A weakness in the Volcker rule

The rule places limits on short-term trading, defined as being within 60 days, for the account of the investment bank; there are no limits on longer term trading.  That's probably why Lloyd Blankfein of Goldman Sachs could say, “We shut off that activity,” at a meeting of the Economic Club of DC in July.  Its Multi-Strategy Investing (MSI) subsidiary does invest a good sum - about $1 billion of Goldman's own funds on stocks and bonds; the subsidiary has no clients.  For some reason, Goldman does not list MSI's name or its results anywhere, although it is very profitable.