Banking Space Should Have More Consolidation: Thain

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Sept. 17 (Bloomberg) -- John Thain, Chairman and CEO at CIT Group, discusses the role of regulation in the JPMorgan "whale trade" case and his view of how the current level of regulation is constraining the financial industry. He speaks on Bloomberg Television's "Market Makers."

How much more?

Do you want to shoot him?

The guy got fired.

She got fired.

Do you want to kill them?

He is talking about the london whale.

The bank took a risk and they lost.

Where is the line?

Where should regulators get involved?

If all that happened, they had a trading loss, it seems like you're punishing the shareholders twice.

What exactly are you doing?

What are you trying to accomplish?

Is there really was a securities law violation, i think that is different.

How much oversight is there?

I do not think it is cit specific.

The regulatory environment is very heavy and it is constraining in lots of parts of our business.

How does it constrain you?

When will cit be bought?

You are up almost 30% this year.

It is difficult to get transactions approved today.

You can look at how few transactions have been done.

There should be more consolidation in the banking space.

Everybody today has to pay to comply with -- you have to put in very sophisticated systems to do that.

Every single bank has to do that.

There should be more consolidation.

It is the regulators standing in the way of getting good business done?

I would not say it quite that way.

We are doing business and making loans.

It does not conflict with our day-to-day business.

In terms of the ability to consolidate, that is hard.

Great to get your thoughts on

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