Why did Goldman Sachs bother making Antonio Garcia-Martinez delete this particular sentence, out of the reams of scandalous things said about them, and then contact Business Insider to deny that it was true?
Goldman Sachs, despite adulation in the press and the sell side, barely covers its cost of capital in ROE. This means that the firm is actually a lot riskier (economically) than many either realize or admit.
If after all the fanfare, photo ops, and promises to fight, the Obama administration shamefully doesn't manage to get the Volcker rules into an already weak financial reform bill, I hope Volcker doesn't wait until the next life to speak out.
Thursday night's passage of Wall Street reform is an event to be celebrated, but several key issues remain in play as the House and Senate iron out differences between their respective versions of the legislation.
Some version of Wall Street reform is going to pass the Senate this week, but before it does, there are still three crucial battles to be waged, all of which would significantly change the way Wall Street does business.
A vote this week will answer a critical question: Is Congress on the side of the American worker who lost so much in the Great Recession or is it on the side of the Wall Street firms that put all of us at risk?