Geithner Knifes Volker Rule

Surprise, Geithner and his Treasury Department is giving the green light for Congress to gut the Volker rule, and allow federally insured institutions to gamble with our money.

Well, he never like Volker anyway:

The Obama administration lowered expectations Tuesday for the "Volcker rule" to curb risky trading by banks, emphasizing "limits" rather than an outright ban, as Congress shied from the original proposal.

The Treasury Department said in a statement that it supports "mandatory limits" on banks' proprietary trading, in which they trade for their own accounts. The administration last month had called for an outright ban on such trading.

Seriously, the combination or regulatory capture and cowardice by the Obama administration is beginning to get to me.