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	Name:	MartiniMan -
	Subject:	Banks need regulation
	Date:	1/24/2010 12:28:04 PM

OK, I know understand the Goldman point and no, I was not aware they converted to a bank holding company in 2008. Regardless, I assume they made this switch because they perceived some business benefit. Considering half of the political appointees in Treasury come from Goldman I doubt they fear the regulator and probably weighed the pro's and con's of the switch and decided the upside was sufficient.

That Goldman switched to a bank doesn't negate the fact that there are a total of thirty four separate subparts to the Code of Federal Regulations (CFR) that apply to the banking industry (12CFR). From Wikepedia: "In the United States, the banking industry is a highly regulated industry with detailed and focused regulators." From a recent paper written by PhD candidate at NUS Business School: "Banking is the most highly regulated industry in the U.S." From Business Week who apparently read Wikipedia: "The banking industry is a highly regulated industry with focused regulators." I could go on and on but the only point it would prove is that Goldman switching to a bank has zero bearing on whether the industry is or is not heavily regulated. It is just a fact that banking is highly regulated in this country, a fact being one of those stubborn things that drive liberals crazy.