So Blankfein loves some regulations and does not like others and spends a lot of money on subverting those he doesn't like so much.
When Blankfein says he likes a certain regulation, then that regulation probably does not protect against abuse by the banks. Beware of banks that make their own regulations.
Goldman CEO on Dodd-Frank: 'The vast bulk of it is good.'
By Timothy P. Carney - Washington Examiner
Bankers aren’t thrilled about everything in Dodd-Frank (though hedge-funds tend to like the rules that will profit them by constraining competition). But on the whole, as with most regulation, the big guys ultimately stand to benefit.
Yesterday Goldman Sachs CEO Lloyd Blankfein said:
If I could push a button and eliminate Dodd-Frank would I do it? No, I would not…. The vast bulk of it is good … some parts go too far.This is no sudden turnabout from Blankfein. While the bill was on the table in March 2010, Blankfein said “We will be among the biggest beneficiaries of reform.”
A month later, he told the Senate “I’m generally supportive.” A Goldman lobbyist said at the time “We’re not against regulation. We’re for regulation. We partner with regulators.” I listened in on a Goldman conference call that month, and three times, the company spokesman expressed his faith in regulation.
Read the entire article here