Vampire squid parasites are on the job:
The Journal said Goldman’s lobbying against a proposal to require big banks to sell off their derivatives trading units “could put Democrats and the White House, which is lukewarm on the provision, in a difficult position. With congressional elections looming in November, lawmakers don’t want to appear supportive of Goldman or Wall Street.” The Times said the beating Goldman “has taken in recent days has left it sidelined — at least in public — as Congress moves toward a decision that could reshape the very industry it rules.” Still, the firm is “trying to find a way to influence the debate, even if it cannot play as visible a role.” The Post said Goldman is actually stepping up its lobbying in response to the charges, “assembling a team of veteran lobbyists, well-connected former Hill staffers and top public relations strategists to confront what is arguably the most traumatic moment in its 140-year history.”
What does it tell you that ABA parasites want “bipartisan” financial reform 
The banking industry is scrambling to devise a new strategy to weaken the regulatory reform bill after Republicans failed to cut a bipartisan deal before the legislation …
“bipartisanship” will save the day for everyone except consumers:
The Federal Home Loan banks are quietly pressing Senate lawmakers to change a provision in the regulatory reform bill that they say would cripple their core business of lending …
WSJ:
Senate lawmakers in both parties are planning populist attacks on Wall Street by proposing a flurry of amendments to pending financial-markets legislation in coming weeks.
If adopted, the amendments would change the banking industry far more than the current version of the bill that aims to overhaul financial-sector regulations. The provisions would make companies smaller, simpler and less likely to take risks.
Such amendments are normally batted back easily, but the anti-bank fervor in Washington has made it difficult for the financial industry to find supporters. And because Republicans and Democrats couldn’t reach a deal on the bill’s parameters before it was debated, there probably won’t be a unified block of lawmakers to fend off requests for changes.
The Justice Department is reviewing whether Goldman Sachs employees may have violated criminal fraud statutes in selling off mortgage securities in the months before the U.S. housing bubble burst, a person familiar with the matter said Thursday
Mr. Moneybags, Richard Shelby, is looking out for us. RUN:
“This bill threatens our economy,” Shelby said. He added that the bill would leave taxpayers on the hook for future bailouts; the derivatives provisions would impair the economy; a new consumer bureau would stifle consumer lending; and a proposed Office of Financial Research, which would gather financial data used to predict future financial crises, would pry into Americans’ lives and violate their civil liberties.
Of course, everything that’s happening is the opposite what Shelby claims.
Goldman Sachs and other high-profile banks must defend against allegations by 15 California cities and counties that they conspired to rig bids for municipal investment contracts and derivatives, a U.S. judge ruled, according to Reuters.
Squid feels sad. Aww:
Asked for a single word that described how he felt when he walked out of Tuesday’s Senate hearing, Goldman Sachs CEO Lloyd Blankfein said: “Humbled.”
“It was quite a humbling experience to be in a position where Goldman Sachs, which prides itself on the role it performs in the U.S. economy … [had] to defend itself against some of the charges that were made,” Blankfein said in an interview today with NPR’s Michele Norris.
Let’s give him a tax break.
