Obama should be happy. He like bi-partisan cooperation, right? The Volcker Plan is being gutted on a bi-partisan basis, with Chris “The Snake” Dodd in there as always, destroying attempts at financial reform while pretending to back them. It’s clear now Obama only pretended to back the Volcker Plan.
So there you have it: Wall Street, after getting bailed out by America, is now back to telling America what is in its own best interest; if the cost is a few corrupt politicians, so be it: we are certain that the trio above was easily purchased with less than one day of Goldman’s record trading days during Q4. In the meantime, we continue cruising along, pretending that anything has changed, except that this time open wealth transfer from taxpayers to investment bankers is not only legal and allowed, it is in fact encouraged.