Opening Bell: 01.22.10

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Obama's Move to Limit 'Reckless Risks' Has Skeptics (NYT)
"I am somewhat skeptical about how much the federal government can actually regulate," said John C. Bogle, the founder of Vanguard. "We need to try, but all the lawyers and geniuses on Wall Street are going to figure out ways to get around everything."
Seven Indicted in Galleon Insider Trading Case (Reuters)
Among the newly indicted defendants: "Craig Drimal, 53, whom prosecutors said worked in Galleon's offices but was not employed there, and Zvi Goffer, 33, who worked at Galleon and later started the Incremental Capital trading firm. Others indicted include three others associated with Incremental: Zvi Goffer's brother Emanuel Goffer, 31; Michael Kimelman, 38, and David Plate, 34; Arthur Cutillo, 33, who had been a lawyer at Ropes & Gray LLP; and another lawyer, Jason Goldfarb, 31. All live in the New York metropolitan area."
Prudence Pays Off For Jefferies-- And Its Workers (WSJ)
"We can pay our people what they deserve to be paid," Mr. Handler said in an interview from his sparse New York office overlooking Jefferies's trading floor. "We are only beholden to our shareholders."
Obama's 'Volcker Rule' shifts power away from Geithner (WaPo)
On Thursday, "a beaming Volcker stood at Obama's right as the president endorsed his proposal and branded it the "Volcker Rule." Geithner stood farther away, compelled to accommodate a stance he once considered less effective than his own."
Barclays chairman Marcus Agius tells bankers not to complain (Telegraph)
"The financial services sector in general and banking in particular is facing a tsunami of regulatory pressure, public pressure, opinion pressure and political pressure," he said. "It's perfectly understandable and I'm not in any sense railing against it... what keeps me awake at night is coping with all of that and how it's going to play out."


Faber: White House Should Let Markets Work (CNBC)
"When someone tells me the government should regulate the banks, they shouldn't. It's a disaster. But they should have interest rates that are high, that curtail speculation," Marc Faber said.
Meredith Whitney Betting Obama's Plan Goes Through (StreetInsider)
"It will not be pretty for banks or consumers."

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