Goldman Sachs CEO Supports Financial Reform Legislation

[Lamarr]

I guess this was no surprise

Source

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."

American consumers also would benefit from better regulations, he said.

Blankfein said he didn't know all the bill's details and couldn't speak to provisions that affect community and consumer banks and mortgage originators because they are "remote" to our experience.

 

[Lamarr]

CEO of CITI Supports Reform Also

April 27 (Bloomberg) -- Citigroup Inc. Chief Executive Officer Vikram Pandit wrote President Barack Obama endorsing “strong regulatory reform” for U.S. banks, saying it would restore trust and confidence in the financial system.

“I have been a firm advocate of strong regulatory reform,” Pandit said in the letter to Obama obtained by Bloomberg News. “You can count on me and the entire Citi organization to support” overhaul efforts.

 

[thoughtone]

I guess this was no surprise

Source

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."

American consumers also would benefit from better regulations, he said.

Blankfein said he didn't know all the bill's details and couldn't speak to provisions that affect community and consumer banks and mortgage originators because they are "remote" to our experience.

"I'm generally supportive,"

Blankfein said he didn't know all the bill's details and couldn't speak to provisions that affect community and consumer banks and mortgage originators...

Lamarr, you are sad!

 

[thoughtone]

CEO of CITI Supports Reform Also

April 27 (Bloomberg) -- Citigroup Inc. Chief Executive Officer Vikram Pandit wrote President Barack Obama endorsing “strong regulatory reform” for U.S. banks, saying it would restore trust and confidence in the financial system.

“I have been a firm advocate of strong regulatory reform,” Pandit said in the letter to Obama obtained by Bloomberg News. “You can count on me and the entire Citi organization to support” overhaul efforts.

“I believe banks should not speculate with their capital,” that “derivatives should be cleared and settled centrally” and that there needs to be “a strong federal consumer authority to protect consumer interests,” Pandit wrote.

...and your point?

 

[QueEx]

...and your point?

He's rolling the dice. He's hoping that something else comes out later -- something that has at least the scent of linking the corporations/entities mentioned to either the Democrats, in general, or to the President, in specific, so that he can say: SEVEN!

Except, however, he just made his first (and second) rolls of the dice above and, no 7.

So, having missed a 7 on the first roll; he's now trying to make a point (but he won't tell what that is). So, like you asked: "your point ?"

Now, however, if he yells 7, like you already know (he didn't have shit when he first rolled the dice) therefore its: craps !

LOL

QueEx

 

[Cruise]

This financial system is corrupt as hell.

I've been reading Federal Reserve documents and it's funny how they and Wall Street championed banking regulation... just before World War I started.

They championed banking regulation... just before the 1929 stock market crash.

They championed banking regulation... just before the gold confiscation and bank failures of the Great Depression.

They championed banking regulation... just before creating the IMF/World Bank/Bretton Woods.

They championed banking regulation... just before the hyperinflation of 1980.

They championed banking regulation... just before the S & L real estate crisis.

They championed banking regulation... just before the Dot-Com bubble.

They championed banking regulation... just before Enron & 9/11.

They championed banking regulation... during the 2008 financial collapse.

And, now they champion banking regulation again.

Creating problems to "solve" them. You've got to love bureaucracy, wehther banks, corporations, or the Federal government.

 

[QueEx]

This financial system is corrupt as hell.

I've been reading Federal Reserve documents and it's funny how they and Wall Street championed banking regulation... just before World War I started.

They championed banking regulation... just before the 1929 stock market crash.

They championed banking regulation... just before the gold confiscation and bank failures of the Great Depression.

They championed banking regulation... just before creating the IMF/World Bank/Bretton Woods.

They championed banking regulation... just before the hyperinflation of 1980.

They championed banking regulation... just before the S & L real estate crisis.

They championed banking regulation... just before the Dot-Com bubble.

They championed banking regulation... just before Enron & 9/11.

They championed banking regulation... during the 2008 financial collapse.

And, now they champion banking regulation again.

Creating problems to "solve" them. You've got to love bureaucracy, wehther banks, corporations, or the Federal government.

ALL quite interesting.

Could you please provide a citation for each of the "They championed" that you stated above? I would like to be able to read it all "in context", as well. I would also appreciate it if you don't just provide a general citation but do the best you can to direct our attention as closely as possible to the location of the information -- so we don't have to waste time looking all over the place or reading volumes to glean what you did.

Again, its interesting -- although you left us hanging with respect to what "event" the present championing of financial regulation is precipitous. Also, what, if any, gap was there between the "Championed" and the "Events" you mentioned above that followed ??? How long is the gap between the present "Championing" and the event, if any, that you contend will follow.

QueEx

 

[Lamarr]

He's rolling the dice. He's hoping that something else comes out later -- something that has at least the scent of linking the corporations/entities mentioned to either the Democrats, in general, or to the President, in specific, so that he can say: SEVEN!

Except, however, he just made his first (and second) rolls of the dice above and, no 7.

So, having missed a 7 on the first roll; he's now trying to make a point (but he won't tell what that is). So, like you asked: "your point ?"

Now, however, if he yells 7, like you already know (he didn't have shit when he first rolled the dice) therefore its: craps !

LOL

QueEx

very colorful analysis, I must admit

What people are starting to understand is that these 'new' regulations only protect that fatcats that created the damn problem.

The other consequence is that it all but eliminates the opportunity for an upstart to enter the marketplace because the cost to comply would be steep.