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Goldman Sachs lobbies to be excluded from Volker Rule

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Just so we all understand, the bank that needed to be rescued by the US government (just like the other losers on Wall Street), and received 100 cents on the dollar for their garbage despite having a value well under 50%, wants to be special, again.

It's not fair to anyone to keep making exceptions to the rules for Goldman Sachs. This is what happens when the revolving door between Washington and Wall Street - and Goldman, in particular - revolves so freely. Why bother having rules when everyone is exempt from the rules?  From Bloomberg:

Goldman Sachs Group Inc. (GS), which says it owns the world’s largest family of so-called mezzanine loan funds, is asking regulators to loosen proposed limits on bank investments in such pools.

Four Goldman Sachs employees and three lawyers from Sullivan & Cromwell LLP met on Feb. 2 with Federal Reserve Board staff to discuss Volcker rule limits on banks’ fund investments, according to a summary published yesterday by the central bank. The Volcker rule limits depository institutions from supplying more than 3 percent of the capital in a hedge fund, private- equity fund or other “covered fund.”

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