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« Mike Capuano's Bank CEO Beatdown: "I'm Amazed That None Of You Have Been Prosecuted Yet!" (VIDEO) | Main | Bush's Latest Communique On Bin Laden From Sizzler »
Friday
May062011

Goldman Sachs 'Totally Freaked Out' About Volcker Rule, Lobbying Congress Without Remorse For Past Deeds

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.

Wall Street chiefs do not often lobby top regulators directly, but this issue is unusually important to Goldman.

"They're totally freaked out about Volcker," said a Goldman lobbyist who declined to speak on the record for fear of losing the contract. "People are working on that a lot, with agency staff, with lawmakers, you name it."

Indeed, lobbying disclosures show Goldman representatives have been working both sides of the political aisle and meeting with top officials in the White House and regulatory agencies.

Continue reading...

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The past deeds are detailed...

 

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Reader Comments (7)

This fact may not sit well: Americans are under-taxed

http://www.mcclatchydc.com/2011/05/05/113759/this-fact-may-not-sit-well-americans.html

Comment: Stop blaming the victims here, see this....

http://dailybail.com/home/senators-husbands-firm-cashes-in-on-crisis.html

and this,

http://dailybail.com/home/ge-made-14-billion-in-2010-and-paid-no-us-tax.html

and all those companies and banking entities who were given 'incentives' to move operations offshore, a congress that passes bills without reading them...

http://www.youtube.com/watch?v=J6_1Pw1xm9U

and on and on and on.........
May 6, 2011 at 7:56 AM | Unregistered Commenterjohn
Iran Braces for Backlash as Subsidies Nixed

http://www.cbsnews.com/8301-503543_162-20026375-503543.html
May 6, 2011 at 9:46 AM | Registered CommenterDailyBail
U.S. economy adds 244,000 jobs in April

Unemployment rate climbs to 9.0% from 8.8%

http://www.marketwatch.com/story/us-economy-adds-244000-jobs-in-april-2011-05-06?link=MW_story_latest_news
May 6, 2011 at 9:52 AM | Registered CommenterDailyBail
nice gomer pyle clip there john...
May 6, 2011 at 9:55 AM | Registered CommenterDailyBail
PSEG FIGHTS TO KEEP CAP & TRADE RECORDS SECRET

http://newjersey.watchdog.org/2011/04/25/2307/

[snip]

Under RGGI, utilities must obtain a permit for each ton of CO-2 their power plants release; they pass along that cost to consumers and businesses through higher rates.

The system also allows utilities and outside investors to profiteer at ratepayer expense by speculating on permit prices. Registered bidders at the auctions have included Goldman Sachs, Merrill Lynch, Morgan Stanley, JP Morgan, Barclays Bank and others.

Lagerkvist’s suit against NJDEP raises a number of crucial questions:

■Does the public have a right to know who buys public assets from state government?
■Are governments allowed to avoid disclosure and transparency by operating through non-profit corporations they create, govern and finance?
■Can governments circumvent open records laws by using private contractors as custodians of public documents and data?
May 6, 2011 at 4:25 PM | Unregistered Commenterjohn
UPDATE:

Goldman looks on the bright side of Volcker rule

http://www.reuters.com/article/2012/02/08/us-goldman-volcker-idUSTRE8171UE20120208

[snip]

A harsh interpretation of the rule, which bans speculative trading by commercial banks, could help return-on-equity levels because banks would be able to demand more money from clients for executing trades, Goldman Sachs Group Inc Chief Financial Officer David Viniar said at a Credit Suisse conference in Miami.

"Regulation will undoubtedly bring about new ways in which the industry must manage its operations and deliver its services to clients," Viniar said, but regulatory challenges "must be effectively navigated in order to provide shareholders with acceptable returns."

Viniar did not provide a target for Goldman's return-on-equity, but in a slide presentation he indicated that if Goldman were to exclude profits and losses from businesses affected by the Volcker rule from 2004 through 2011, the bank would have had the same average quarterly returns with less volatility.


Must See Video:

http://dailybail.com/home/chris-whalen-whats-the-volcker-rule-good-for-absolutely-noth.html
Feb 8, 2012 at 4:55 PM | Registered CommenterJohn
Goldman’s managed omnipresence

http://www.reuters.com/video/2012/02/08/reuters-tv-breakingviews-goldmans-managed-omniprese?videoId=229830325&videoChannel=117766


Video:

Goldman has a mixed history of managing conflicts between clients and its own interests. Breakingviews columnists discuss how a new lawsuit about the bank's relationship with Kinder Morgan could put Goldman under pressure again.
Feb 9, 2012 at 6:31 AM | Registered CommenterJohn

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