Description: Sitting onstage in Washington’s Ronald Reagan Building? in July, Lloyd Blankfein said Goldman Sachs Group (GS) had stopped using its own money to make bets on the bank’s behalf. “We shut off that activity,” the chief executive officer told more than 400 people at a lunch organized by the Economic Club of Washington, slicing the air with his hand. The bank no longer had proprietary traders who “just put on risks that they wanted” and didn’t interact with clients, he said.
Date: Jan 10, 2013
Questions for Discussions:
- What is the “Volker rule”?
- What does it attempt to control?
- Do you think Goldman Sachs is attempting to sidestep the Volker rule?