“Its important that other nations of the world do the same thing. They’d have to be similar rules around the world or else there will be a natural tendency for institutions to look for the places they would not have to comply with tougher standards.”
That’s dangerously close to saying that incentives matter. Heresy for a leftist.
Not only is he wrong in thinking that other countries will adopt his fantasies to create the same set of consistent (ridiculous) rules - in fact, other countries will change their rules to specifically STEAL investment and business from the USA.
I recall hotel tycoon Steve Wynn saying that Macau, China was a billion times more financially stable to operate a casino/resort than Vegas. He said that Washington D.C. was the most unstable vortex he had ever seen, that they never knew what crazy tax schemes the dems were going to come up with next, and that Obamacare/Cap n Trade would kill them. So if I have this right, Lew is saying that they want to go overseas to PUNISH those mean companies for wanting some residue of sanity on their account books, and that moving operations overseas to escape the burdens of eco taxes, etc is hereby nullified.
Um, yeah. That'll work.
They love Brazilian business - or rather any business that Soros has a stake in!
Commie creeps know their doodoo stinks, so they try to get everyone to spread it around.