Congress is focused on "all the wrong things," Jeff Lane, long-time money manager and current CEO of Modern Asset Management, told CNBC today.
Right now, according to Lane, the financial environment is all about "politics not fundamentals" because Washington is angry over the success of many Wall Street companies.
Take Goldman Sachs for example: “Goldman is suffering from success. They're a targetand it's very difficult to analyze targets,” said, the former CEO of Bear Stearns Asset Management.
For that reason, given the current economic climate, he prefers the investment firm Jeffries to Goldman because secondary banks have much more room to grow than the primary ones right now.