itself.
The Financial Times reports that Investec put out a research note seizing on Eric Garner's dying words—it is titled “I can't breathe—to complain about the regulatory environment for banks in the United States. Here's how the bank made the comparison:
They are both examples of abuse of power or authoritarian control gone wrong. Standard Chartered—a legitimate business—is being prevented from breathing or operating by US regulatory discriminatory behaviour. The parallel I see is unfettered power by a US agency.
Is this the most offensive thing the banking industry has said since Goldman Sachs's Lloyd Blankfein said he was doing “God's work?”