(Forbes) –Financial regulation is one of the bogeymen that have spooked asset markets over the past month. The SEC’s case against Goldman Sachs has revitalized the regulatory reform dialogue and renewed concerns of earnings volatility and valuations. The outcome is of little consequence now that Goldman Sachs ( GS – news – people ), and other large banks, by association, has been publicly vilified. The case has demonstrated the logic behind Glass-Steagall, calling into question the remit and obligations of entities that operate under the protection of implicit federal assistance.
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