So much for Barack Obama getting tough on his financiers the banks. After his much-hyped speech outlining how he and his administration were going to get tough on the Wall Street mob, financials actually rose!
This is reform?
"U.S. stocks rose, erasing the biggest drop since Goldman Sachs Group Inc. was sued by the government, as investors speculated the bank will prevail and concern about financial regulation eased."
Reports Bloomberg.
"Goldman Sachs turned higher as CNBC reported that an investor picked out securities which lowered the quality of a collateralized debt obligation at the center of the government’s fraud case. Wells Fargo & Co. and Bank of America Corp. rose at least 1.4 percent as President Barack Obama’s speech on financial regulations eased concern he was planning new restrictions. Starbucks Corp. jumped on better-than-estimated earnings and builders gained on a growth in existing-home sales."
Any more "reform" like this, and Goldmann Sachs is going to give Obama a 2Q bonus.