Wall Streeter Gets Spanked By Sen. McCain

Oct 6, 2003  •  Post A Comment

Advocating media industry deregulation before hostile federal lawmakers can be a thankless job. That would appear to be the lesson that Victor Miller, senior managing director for New York investment banker Bear, Stearns & Co., learned last week while trying to defend deregulation during a hearing by the Senate Commerce Committee. Mr. Miller was just trying to point out what Wall Street investors saw as some of the positive aspects of the Federal Communications Commission’s controversial media ownership deregulation when he was cut short by Sen. John McCain, R-Ariz., the committee’s no-nonsense chairman. “I respect your views,” said Sen. McCain. “They’re just not logical, nor are they reflective of reality. I notice that disconnect between Wall Street and Main Street on other issues.” In the interests of fair play, Blink offered Mr. Miller an opportunity to respond after the hearing. “No comment,” the analyst said.