After racing to paint the post-Volcker financial industry landscape in pointillistic detail late last week, the media are belatedly cottoning on to the fact that some 500 legislators (including many in his own party) might not see eye-to-eye with President Obama's preferences for overhauling the industry.
The administration's sudden tilt toward a "populist" reform program "has run into a wall of Republican senators who believe they can reshape the proposal or potentially scuttle it altogether," The Wall Street Journal reports Monday.
But it isn't just Republicans standing in the way. Sen. Christopher Dodd (D., Conn.), the Senate Banking Committee chairman who was actually among the dignitaries sharing the stage with Obama when the president announced the plan Thursday, nevertheless told the WSJ shortly after the announcement: "I have to look at things. I wouldn't say I support it yet at all."
The paper belatedly notes the political context for the White House policy shift - a fact widely discussed in the blogosphere even before last Thursday's announcement.
"Democrats still control the Senate, but political momentum has shifted toward Republicans. The White House tried to reverse that with a proposal to limit the size and risk of big banks, and President Barack Obama launched a series of broadsides against Wall Street."
Financial Revamp Hits Opposition [WSJ]
Looking for Clarity Under the Volcker Rule [NY Times]
Wall Street Firms Cut Pay, 'Buckling' to Washington [Bloomberg News]
UBS Global Asset Management Seeking a No. 2 [Investment News]
Commercial Or Private? Here's How Top Banking Executives Are Getting To Davos [ClusterStock]
AIG Restricts Use Of Corporate Aircraft [NY Times]
Bonus Tops $8 Million for Chief at Morgan [NY Times]
Best financial services companies to work for 2010 [Investment News]
Tony Blair Joins Hedge Fund Landsdowne Partners [ClusterStock]