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Dodd Bill = Waste of Time

by Jim Cramer

If you are like me you are tired of opining on bills that come out of Washington betting that they will look anything like the legislation that will become law. There is enough, for example, in Sen. Christopher Dodd's proposal to be construed as a "break up Goldman Sachs" bill. You could say that Goldman loses both its private-equity arm and its prop-trading arm. You could say that it will not be able to use leverage. Heck, you could say that Goldman Sachs will be beaten by your local community banks. Similarly, you could say that Bank of America, Wells Fargo and JPMorgan will have to split into a bunch of companies, kind of what the government made Ma Bell to do. You could easily argue that this law forces Bank of America to split into all of the divisions that made it into the national...

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