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View Diary: Lanny Breuer Resigns from Department of Justice, Joins Wall Street Law Firm (231 comments)

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  •  There are extremely few (0+ / 0-)

    top-level corporations that do NOT have major financial wings or subsidiaries.  I'm trying to think offhand of a top corporation that is a purely industrial entity without a financial function.  Not coming up with much.

    Ever get the feeling you've been cheated?

    by ActivistGuy on Sun Mar 31, 2013 at 09:11:08 AM PDT

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    •  can you give some examples of (0+ / 0-)

      what you're talking about?

      Gondwana has always been at war with Laurasia.

      by AaronInSanDiego on Sun Mar 31, 2013 at 11:32:07 AM PDT

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      •  allow me to (0+ / 0-)

        Earlier in the thread I referred to GE as a particularly well-known MNE with a massive finance arm. You can read about it here

        Another example: Dell wants tos ell its financial arm for $5 billion, not too bad

        And as everyone knows all the car companies have finance arms that they use to sell their products to consumers.

        As ActivistGuy said, it's almost impossible to find a major MNE (think Dow Jones index firms) that doesn't have a finance arm.

        Creating money is always the best business, when you're a major industrial player, it makes sense to own a bank to create the money that your customers can then use to buy the stuff you sell.

        Deficits don't matter, jobs do.

        by aguadito on Sun Mar 31, 2013 at 01:03:06 PM PDT

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        •  GE is not a typical case (1+ / 0-)
          Recommended by:
          davybaby

          and for most other businesses, the financial arm is not the primary source of revenue or profits, and is usually tied to provide finding for their own products. I don't think that's in the same category as a firm whose primary function is financial services. I work for a fortune 500 company, and e don't have a financial devices arm, but were also not dealing with retail customers. Regarding car manufacturers, the company that used to be GMAC spun off a few years ago.

          Gondwana has always been at war with Laurasia.

          by AaronInSanDiego on Sun Mar 31, 2013 at 01:51:36 PM PDT

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          •  services, not devices n/t (0+ / 0-)

            Gondwana has always been at war with Laurasia.

            by AaronInSanDiego on Sun Mar 31, 2013 at 01:52:41 PM PDT

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          •  don't change around things (0+ / 0-)

            you contended ActivistGuy's point about basically all these firms having financial wings.

            you wanted examples

            i gave you at least three.

            you claim it's not typical without any evidence to support this assertion, except you saying you work for a fortune 500 company (chances are they have a financial arm, you just don't know about it because of what your position is)

            just pointing out how weak your argument is (with seemingly no real point except to defend big corporations)

            Deficits don't matter, jobs do.

            by aguadito on Sun Mar 31, 2013 at 10:06:07 PM PDT

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            •  My point is that distinctions should be made (0+ / 0-)

              where they are appropriate. You're right, my company does have a financial services arm that I wasn't aware of, and I concede that most companies probably do. If that makes all large corporations Wall Street firms, then I think that muddies up the issues.

              Gondwana has always been at war with Laurasia.

              by AaronInSanDiego on Sun Mar 31, 2013 at 10:53:27 PM PDT

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              •  okay (0+ / 0-)

                the problem is that this isn't the 80's anymore.

                capital is hyper-mobile. computer systems and internet infrastructure run commerce. wall street firms have their tentacles all around the world, digitally, virtually. they don't need to be on "wall street" to be a "wall street firm" in that sense.

                you can be a "wall street firm" without having anything to do with the geographical street name Wall Street.

                perhaps this is why there's confusion. the spirit of "wall street" has permeated all corners of society, and i think it's become more analogous to "big financing multi-national corporations"

                it might deserve clarification, but the nitpicking in many of the comments of this entry really distract from the discussion people should be having about the revolving door, which is what i was trying to bring awareness to.

                Deficits don't matter, jobs do.

                by aguadito on Mon Apr 01, 2013 at 12:26:35 AM PDT

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                •  I understand the point about location, (0+ / 0-)

                  but what I was referring to was the distinction between companies that primarily are engaged in finance, and companies that don't have that as their main product or service. You brought up Dell earlier, but I don't think Dell, as a whole, really qualifies as a Wall Street firm. So if the problems have to do with lack of regulation or prosecution of the financial industry, I think it's relevant to point out if a legal firm is primarily defending clients in other industries. The revolving door is an important issue, but it doesn't help to jump down the throat of people who are looking for accuracy and clarity.

                  Gondwana has always been at war with Laurasia.

                  by AaronInSanDiego on Mon Apr 01, 2013 at 12:34:15 AM PDT

                  [ Parent ]

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