‘You are the threat to financial stability’: Peter Schiff blasts Sen. Warren as she calls for regulators to kill major merger

News & Politics

Democratic Sen. Elizabeth Warren of Massachusetts is calling for regulators to put the kibosh on plans for Capital One to acquire Discover.

According to a press release, Discover shareholders will get 1.0192 Capital One shares per Discover share that they own.

But Warren wants regulators to scuttle the deal.

“The merger of @CapitalOne and @Discover threatens our financial stability, reduces competition, and would increase fees and credit costs for American families. This Wall street deal is dangerous and will harm working people. Regulators must block it immediately,” Warren declared in a post on X.

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Euro Pacific Asset Management chief economist and global strategist Peter Schiff responded to Warren’s post, writing, “You are the threat to financial stability. Thanks to your reckless spending Americans are responsible to repay a $34 trillion National Debt. Plus, taxes, regulation, and government created inflation are the main reasons Americans rely so heavily on credit cards to make ends meet.”

Senate Banking, Housing, and Urban Affairs Committee chair, Democratic Sen. Sherrod Brown of Ohio said in a statement, “We will be monitoring all developments to ensure that this merger doesn’t enrich shareholders and executives at the expense of consumers and small businesses.”

Both Capital One and Discover promote ESG ideology.

“Discover has built a rare and valuable global payments network with 70 million merchant acceptance points in more than 200 countries and territories. Even so, it is the smallest of the four US-based global payments networks. This acquisition adds scale and investment, enabling the Discover network to be more competitive with the largest payments networks and payments companies,” the press release about the deal states.

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