Something told you that this was too good to be true, right? Well, you were right to doubt that a good idea would ever see the light of day when it comes to Wall Street.
A proposal by former Federal Reserve Chairman Paul Volcker to limit bank’s proprietary trading will be either be dropped or significantly modified in the Senate, lawmakers and staffers told dealReporter.
Senate Banking Committee ranking member Richard Shelby (R-AL) said he opposes the so-called Volcker rule and the Obama administration’s call to levy a USD 90bn tax on banks. His comments come as House Financial Services Committee Chairman Barney Frank (D-MA) predicted the proposals outlined by President Obama could be law within six months.
One must conclude Paul Volcker is so dismayed with what is going on under the guise of financial reform, he's giving speeches to seemingly almost anyone who will listen and print it up.
The “safety net” provided by the U.S. government “should not be extended beyond the core commercial-banking business. hey can do trading and do anything they want, but then they shouldn’t have access to the safety net.
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