The Volcker Effect

Where would JPMorgan Chase's (JPM) stock be if the Volcker rule had been a reality a few years ago? I would say probably at $65, almost 10 points higher. Where would Goldman Sachs (GS) shares be? Maybe as high as $200, up 30 and change.

It's hard to understand how wrong the media has been on Volcker. We think that Volcker is some sort of Manchurian Candidate -- a government-embedded destruction machine for U.S. banks. But in this version of the Manchurian Candidate, Frank Sinatra, aka Ben Marco, tries to pull all the wiring out of the Manchurian Candidate's head but fails, and the banks' earnings are met with doom. That version, like the movie, is fiction....456 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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