Goldman lobbying hard to weaken Volcker rule

[Viva_La_Revolution]

Source: Reuters

Goldman Sachs Group Inc has just a few more months to put its stamp on the Volcker rule, and it is not wasting any time.

The rule, designed to limit banks from speculating with their own money, will cost Goldman at least $3.7 billion in annual revenue, by one estimate. And billions more could be at stake if regulations now being drawn up are extra-tough.

The Volcker rule was one of the main topics on the agenda when Chief Executive Lloyd Blankfein met recently with U.S. Securities and Exchange Commission Chairman Mary Schapiro.

Read more: http://www.reuters.com/article/2011/05/04/us-goldman-volcker-idUSTRE7434PZ20110504

[Demeter]

1. Kill the Vampire Squid

or at least, cut off a couple tentacles....

[aquart]

2. Good name for them. HACK THOSE TENTACLES!

[Demeter]

3. I can take no credit

Matt Taibbi started calling GS the vampire squid in his Rolling Stone articles.

[aquart]

4. Ah. He's a fine fellow.

And apt.

[MasonJar]

5. Please do not let them succeed.

[InkAddict]

6. Reminiscent of "The Octopus" of old and worse...

http://www.wired.com/wired/archive/1.01/inslaw_pr.html

Software piracy, conspiracy, cover-up, stonewalling, covert action: Just another decade at the Department of Justice

By Richard L. Fricker

[xchrom]

7. Recommend

[western mass]

8. Don't worry, Obama's got their back

I have zero doubt Goldman's profit-making will be accommodated.

[Hotler]

9. +1 n/t