The financial sector does not make anything. Its goal is to take a little piece of every transaction as money flows through its hands, and in the coming days Wall Street will fight to continue this practice in its harshest form.
Vikram Pandit heads Citigroup, one of the world's largest and most powerful banks. He's a smart individual -- why then does he advance such obviously specious arguments? The answer is straightforward: he can get away with it.
It's always so much easier to cut deals in the backroom, isn't it? That way politicians don't have to be held accountable for their actions. The bank lobby is clearly frightened of the democratic process... and it should be.