Pittsburgh Tribune-Review reported:
House Minority Leader John Boehner criticized the financial regulatory overhaul compromise reached last week between House and Senate negotiators as an overreaction to the financial crisis that triggered the recession. "This is killing an ant with a nuclear weapon," Boehner said.
I believe Boehner omitted two letters, G & I. Consider the size of three Wall Street firms, according to their 2009 year end balance sheets:
JP Morgan has $2 trillion in assets.
Goldman Sachs has an $850 billion balance sheet.
Morgan Stanley’s is $770 billion.
What three ants have $3.6 trillion in assets? Consider their financial subsidiaries:
Goldman Sachs only listed significant subsidiaries, with less than half (36 of 78) based in the U.S.:
Morgan Stanley listed 30 pages of subsidiaries. At 43 per page, that totals over 1,200 Morgan Stanley entities.
JP Morgan has 9 pages of subsidiaries, with 65 per page. Total JP Morgan subsidiaries, 534.
These are no ants, Mr. Boehner. They're financial giants.
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