We noted recently that Goldman Sachs has changed its ways when it comes to regulatory issues. No longer content to sit back and adjust to regulatory realities--its historic mode of operation--it has transformed itself into a fearsome lobbying powerhouse.

In some ways, it is carrying lots of water for the entire industry. The firm has been active at all levels and has brought on some big guns, including former Senate Majority Leader Trent Lott and former House Minority Leader Richard Gephardt. The latest indication of the new Goldman Sachs comes from Risk.net, which has conducted a review of CFTC filings and found that Goldman Sachs has been the most active Wall Street firm in terms of meeting with the agency.

Goldman Sachs met with agency officials on 52 occasions. The second most energetic firm was Morgan Stanley, with just 32 registered visits. The third most active bank, Barclays Capital, "Could almost be described as a slouch compared with Goldman, with just 25 meetings." This is no doubt an indication of the seriousness with which the firm views the on-going, Dodd-Frank-promulgated attempts to regulate the commodities and derivatives markets.

Especially in the realm of OTC derivatives, the SEC and CFTC have some major rule sets that have to be ironed out, and Goldman Sachs is apparently hell-bent on shaping the rules to its liking. It and other financial firms can already point to a few victories, the watering down of the RFQ proposals, for example. In any case, proponents of strong regulation of OTC derivatives have a new power to contend with.

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