As reported earlier, Obama has taken a new populist stance regarding Wall Street. However, as John Carney points out, Big Banks Have Already Figured Out The Loophole In Obama’s New Rules.

Big banks have already begun poking the holes in Obama’s new rules—holes they expect their banks to pass through basically unchanged.

The president promised this morning to work with Congress to ensure that no bank or financial institution that contains a bank will own, invest in or sponsor a hedge fund or a private equity fund, or proprietary trading operations unrelated to serving customers for its own profit.