“Lot of react to the nameless banker who ripped Treasury for its reaction to the judge’s ruling tossing out the Met Life SIFI designation. Per a former agency official: “FSOC spent over a year deliberating over MetLife, reviewed tens of thousands of pages, and held a hearing with MetLife before final designation. So it is not surprising that Treasury and the heads of all federal financial regulatory agencies feel obliged to appeal this opinion, which includes made up statutory requirements, like cost-benefit analysis.”
“Better Markets’ Dennis Kelleher: “Hard to believe, but yesterday’s anonymous ‘senior banker’ quote made the Wall Street Journal’s over-the-top editorial attack on Treasury Sec. Lew look measured and thoughtful by comparison. Treasury, DOJ and FSOC, like Better Markets, carefully and thoroughly reviewed the district court’s MetLife decision, but it’s many fatal flaws, including ignoring controlling Supreme Court and DC Circuit Court precedent, were quickly obvious for all to see as was the ample basis for a meritorious appeal. Thankfully hysterical ad hominem attacks will not likely play a role in the legal process.”
Read the full Politico Morning Money article by Ben White here.