Wall Street Execs Discuss Financial Reform With Key Republicans

Financial executives on Wall Street met with leaders of the Republican Party last week to explain what the forming financial reform bill will look like and how to prevent some of the legislation's least market-friendly components if more Republicans are put into office.

According to FOX Business News reporter Charles Gasparino, the meetings included roughly 25 Wall Street executives who sat down with Senate minority leader Mitch McConnell of Kentucky and head of the National Republican Senatorial Committee John Cornyn, two of the most powerful Republican Senators in Washington.

The two senators talked with the financial executives, which were mostly hedge fund managers, mostly to hear their complaints about the potential bill, which included the ability of the government to stabilize financial institutions that are deemed "too big to fail."

McConnell and Cornyn told the executives that they simply cannot oppose the deal. Instead they must work on a reform plan of their own to fight the legislation they determine to be unfair in a free-market system.

The plan is to garner support from financial institutions that oppose the financial reform bill in the upcoming mid-term elections to gain more seats for the Republican Party in Congress.

"There was no arm twisting but they did say that we should feel uncomfortable living in any country where one party has unfettered ability to pass anything including health care and anything else President Obama dreams up," one executive that was present at the meetings told Gasparino of the feeling of McConnell and Cornyn.