Must Allow Banks to Move Forward From 2008: Gregg

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

Nov. 20 (Bloomberg) -- Judd Gregg, CEO at SIFMA, discusses the impact of JPMorgan’s record $13 billion settlement on the overall banking industry. He speaks on Bloomberg Television’s “Bloomberg Surveillance.”

Tough times.

The 2008 period was a pretty tough time for the financial industry.

This has been difficult.

You have to ask yourself, when can we get the industry back into doing what it really wants to do?

But the fuel into main street.

Main street is the entered of america.

It's fuel comes from the capital.

We're at a point where the critics want more.

Where do they get more?

What they get wrong is that this is a country that has to have a vibrant banking industry that has to have at its core people who are willing to go out and support the risktakers with their savings.

The banking industry does not handle its own money, it handles pensioners money, customers money.

We are putting our customers first and people are still looking back to 2008 instead of looking forward to 2015. that is the political debate of the moment.

There's a huge part of america that says judd gregg and jamie dimon are wrong.

They want their pound of flesh.

One does that -- when does that end?

You can only take so much out of the system and expect the system to function.

$13 billion is a huge penalty to pay.

It will mean that that $13 billion won't be recycled through the winding process or through the capital markets process.

It was a decision the jpmorgan made that it was the right decision for them.

I will be speaking with well fargo's later today.

That is a different bank than jpmorgan.

Sure the other banks for what we have seen in the last few days?

It is hard to know.

It is a real mystery.

The justice department appears to be continuing to pursue certain issues and we don't know where they will lead to.

I will say this though, that the banking industry i work with is totally committed to customers, to getting back to main street and helping it prosper and helping individuals succeed.

Our economy is an integrated economy.

It cannot function without a strong financial structure.

We are the fuel for the attention of america.

Very qualified people -- they sharply disagree with this approach.

They want a penalty to be paid, whether civil or criminal.

What would you say to the attorney general?

You have to recognize that regulation has gone to the excess and that enforcement is undermining the basic goal of this administration which is to create a more prosperous country and having a drug or economy.

You cannot continue to pound one sector which is a core sector of our economy.

In a manner that is speaking to events that occurred earlier in time -- almost five years ago now -- and expect that industry to be as strong and forceful a force going forward as we need.

We need to refocus on the future and not on the past.

How unified is simfafma> ? how unified is american banking?

I think 90% of the thought process within the financial system is that they are on the same boat.

There was also a view of some that basically wall street has its issues, we have our issues on the retail side.

As a practical matter, everybody understands that until we regain the confidence on the -- of the customer, that we as a system from wall street all the way through the community bank are not going to be successful.

Does the obama administration want smaller banks in the -- in america?

We live in a global economy.

Our banks are not that large compared to the rest of the world.

Our banking community -- in the way that we fund our structure -- we do it much more through the capital markets enter lending -- than the european system works.

I think it is a misdirected thought that you don't want to have large banks out there to compete on the international

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change