There are dozens of subheads. Which one?
See Post 22.
What do New Yorkers call the so-called Obama Financial Services Reform? “The Great Chicago Bank Heist of the 21st Century!” Under the guise of protecting Main Street and the middle-class, President Obama and his Chicago political machine (Emanuel, Axelrod, Durbin, Jarrett) are secretly preparing to shift thousands of jobs from New York City to Chicago - along with billions of dollars of tax revenue. The Chicago political gang’s first step in trying to move the financial center of our country and the financial capital of the world from the Big Apple to the Windy City will begin with this so-called “reform.” And worse yet, our New York Democratic Congressional delegation led by Senators Chuck Schumer and Kirsten Gillibrand, are standing by letting it happen even while welcoming President Obama to New York City today.
In a nutshell, if the current “reform” legislation passes as is, the Chicago Mercantile Exchange, run by President Obama’s buddies, would immediately establish an almost complete monopoly on the exchanges needed to comply with the legislation dealing with the trillions of dollars of derivatives transactions each year. It is estimated that the Chicago Mercantile Exchange would benefit immediately with over $1 billion in additional revenue due to this heist in the name of “reform” (perhaps the Obama SEC should investigate this deal.)
Currently, most of these derivative transactions are processed through New York-based banks or financial firms with significant trading operations in New York City. These transactions generate approximately $28 billion in annual profits of which billions of taxes are paid to New York City and New York State. They employ thousands of persons and donate to our local charities and little leagues. This also generates hundreds of millions of dollars of additional revenue for smaller banks, brokerages and other businesses that feed off the financial sector. If Obama’s bank heist legislation is passed, the New York-based exchanges would not have enough time to set up the operations necessary to accommodate the new rules and hence the Chicago Mercantile Exchange would establish itself as the center of most of these transactions. The way this business works, once you have an “open interest” in one exchange, you keep most of your business with that exchange (to offset margin requirements); so once that is established it is virtually impossible for it to ever be moved.
This business will be forever moved from New York City to Chicago and with it many financial institutions would move more of their operations to Chicago as well. It is conceivable that one day even the stock markets could move to Chicago.
This bill is a job stimulus bill for Chicago and a job killer for New York City. Why can’t Senators Schumer and Gillibrand create a level-playing field for New Yorkers? Senators Schumer and Gillibrand, along with the rest of the Democratic Congressional delegation, continue to kowtow to President Obama and his Chicago political gang instead of standing up and fighting on behalf of New Yorkers! That’s their job and if they continue to prove they aren’t prepared to do their job, then New Yorkers are going to shift their jobs to someone who will stand up and fight for them in November.
This will be the largest transfer of wealth from one city to another in world history. Imagine what would happen to New York City and New York State if Chicago became the financial center of the United States and the financial capital of the world. If President Obama and his buddies at the Chicago Mercantile Exchange have their way, you won’t have to imagine too hard - this will become the Obama legacy on New York, otherwise known as the Great Chicago Bank Heist of the 21st Century.