On 6/19/16, Miriam Vieni <miriamvieni@xxxxxxxxxxxxx> wrote:
The
Intercept_
Unofficial _Sources
✉
⎕
Photo: Scott Olson/Getty Images
Donald Trump and Hillary Clinton Would Be Equally Good for Finance Industry,
Says Top Executive
Zaid Jilani
Zaid Jilani
June 17 2016, 1:09 p.m.
Photo: Scott Olson/Getty Images
The head of the largest derivatives marketplace in the world, CME Group,
told an audience at a financial industry conference that it doesn’t matter
if Hillary Clinton or Donald Trump becomes president because both understand
the industry and are only criticizing it during the campaign for political
reasons.
“I don’t care if it’s Donald Trump or Hillary Clinton,” CME Group Executive
Chairman Terry Duffy said on June 9 in response to a question from an
analyst about how the election will impact the industry. “I care who’s
around Donald Trump or Hillary Clinton, who’s in the administration, who is
helping them make the tough decisions to keep America on top, that’s to me
what’s critically important.”
Both Clinton and Trump have criticized the financial industry while on the
campaign trail. “Wall Street can never be allowed to once again threaten
Main Street, and I will fight to rein in Wall Street,” Clinton said in
February.
“The hedge fund guys are getting away with murder,” Trump said last August.
“They’re paying nothing [in taxes] and it’s ridiculous. … The hedge fund
guys didn’t build this country. These are guys that shift paper around and
they get lucky.”
Duffy, speaking at the Sandler O’Neill Global Exchange and Brokerage
Conference, said he had confidence in both of the candidates nonetheless.
“So I think either way, what’s important is the United States keep its
status as the financial services leader. I think both of those two
individuals understand that,” he said. “Contrary to any rhetoric you hear
during the primary season, because they have to make that type of rhetoric,
but I do believe they understand the benefits to our national security which
financial services provides nice things to America.”
Duffy also discussed the two candidates’ personalities.
“I don’t think you’ll ever see a man with a bigger ego walking into the
White House,” Duffy said of Trump. “But I’ve seen a lot of presidents walk
into the White House with zero ego, and their ego gets gigantic soon as they
walk in. So he might have a reverse effect that no one’s talking about.”
“With Secretary Clinton, I think she has great experience in government,” he
remarked. “I think that she’ll put really good people around her, and I
think she’ll make sound diplomatic decisions on behalf of the country.”
Clinton had kind words for Duffy during an economic address she gave in July
2015. “I think we should listen to Terry Duffy,” she said, citing a 2013
Wall Street Journal op-ed he wrote where he conceded that some in the
financial sector had failed to take properly into account the “concerns of
Main Street.”
The same month that Clinton gave that speech, Duffy testified before
Congress, calling on lawmakers to lift the federal ban on crude oil exports
because of its impact on the financial markets. Five months later, Congress
did just that. Environmentalists decried the move as a “disaster for the
climate.”
Correction: June 18, 2016
The headline and summary for an earlier version of this story incorrectly
referred to Duffy as a CEO.
Top photo: CME Group Chairman Terry Duffy, second from left, stands
alongside colleagues.
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13
Photo: Scott Olson/Getty Images
Donald Trump and Hillary Clinton Would Be Equally Good for Finance Industry,
Says Top Executive
/staff/zaidjilani/ Zaid Jilani
/staff/zaidjilani/ /staff/zaidjilani/
/staff/zaidjilani/
June 17 2016, 1:09 p.m.
The head of the largest derivatives marketplace in the world, CME Group,
told an audience at a financial industry conference that it doesn’t matter
if Hillary Clinton or Donald Trump becomes president because both understand
the industry and are only criticizing it during the campaign for political
reasons.
“I don’t care if it’s Donald Trump or Hillary Clinton,” CME Group Executive
Chairman Terry Duffy said on June 9 in response to a question from an
analyst about how the election will impact the industry. “I care who’s
around Donald Trump or Hillary Clinton, who’s in the administration, who is
helping them make the tough decisions to keep America on top, that’s to me
what’s critically important.”
Both Clinton and Trump have criticized the financial industry while on the
campaign trail. “Wall Street can never be allowed to once again threaten
Main Street, and I will fight to rein in Wall Street,” Clinton said in
February.
“The hedge fund guys are getting away with murder,” Trump said last August.
“They’re paying nothing [in taxes] and it’s ridiculous. … The hedge fund
guys didn’t build this country. These are guys that shift paper around and
they get lucky.”
Duffy, speaking at the Sandler O’Neill Global Exchange and Brokerage
Conference, said he had confidence in both of the candidates nonetheless.
“So I think either way, what’s important is the United States keep its
status as the financial services leader. I think both of those two
individuals understand that,” he said. “Contrary to any rhetoric you hear
during the primary season, because they have to make that type of rhetoric,
but I do believe they understand the benefits to our national security which
financial services provides nice things to America.”
Duffy also discussed the two candidates’ personalities.
“I don’t think you’ll ever see a man with a bigger ego walking into the
White House,” Duffy said of Trump. “But I’ve seen a lot of presidents walk
into the White House with zero ego, and their ego gets gigantic soon as they
walk in. So he might have a reverse effect that no one’s talking about.”
“With Secretary Clinton, I think she has great experience in government,” he
remarked. “I think that she’ll put really good people around her, and I
think she’ll make sound diplomatic decisions on behalf of the country.”
Clinton had kind words for Duffy during an economic address she gave in July
2015. “I think we should listen to Terry Duffy,” she said, citing a 2013
Wall Street Journal op-ed he wrote where he conceded that some in the
financial sector had failed to take properly into account the “concerns of
Main Street.”
The same month that Clinton gave that speech, Duffy testified before
Congress, calling on lawmakers to lift the federal ban on crude oil exports
because of its impact on the financial markets. Five months later, Congress
did just that. Environmentalists decried the move as a “disaster for the
climate.”
Correction: June 18, 2016
The headline and summary for an earlier version of this story incorrectly
referred to Duffy as a CEO.
Top photo: CME Group Chairman Terry Duffy, second from left, stands
alongside colleagues.
