Wednesday, February 03, 2010
As the turncoat democratic senator Chris Dodd tries his best to scuttle any meaningful reform of Wall Street, it is instructive to keep the following words by previous Fed Chair Volcker in mind... "Attempts by big banks to regulate themselves will inevitably fail. When a bank trades for its own account (prop trading) — as opposed to the money of its customers — it will almost inevitably find itself, consciously or inadvertently, acting at cross purposes to the interests of its customers". Oh, and guess who would be hit hardest by the prop trading limit - yes, it is Goldman Sachs..
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