This is how you know it’s good, folks — via Jack Liberty, The Hill reports:
A financial regulatory reform bill has at least one supporter outside of Congressional Democrats, Lloyd Blankfein, the head of investment bank Goldman Sachs.
“I’m generally supportive,” Blankfein told the Senate Permanent Subcommittee on Investigations. Wall Street will benefit from the bill because it will make the market safer, Blankfein said. “The biggest beneficiary of reform is Wall Street itself,” he said. “The biggest risk is risk financial institutions have with each other.”
That crook belongs in jail with the rest of his ilk.
What an opinion he must have of us all.
Makes me want to read Bonfire of the Vanities again.
Yep, it’s all good.
“Blankfein said he didn’t know all the bill’s details ….”
And that’s where the devil is.
Guess all those visits to the Obama White House and the million dollars in contributions helped a lot.
“Support this publicly and We’ll call off the dogs” is more how I see this going down.
#2. I will bet he or his underlings know the entire bill. He just doesn’t want to tip his hand to those portions GS can exploit.
@6
Because we all know that the last administration wasn’t corporatist. How many of the past administrations haven’t been in the pocket of Wall Street?
Two supporters outside of Congressional Democrats. They forgot Blankfein’s minime.
Paging Uncle Dave! Here ya go. Fox. Henhouse.
What is that word I’m thinking of? Hmmm? Coming to me, coming to me. Nationalisation.
Meanwhile GS execs will be lobbying Congress to “dumb down” the legislation, on the sly.
The financial “reform” bill is over 1000 pages long and it doesn’t address the majority of problems that need to be addressed. Even Dodd stated in so many words that the bill will _not_ prevent the next crisis. The real fix: bring back the Glass-Steagall Bank Act which was constructed from what we’d learned after the Great Depression, but which was killed in 1999 with lobbying from the banks. It is >17 pages< long. But, of course, nobody in government is talking about this because the banksters who own them want to continue their gambling game indefinitely. Unfortunately, when the next crash occurs with unemployment still high and interest rates still at zero, the effects will be _much_ worse than in 2008 because there will be no monetary tools or employment headroom left to soften the blow.
I caught a bit of CSPAN on this guy and it seems a bit too fishy to me. Wall Street has never cared about main street.
Big business is generally supportive of regulation that adds cost because they can absorb the costs easier than their smaller competitors.
Regulations that bailout your company if you fail? I think they would support that even more.
We’re all fucked. Deal with it.
After watching this hearing the other day on C-Span, I fully believe that these people have absolutely no concept of right or wrong, good or evil, whatever. Selling customers one package while privately betting against them is just so wrong on so many levels. The Gramm bill that deregulated the financial industry will go down as causing the biggest rape of the American public in history. And it will go down as almost bringing down the economy of the entire world.