Blankfein Supports Financial Reform Legislation
April 28th, 2010In Fiat Currency Hell, endless financial complexity allows for swindling at heretofore unthinkable levels. This may sound counterintuitive, but the purpose of expanding the regulatory machinery is to facilitate even vaster amounts of fraud. This is what happens when big organizations fail, but aren’t allowed to die. A small number of people makes off with unthinkable amounts of plundered money—and then the government gets bigger! The people who are left walking funny at the end of all of this get the bill.
—“This Was a Failure of the Entire System,” Obama Said; Solution? Make the System Bigger
Via: The Hill:
A financial regulatory reform bill has at least one supporter outside of Congressional Democrats, Lloyd Blankfein, the head of investment bank Goldman Sachs.
“I’m generally supportive,” Blankfein told the Senate Permanent Subcommittee on Investigations.
Wall Street will benefit from the bill because it will make the market safer, Blankfein said.
“The biggest beneficiary of reform is Wall Street itself,” he said. “The biggest risk is risk financial institutions have with each other.”
American consumers also would benefit from better regulations, he said.
