A colleague with an encyclopedic knowledge of the economy told me recently that he did not have a good feel for energy deregulation. My friend thought its obscurity may have been planned by the industry.
The only derivatives users that need worry about this reform are those that have exploited the status quo recklessly and irresponsibly, driving up costs for all Americans and threatening our nation's economic stability and competitiveness.
If Citigroup is the 'poster child' for all that went wrong in the commercial banking side of the financial industry since 1999, then, Goldman Sachs is, the 'poster child' for the investment banking side.
J.P. Morgan's Chief Economist James Glassman recently indulged in a vaguely worded assault on financial reform, arguing that Congress is about to ruin the economy by cracking down on Wall Street. Don't believe a word of it.
Goldman Sachs sent its second-highest-ranking officer to to tell the FCIC that his company is staffed by complete idiots. David Viniar claimed that his company just doesn't know how to do basic bookkeeping.
Michael Hastings broke the understandings maintained for mutual benefit by the military, reporters who regularly cover it, and perhaps some allied think tanks as well. He did not have special access, he chose to take a risk.