12% to be exact, and 1% for JPMorgan.
I feel like there are several layers to peel back on this one. First of all you need to look at the timing of this. It comes just as Goldman announce Godzilla-style bonuses, and very shortly after the Republican victory in Massachusetts. Call me a cynic but it seems to me that Obama probably had his minions such as Geithner and Volcker draw up a list months ago of 'hardline actions' that could be wheeled out in certain circumstances. I guess they just played the 'damn y'all the voters don't like me much' card.
On top of this I do not believe for one second that this wasn't thoroughly discussed with the likes of GS and JPM. Obama would have asked them, what can I do that will hurt you the least but will appease the electorate? It's pretty clear that getting rid of prop trading is the answer to that puzzle. Even if this had in theory the capability of materially hurting the big banks, it's certain that the legislation itself will have holes in it big enough to drive a Jumbo Jet through, in much the same way that tax legislation has been deliberately left like Swiss-cheese.
I guess the core of the problem is that legislation such as this is always reactionary and never even tries to get at the heart of the problem. It attempts to tackle the problem that just happened, when in reality the next great blowup will no doubt have no relation to the previous one. I could go on writing forever on this as I'm genuinely pissed off, but I know you all have the attention span of a gnat so I'll shut up now.