Tim Carney is an excellent young writer for the Washington Examiner — and his latest post makes a key point about Vikram Pandit’s letter to the White House:
I’ve written extensively about how Goldman Sachs is generally on Obama’s side in the regulatory fight and will benefit from the “reform.” Now, CitiGroup’s CEO Vikram Pandit has joined the ranks of Goldman. Pandit, in a letter reportedly solicited by the White House (to me, this creepily sounds like the President is exacting an oath of loyalty), rattles off a string of specific regulations he would support. It sounds like the Obamanomics version of the Nicene Creed:
I believe banks should not speculate with their capital. I believe in transparency of markets. I believe derivatives should be cleared and settled centrally. I believe there should be a strong federal consumer authority to protect consumer interests.
Welcome to the new world of Wall Street, where every CEO recognizes they only serve their company’s interests if the White House views them as properly servile.
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