The people’s President has shown he isn’t afraid to take on those hulking fat cats at the big banks who play fast and loose with our hard-earned cashmoney.
If you close your eyes you can just imagine the comic book scene taking place on Wall Street: “Zap” – take that Mr Morgan. “Bam” – In your eye Mr Sachs. “Wallop” – And you Mr Lynch.
Or maybe not…
As one lawyer we spoke to put it (see story), this might be the best time to dig under the mattress and buy up those cheap bank shares.
That’s because some rather important elections are on the horizon for the Pres and, just as David Cameron and his Bullingdonian mates have realised, bankers aren’t all that popular with the electorate right now.
So it remains to be seen whether the sabre-rattling will come to anything or just end up as that confectionary of choice for the political classes – a nice little fudge.
Either way, regulatory lawyers in the states and over here won’t be short of work as their clients try to figure out whether or not the time has come to mortgage that Tuscan holiday home. So at least some of the cats will stay well fed.
Also on TheLawyer.com: Readers debate A&O’s flexi-time move; Stephenson Harwood’s rise; and a clean, cool breath of fresh air from the Baltic.
In The Lawyer on Monday: private equity lawyers allow themselves a frisson of pleasure; Guardian legal head Gill Phillips on Carter-Ruck and more; and a bumper special report on Ireland.