The most important implication of the Goldman Sachs story: regulatory reform just took a real hard turn to the left.
How are Jamie Dimon and Lloyd Blankfein going to argue against regulatory reform now?
Think about the outlandish headlines you might see: "hedge funds conspire with Goldman Sachs to crush US housing market."
Just think about it: it's tough for a senator or congressperson to be dovish now.
Some are even arguing that this could be like what happened to Drexel. First Milken was indicted, then there were civil suits, then the final settlement with government.
Not clear if this will play out that way.
Interesting moves: AIG moves UP...why? Since GS was the counterparty to many of the AIG CDO deals, AIG might get a piece of any punitive damages.
Moodys moves DOWN 7 percent. Doesn't seem like a strong connection, but some investors must be asking, what else have they rated they didn't know about?
Full Goldman Coverage:
Did You Know..?
Where Other Banks Stand:
Bank of America
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