An Unwelcome Endorsement

According to The Hill, Goldman Sachs CEO Lloyd Blankfein endorsed the financial regulation reform legislation during his Senate testimony today.

“I’m generally supportive,” Blankfein told the Senate Permanent Subcommittee on Investigations.

Wall Street will benefit from the bill because it will make the market safer, Blankfein said.

“The biggest beneficiary of reform is Wall Street itself,” he said. “The biggest risk is risk financial institutions have with each other.”

I don’t think this says much about the merits of the legislation, particularly because Blankfein also confessed not to know all of the bill’s details, but I suspect it could affect the politics.

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