It has been a day of firsts, folks.
Today we not only found ourselves nodding along with a Wall Street Journal editorial, but an editorial siding with Andrew J. Hall, the castle-owning commodities trader fighting for his $100 million payday.
And about those "regulators":
In Phibro and Citi, we can see writ small the debate over financial regulation that took place inside the Obama Administration. Former Fed Chairman Paul Volcker has been warning for months that such proprietary trading is incompatible—and intolerable—with a taxpayer guarantee against failure. But he was opposed by the Obama Treasury, White House powerhouse Larry Summers, not to mention the ghost of former Treasury Secretary and Citigroup exec Robert Rubin and most of Wall Street.
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