Former New York City Mayor Michael Bloomberg said harsh regulation on financial institutions are hurting Main Street. Speaking at a conference, Bloomberg lashed out at laws that are arguably helping his own firm, which provides servcies to the financial industry. “It’s good for the terminal business,” he said. “Some of these firms have 10 or 15 thousand people working on [compliance]; if that’s not an opportunity to provide software, I don’t know what is.” BuzzFeed tells MHProNews.
CNNMoney reported Bloomberg saying, “The trouble is if you reduce the risk at these institutions, they can’t make the money they did. If they can’t make the money they did, they can’t provide the financing that this country and this world needs to create jobs and build infrastructure.”
Bloomberg, is the founder of financial data company Bloomberg L.P., as well as a billionaire philanthropist.
“What happens is every little group in Congress has to add something to that bill in return for their votes, and a lot of those things are just mutually exclusive,” Bloomberg said. “Years later now we don’t have the regulations that are required and complying with it is just really impossible.” The same goes for Obamacare, Bloomberg asserted.
The NewYorkPost stated the former mayor said, “The world adjusts to stupid laws. They just don’t pay attention to it and you get burned later on. That really is what happens, like a 25-mile-an-hour speed limit.”
Bloomberg sounded off on a range of topics, the NSA, Google and the president being “a wuss” after his party lost the mid-terms so badly.
“Google and Facebook and Twitter, they want to collect data on everything you do, everybody you sleep with, every place you eat and what you ordered at the venue, and then they’re going to sell it for their own personal profit,” he said. “And we’re complaining about the NSA?” ##
(Photo Credit: NYPost)