West Virginia Senator Robert C. Byrd Dies At Age 92 (GS, C, JPM, MS)

Robert C. Byrd, United States senator from West Virginia, died at 3 a.m. this morning at the age of 92. His health had been declining for several years. The senator's death comes just as the Democratic leadership in the Senate are trying to finalize their overhaul of the financial regulatory system, posing several thorny obstacles for the party in the weeks ahead. This leaves the Democrats with 58 votes (two of which are independents who caucus with the Democrats) facing a polarized political environment that demands 60 votes to pass even the most routine procedural hurdles. Senator Byrd was the longest serving member of the U.S. Senate, having served for 51 years, and also served for six years in the House of Representatives. He was beloved in his state for his ability to send federal dollars to West Virginia for modernization projects and disdained by many presidents for his hard-line stance on the primacy of the legislative branch. Whether or not his death puts the overhaul in jeopardy the financial regulation reform remains to be seen. It's difficult to forget, however, the chaos that ensued the last time a Democratic senator died on the eve of landmark reform. This thought is likely not far from the minds of the bankers and traders at Goldman Sachs GS, Citigroup C, JP Morgan JPM and Morgan Stanley MS.