Lhota hits the New York delegation for abandoning Wall Street
Joe Lhota thinks New York's representatives in Washington aren't doing enough to protect Wall Street.
"You know what concerns me the most,” said Lhota, the Republican candidate for mayor, yesterday on the Fox Business network. "Our congressional delegation, that represents the City of New York, both in the Senate as well as in the House of Representatives, are not representing the number one industry in the City of New York. And it’s really unfortunate. This is the goose that laid the golden egg. We need to diversify our economy, but we also have to understand that Wall Street is headquartered in the City of New York."
It's not clear who Lhota was talking about.
The state's senior senator, Chuck Schumer, sits on the Senate Banking Committee and has been a staunch defender of Wall Street during his time in the Senate. His junior colleague, Kirsten Gillibrand, has largely followed Schumer's lead, and become an industry-favorite in her own right.
Both have been handsomely rewarded for their support, vastly outraising their colleagues in donations from the banking and security industry, and the more common critique is that the senators are too cozy with Wall Street.
Nevertheless, Lhota mourned the passing of what he described as a "true symbiotic relationship," between Washington and Wall Street.
"For many, many years in the latter part of the 20th century it was a true partnership working together," he told Fox host Charles Payne. "It’s been split apart now. There are two different corners. They are no longer partners. They’re adversaries."
The conversation was prompted by Payne, who recounted JPMorgan Chase's third-quarter loss of $380 milllion, something the bank attributed to litigation and regulatory costs.
“The banks have paid a heavy price rhetorically, they’ve been hit by every single agency in the government, and it seems like every time I pick up a newspaper, there’s another fine,” said Payne.
“There is," agreed Lhota.