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June 7, 2013

Multinational Corporations’ Support for Big Banks Is Not Persuasive

“Large multinational nonfinancial companies waded into the debate over too-big-to-fail financial institutions this week, coming down strongly on the side of very large global banks. Specifically, the Business Roundtable, a group representing big nonfinancial companies, sent a letter to the leadership of the House Financial Services Committee and the House Ways and Means Committee arguing in favor of including financial services in any potential new trade agreement with Europe (known as the Transatlantic Trade and Investment Partnership, TTIP, pronounced T-tip).

The rationale is that “the negotiations will provide an opportunity to address market access barriers that keep U.S. businesses from enjoying full opportunities in Europe.”

And the letter comes from the International Engagement Committee and the Corporate Governance Committee of the Business Roundtable, a distinguished group of executives. It will carry weight.

There are three reasons to worry a great deal about the thinking behind this intervention: the motivation, the facts and the implications for our ability to limit systemic risks.”


Read the full New York Times article here

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