The Goldman hearings: Grilled squid | The Economist

Goldman’s grilling all but ensures the passage of the Volcker rule, clamping down on banks’ proprietary trading and investments in hedge funds and private equity, as part of a broader financial-reform law. It will also add to pressure for broker-dealers to act with the same fiduciary duties towards their clients as investment advisers, a move already being contemplated by lawmakers. No wonder the usually chirpy Mr Blankfein looked so drained by the time he was let go, after almost four hours in the hot seat.

The Goldman hearings: Grilled squid | The Economist

Blogged with the Flock Browser