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Contrary to first impressions, financial reform could help rather than hinder Goldman Sachs...

Contrary to first impressions, financial reform could help rather than hinder Goldman Sachs (GS). Senior Goldman execs are said to be advising analysts privately that the bank does not expect the new law to cost it any revenue. “The statement was perhaps surprising in its level of conviction,” one analyst writes, “but we’ve learned to take such judgments from GS very seriously.”
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Comments (11)
  • DagnyTaggart
    , contributor
    Comments (486) | Send Message
     
    Anyone who ever seriously thought that Goldman Sachs would be hurt by Financial regulation clearly doesn't understand the legislative process in America.
    11 Aug 2010, 10:19 AM Reply Like
  • Jeff Nielson
    , contributor
    Comments (2464) | Send Message
     
    Of course Goldman Sachs can have a "high level of conviction". Their lobbyists WROTE these "financial reforms".
    11 Aug 2010, 10:19 AM Reply Like
  • Tom Au, CFA
    , contributor
    Comments (6774) | Send Message
     
    Only a few things will hurt Goldman Sachs. If it can get these off the table, the company will find a way around the others.
    11 Aug 2010, 10:20 AM Reply Like
  • davidingeorgia
    , contributor
    Comments (2713) | Send Message
     
    "Contrary to first impressions..."

     

    Exactly whose first impressions were those? Was it the same folks who are "surprised" each and every time employment numbers are worse than expected? Why wouldn't it work out well for GS? They (and the other big boys of finance) bought and paid for the Congress critters and regulatory staffers who came up with this abomination of a bill and who are writing the regs that will implement it. Why in the world wouldn't they sound convinced that GS will be okay?
    11 Aug 2010, 10:22 AM Reply Like
  • mikebrah
    , contributor
    Comments (253) | Send Message
     
    Pretty impressive that we can have a 2,000+ page piece of sh*t legislation in the name of FINANCIAL REFORM and somehow not have it effect the revenues of the very institution most in need of said reform.

     

    I would love to know how many cumulative man-hours went into this garbage. Think of the epic waste of resources consumed by just this one bill. The meetings, the dinners, the lobbying, the back and forth, the emails, the meetings, sessions of Congress, etc. etc. all to pull the wool over the eyes of Americans.
    11 Aug 2010, 10:24 AM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    wait until you see how many man hours it will take to fill out the forms and to keep up witht the ever changing regulations for the little guy...GS won´t be touched...they own us.....but the rest of us will pay dearly...PS what happend to spell check??????
    11 Aug 2010, 10:30 AM Reply Like
  • enigmaman
    , contributor
    Comments (2686) | Send Message
     
    I just received my business statement from PNC bank, going forward they have adopted a International draft fee of $60 and international out going wire fee of $60 for all such transactions without regard for amounts. so it looks like "junk fees" are back in big time, this is probably the first of many more, so much for reform benefiting the little guy
    11 Aug 2010, 10:49 AM Reply Like
  • Duude
    , contributor
    Comments (3382) | Send Message
     
    Of course, Goldman Sachs wrote this bill. The Obama administration hasn't forgotten Goldman was one of Obama's largest campaign contributors. This isn't startling. That being said, Goldman ought to command an even greater percent of the investment banking business going forward.
    11 Aug 2010, 11:00 AM Reply Like
  • Angel Martin
    , contributor
    Comments (1311) | Send Message
     
    Gee, regulatory capture strikes again, what a surprise !

     

    The only surprise is that there were people who actually believed a 2000 page "reform" bill would actually hurt the influential firms in the industry it supposedly regulates.
    11 Aug 2010, 11:06 AM Reply Like
  • Mad_Max_A_Million
    , contributor
    Comments (1175) | Send Message
     
    Two more years of this (if we don't drain the swamp) and there will be no more horses left in the barn.
    11 Aug 2010, 12:21 PM Reply Like
  • nyuszika45
    , contributor
    Comments (633) | Send Message
     
    Led by the PR press (meaning the used-to-be-major-media), the country seems to be in denial of the reality of its mercantilist or corporatist government. That is what is immediately deduced by the expectation of any "reform" coming out of something done by the "government" that enabled the structural circumstances of the financial debacle in the beginning.

     

    I know that sounds sooooo "paranoid", but if you read more of Thomas Paine and his times than we usually see, you will find that all this is merely the gloss on repeating previous patterns inherent in a mercantilist state. Centuries ago we strove to eliminate that pressure by sidelining Hamilton and his cronies, but his ghost has taken over Washington; much to the economic delight of some and the servitude of the rest of us.
    11 Aug 2010, 02:02 PM Reply Like
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