Apparently Barney Frank is to researching as Evelyn Wood was to speed reading. Obama announces the Bank Plan around 10:45 am and my 1:25 pm Barney completed his exhaustive research on banking and proprietary trading in less than 3 hours.
He supports the President’s plan however the plan should be implemented slowly (i.e. no less than 3 to 5 years). Barney states, “To have all these sales at the same time would be a fire sale and I can’t support that”. In less than 180 minutes, not only has Barney become an expert on proprietary trading, he also has a vision of the outcome.
With the November elections on the horizon, one wonders the volume of calls he received from his banking buddies.
"Go ahead Blankfein, I have Dimon in a 3-way and Mack is already here"