Blankfein shows little desire to pare back commodity business

"This is a core, strategic business for us," says Lloyd Blankfein of Goldman Sachs' (GS -0.7%) commodity operations, making a forceful public commitment to the unit as regulators scheme force the bank out, and some competitors willfully exit.

The Fed is expected to decide shortly whether Goldman and Morgan Stanley (MS) should continue to be allowed to broadly trade physical commodities and invest in infrastructure assets. Being in physical commodities was "grandfathered in" when Goldman became a bank holding company in 2008, says Blankfein, by dint of the bank being involved in the business for more than 100 years. Blankfein got his start in Goldman's J Aron commodity unit.

Earlier from Blankfein.

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