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Monday, February 25, 2013

Three Words To Be A Wall Street Lobbyist

Usually, Wall Street's top lobbyist are chosen from the creme de la creme of business and politics, so if that's any indication, the job requires considerable talent.
According to a quick blog post from DC non-profit Public Citizen, however, you actually only need three magic words to do the job — "innovation", "complexity" and "liquidity" (h/t Politico's Ben White).

Here's how you can do it. Three examples:

Reformers say: “Wall Street behaved relatively well until 1999, when Congress repealed the 1933 Glass-Steagall law separating commercial and investment banking and commerce.”

You say: “Financial innovation overran the anachronism of Glass-Steagall. Today’s economy isn’t your father’s Buick.”

Reformers say: “Derivatives that were intended to manage risk actually magnified it through such products as credit default swaps.”

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