Telegraph – Wall Street warns of protectionism

The most powerful figures on Wall Street put themselves on a collision course with the US government, accusing Congress of damaging the US and world economy with its increasing economic protectionism.

The chief executives of Citigroup, Morgan Stanley and JP Morgan were among the leading bankers who published an open letter to the Senate banking committee. In it they said politicians were in danger of stifling foreign investment and prompting other countries to retaliate against the US.

The letter says the current mood on Capitol Hill has prompted plans that could have “a chilling effect on foreign investment in this country and would very likely elicit similar measures by our trading partners, thereby magnifying negative consequences for American businesses and the US economy”.

God I hate politics. Curtsy to Arthur’s Seat