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Skeptical Debunker

Volcker Rule: 5 Formery Treasury Secretaries Back Obama's Reforms - 0 views

www.huffingtonpost.com/...ule-5-treasury-s_n_472051.html

Volcker Rule endorsements ex-Treasury officials

shared by Skeptical Debunker on 22 Feb 10 - Cached
  • The ex-Treasury officials, who served both Republican and Democratic administrations, wrote that the reform measure, which would prohibit commercial banks from owning or investing in hedge funds, private equity funds or "proprietary trading" operations, is a reasonable trade for the benefits banks reap from "public support by means of access to the Federal Reserve and FDIC insurance." And while the rule may not alone prevent the next financial crisis, they said it's a crucial part of a more expansive regulatory reform package: "We fully understand that the restriction of proprietary activity by banks is only one element in comprehensive financial reform. It is, however, a key element in protecting our financial system and will assure that banks will give priority to their essential lending and depository responsibilities."
  • Skeptical Debunker on 22 Feb 10
     
    The 'Volcker Rule' got fresh support this morning when five former Treasury Secretaries endorsed the key financial regulation in a letter to the Wall Street Journal.
Levy Rivers

Volcker: U.S. needs more civil engineers and fewer financial engineers - BloggingStocks - 0 views

www.bloggingstocks.com/...ineers-and-fewer-financial-eng

infrastructure economy volcker

shared by Levy Rivers on 25 Oct 08 - Cached
  • "It seems to me what our nation needs is more civil engineers and electrical engineers and fewer financial engineers," Volcker said.
thinkahol *

Psychoanalyzing the Relationship Between Obama and Wall Street -- New York Magazine - 0 views

nymag.com/66188

bank obama geithner finance

shared by thinkahol * on 25 May 10 - Cached
  • thinkahol * on 25 May 10
     
    On May 20, the Senate passed its bill to reregulate Wall Street by a vote of 59-39, complete with a (watery) version of the Volcker Rule. The story of the legislation's passage can be told in a number of ways: a tale of conflict or compromise, triumph or capitulation. But on any reading, that story is only the climactic chapter in a larger narrative: how the masters of the money game fell out of love with-and into a state of bitter, seething, hysterical fury toward-Obama. The speed and severity of the swing from enchantment to enmity would be difficult to overstate. When Obama was sworn into office, Democrats on Wall Street rejoiced at the ascension of a president in whom they saw many qualities to admire: brains, composure, bi-partisan instincts, an aversion to class-based combat. And many Wall Street Republicans-after witnessing the horror show that constituted John McCain's response to the financial crisis-quietly admitted relief that the other guy had prevailed.
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