White House economic adviser Gary Cohn is said to have signaled his support for reshaping how Wall Street’s biggest banks do business, by separating consumer-lending from investment banks. Bloomberg’s Michael Moore is joined by Jon Moulton, founder at Better Capital. Here is a direct video link.
While support for a return to Glass Steagall divisions in finance is long overdue, necessary and welcome, Better Markets points out that there is much cause for skepticism about the goals that ex-Goldman head Cohn and his finance-centric colleagues, have in mind here. See: A Huge Warning on Gary Cohn’s Surprising Statement on Glass-Steagall and the Unique Benefits For Goldman Sachs