You would think Obama couldn’t simultaneously get away with (a) touting his skill at building coalitions with Wall Street and (b) bragging that he’s battling Wall Street — wait, oh no you wouldn’t. With a media as credulous, Obama-infatuated, economically illiterate, and wedded to tired templates as we have, of course Obama can do it. And so he is.
I’ve written extensively about how Goldman Sachs is generally on Obama’s side in the regulatory fight and will benefit from the “reform.” Now, CitiGroup’s CEO Vikram Pandit has joined the ranks of Goldman:
Pandit, in a letter reportedly solicited by the White House (to me, this creepily sounds like the President is exacting an oath of loyalty), rattles off a string of specific regulations he would support. It sounds like the Obamanomics version of the Nicene Creed:
I believe banks should not speculate with their capital. I believe in transparency of markets. I believe derivatives should be cleared and settled centrally. I believe there should be a strong federal consumer authority to protect consumer interests.
At the Weekly Standard, Bill Kristol finds this creepy, too.