I write in my news column for the FT on Friday about the “Volcker rule” – Barack Obama’s attempt to repeat some kind of Glass-Steagall structural reform – that Goldman Sachs would almost certainly be caught by it, along with commercial banks.

But I had second thoughts after listening to CNBC interview with Barney Frank, chairman of the House of Representatives Financial Services Committee, and reading what my colleagues Krishna Guha and Paul Murphy had to say. Read more