Lloyd Blankfein lightly told a European panel at the Eurofi think-tank in Brussels, you screw us, we’ll screw you. We’ll leave your country, and take our billion dollar business and the wealthy consumers it generates with us.
“Operations can be moved globally and capital can be accessed globally,” he told the panel.
“It’s not arbitrage to thwart [regulation]. It’s about a need to compete with rivals.”
He also said that less than half of Goldman’s business is generated in the US, but stressed that banks would just move where ever regulation was the least harsh.
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