Just leaking from Reuters.
Now that Scott Brown has shown that populism is alive and well, it appears as if Obama is choosing the day Goldman Sachs is poised to announce massive earnings to launch a new offensive against Wallstreet.
Either this idea just happened, or someone has done a good job of keeping it a secret because the White House has been completely beholden to Wallstreet on this issue so to see him going after the prop trading "the golden calf" for many firms is interesting.
In the populist world of Scott Brown though, the light bulb may have gone off at the White House that attacking Wall Street is a win-win because the voters want it, and Republicans are inclined to fight to the death to ensure no such measures see the light of day.
That will then allow the President to try and flip the populist anger back on Republicans by boxing them in a corner if they try and stand in the way of regulating Wallstreets ability to ramp up their casino gambling bets.
If nothing else it appears someone woke Obama's ass up about worrying more what mainstreet thinks of his administration than wallstreet.
in a move that may help his administration tap into the public rage over excesses on Wall Street.
A senior administration official said on Wednesday that Obama would announce a series of measures to cut down on excessive risk-taking as part of a revamp of the country's financial regulatory system.
"The proposal will include size and complexity limits specifically on proprietary trading and the White House will work closely with the House and Senate to work this into legislation moving on (Capitol Hill)," the official said.
Proprietary trading refers to a firm making bets on financial markets with its own money, rather than executing a trade for a client.
http://www.reuters.com/article/idUSN2015277920100121
Just leaking from Reuters.
